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Wilt
 

Registered: Mar 2007
Posts: 96

 

07-30-11 05:18 PM


Quote from emg:

Can anybody give the best answer passionate will make u a better trader or making money will make u a better trader and why?


My es day trade is 1 point profit target based on $100K per contract. That is passionate day trade and not about making money.

I am looking for the best answer. Hope this thread will help small traders losing money in trading.



You need to be passionate about trading in the respect that you have to always be trying to do it better; refining yourself. It's a dynamic game. HOWEVER, to make money, you must be detached and robotic. You must eat, live, and breathe discipline. Do not seek 33.7 on an overshoot when your target is 33.5. You will make more money just taking the non-greedy targets.

Wilt

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ammo
 

Registered: Feb 2007
Posts: 18258

 

08-21-11 06:14 PM

agree,the market is robotic,the top players have ice in their veins,there is no room for passion whilst the market is open,and emg you said traders lose because they think about profit,they lose because they dwell on losses,accept your loss before you enter the trade,if it hits,take it,after taking enough losses ,you learn not to enter low probability trades,you still take losses but not as many,eventually,you trade less and less,and take higher and higher probability trades,your mind is doing the same as a computer,it just takes longer because of the filtering out of the emotions ,the computer doesn't feel bad when it takes a loss and keeps on processing data...as far as money goes,to the computer they are just points in a game..would be nice if you could get your mind to see it that way

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