Dec 22, 2007

Top ten lessons from 2007

Dare I go out on a ledge and say that 2007 was indeed a breakthrough year for me? Well, it was and without me really knowing it till about halfway through. I've been daytrading for about 2.5 years now and full-time for almost two. I keep hearing it takes at least three years to become proficient at daytrading (if you make it that long). So, as I approach the infamous third year, I hope I can continue to sharpen my skills, pick good candidates and refine my trading style to help maximize profit. Here's my top ten list of things I learned this year:

10 - Papertrading a new strategy is essential for me.
9 - Switching to IB and Quotetracker made me a better trader.
8 - Solid understanding of price and volume.
7 - Creating a good watchlist.
6 - Understanding 'typical' market fluctuations during the year.
5 - Losing money is part of the game.
4 - Being wrong is part of the game.
3 - Waiting for the perfect setup will increase discipline... not profits.
2 - The best entry is easier to spot than the best exit.
1 - Being a profitable trader is entirely possible.

7 comments:

LP said...

Good stuff

Glenn said...

Congrats, I'd say you have done very well!!

Anonymous said...

I like Quotetracker myself......
Do you use the feed from IB or do you subscribe to something like DTNIQ or eSignal ? Love your blog..........

Quentin

OONR7 said...

lp, glenn: I hope to 'put it all together in 2008'... from beginning to end.

Quentin: I use the IB feed but I also have access to Etrade and Prophet. I use either Etrade or IB for live quotes and Prophet only for backfilling (if IB isn't fast enough).

LP said...

Oonr7: I hope you do from start to finish. Here's to a great 2008 for all of us. Chin Chin, Sante, Salud and Cheers

Richard Todd said...

No one reading this blog would imagine you've only been at this a couple years. I can't wait to see what 2008 looks like, if this was one of your "beginner" years! :-) Congratulations, and here's to your continued success.

OONR7 said...

lp: can't wait!!

richard: thanks a lot. I think I have the huge benefit of time. Since moving over here I have a lot of it and I spend a good deal looking at charts. Eventually, the patterns start becoming a little recognizable. That and just sticking to gappers has really helped. One of my goals in 2008 is to start trading futures so you can be sure I'll be a regular visitor - as usual - to your site.