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Totally agreed. I think the only thing sim/paper trading is bad for is using it to try to work on psych issues; for me, if I do too much sim, it tends to induce bad habits bc I have no skin in the game. However, I do switch to sim whenever I am not feeling "up to par". It is very difficult, tho, to know when I'm not up to par, worn out, unhealthy.
Also want to say thanks for introducing me to the Obstacle is the Way book (one of your above posts). I've been listening to audiobooks of The Obstacle and Ego is the Enemy (by Holiday). Really solid stuff there. Thank you! These and Chimp Paradox should really be required reading.
Sidenote, I kinda wish there was a recommended reading list on this site (but not a thread or a poll) where users could up-vote their favorite books for each of an array of different categories.
@bobwest I'm tagging you to ask about setting up something like this. Apologies if that's not kosher. It'd have to be coded into the forum platform, which is asking a LOT. Basically, I'm asking for something like a wiki of "Recommended Books, Podcast Episodes, YouTube Videos, Forum Threads" broken down into categories (just one single page containing everything), where users could up vote the ones they think are worth checking out. For example, the books listed above would go into the Trader Psychology category. Other categories might include: Order Flow, Price Action, Coding, Automated Systems Development, Fundamentals, etc. Call it something like the "Recommended Resources" or "Curated Resources" section. Since it's the users up voting, it would not be an endorsement from FIO but from the users who voted for it. Add a giant disclaimer saying this is not an endorsement of any product. The value of this is seeing what people vote for, on the whole, bc as @TropicalTrader pointed out, there is a ton of info and anyone can get overwhelmed. Every six months or year, send an email asking for users to up vote what they like. Having an organized and curated list of resources might be nice. Maybe this isn't really doable but I think it could be nice for newer folks. I can't keep up with all the threads here and inevitably miss a lot. Again, apologies if this isn't kosher. And if this has already been thought about and decided against, just ignore me. Cheers!
100% agree there would be great value in better organizing the gems in the forum. There's so much value in these forums, but it's unorganized and scattered through a decades long posting history. Everything you need is in here, just have to discover it. Discovery is the toughest part.
I'd go so far as to say that i am happy to pay a reasonable monthly fee for a curated, more easily organized version of this site. Like an elite+ membership
My first thought is that this would probably be a large effort that likely most members would not put to use. But I'm not the one to say.
You could make a post in the changelog thread asking @Big Mike what he thought of it, because he would be the one to implement it. Please realize that the list of recognized important changes is long already and that embarking on any big project is a big lift.
Sorry, I'm not trying to rain on your parade, but if you want to propose it, the changelog thread is generally used for reporting issues and proposed changes, here:
This is something I should have done months ago. The purpose of this thread is just to track the changes that I make to the site over time. Some may find it interesting, but its mainly for me.
So, unfortunately most the heavy lifting has been done …
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
In 4 words, here's what separates those who will never make it from those who have a real shot:
RESPECT THE DEVELOPMENT PROCESS
If you're struggling, really think about that.. A lot of us get started in trading with the idea that we will be part of the minority of successful traders, we're going to make a lot of money and that it won't be too much of a grind. We may hear in forums from more experienced traders that its difficult but fail to appreciate the development process. (I love that term from Dr. Steenbarger)
I thought for sure within 2 years of working on this everyday, I would "get there". Perhaps if I would have started at an excellent prop firm where there was an excellent education program, that would have happened. I could not comprehend that it would be a really long slow grind. We live in a fast paced world and we want fast results, this is not a compatible mentality for mastering a craft..
If I would have come in with a mindset that I'd be working on my development process for at least a few years and not expecting to make consistent money until later - it would have been very helpful and changed my approach.
If you're reading this thread in psychology (not chasing indicators and new "systems") its likely you've had your a$$ handed to you at least a few times and some/all of your pride beaten out of you by the market.. My advice is to double-down on your development process and be prepared to go a long period of efforting. That realism and humility will serve you well and give you the shot you want.
In my experience there is one process for understanding markets (comprehensive narrative) and finding the edge that works for you - and there is another process for understanding yourself and how to get/stay in alignment. You need both to succeed at this game. Get serious that this is a marathon, if you can't stand a long grind to make your way to consistency, you're better off not wasting your precious time and resources. This is a dangerous game on many levels and not for the faint of heart. What you don't know (which is probably a lot more then you think) will hurt you..
(ps, I'm addressing the traders here who want to rise to the top, not those who are happy with 5-10% a year, trading to supplement their full-time job, etc)
I've been listening to this audiobook all day, loving it! Cheers to Robert Greene, so much wisdom in his books..
There is a daytrading psychologist who's also a trader. His name is Dr. Kenneth Reid. He designed some quizzes. I took one for fun. According to him there are 5 trader types: warrior, agrarian, realist, artist, engineer. Some people favor one type or over another or have combos of types. I was a Super-Hybrid, supposedly very adaptable and favorable for trading. I am a struggling beginner, so I cannot confirm whether it's accurate or not
I have the audiobook and agree, it's a good one. I can't recall the names, but I have others of his as well that I found to satisfy my audio listening needs (a voice I like)