Registered: Mar 2010
09-14-12 11:56 AM
when I got laid off, and started to do trading with $4k. my wife and many friends including here, they thought I will fail.
when you do something different from others, or the majority. they object, disregard. that is why success is hard.
when I get a little setback, like some misjudgement in the market, my wife will see over my shoulder and starts to talk: see trading is uncertain, you should go find a job, pick up your software engineer career, a java engneer pays $80k~100k like your level, and it is sure.
ordinary people do think like that. they do not want to go out of comfort zone. even my wife suggested me about "who moved the cheese" book. she thought it is a good book, but ask to take action. dare to death!
why we traders so hard to succeed, around us are so many ordinary people, they frequently sabtage/derail us.
I watched a TV program weeks ago, that is an interview program, all about self made millionare, one millionaire pointed out: do something let your heart pound hard.
if you look around, most people are the same, that is 90%. almost the same as the market. 90% losers. they follow the herd, they do not think indenpendly. most people including those so called professionals suggest trading using stop loss, but I never want to try this. and I find a way I do not need stop loss: I trade option, and also I use high leverage but no margin requirement. and I never want to know what is greek,delta,butterfly etc. those losing stargeties.
when I read through Jessise Livermore's trade, I found he did not use chart and EMA at all, he rode his breakup trade from 98 to 145(borrowed 500shares from others), from there insveral trades, he is millinare then ran to 100M in very short time!
then I realized the key to trading sucess is not EMA, charts, MACAD,..indicators. I always tell myself: think intelligently and act ahead of the herd one step even two steps. if I use those stuff, when those indicators show it is green, I am already late to the party, I am a sucker.
I need judge the market by own fundemental analysis, technical timing.
I find I do better and better.
21 ways think differently, good article. remind yourself frequently, since around us are 99% ordinary guys