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Old Nov 13th, 2011, 04:19 PM   #1
failedtrader
 
 
Join Date: Nov 2011
Posts: 3
I'm not sure this is the right category, but it seems to be the closest fit. I have just started a blog. The first post I have written is, The Story of a Failed Trader. If you don't feel like reading it, I'll summarize: I have never been a successful trader and have recently realized that it may be due to a bad research methodology.

I'm curious to know if there are similar traders who became successful after they corrected the same type of problem. If so, I am hoping they will share any insights gained.

Thanks
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Old Nov 14th, 2011, 06:46 AM   #2
cooolweb
 
 
Join Date: Sep 2010
Posts: 591
what would you say to someone who was not admitted to harvard?

not much , a bit too common.
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Old Nov 14th, 2011, 11:57 AM   #3
failedtrader
 
 
Join Date: Nov 2011
Posts: 3
Quote:
Quote from cooolweb:

what would you say to someone who was not admitted to harvard?

not much , a bit too common.
I just want to make sure I'm understanding this correctly. It wasn't a jab at my intelligence, correct? That is, you weren't saying, "You didn't go to harvard, so there is not much I can say." You were saying, "what do you say to someone who belongs the overwhelming majority and wants to be in the minority?"
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Old Nov 14th, 2011, 02:14 PM   #4
iceman1
 
 
Join Date: Oct 2002
Location: Chicago
Posts: 4,266
Quote:
Quote from failedtrader:

I just want to make sure I'm understanding this correctly. It wasn't a jab at my intelligence, correct? That is, you weren't saying, "You didn't go to harvard, so there is not much I can say." You were saying, "what do you say to someone who belongs the overwhelming majority and wants to be in the minority?"
if you have trouble figuring what he meant... how are you going to trade the markets??! They are much less clear in their "meaning"?! :-)
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Old Nov 14th, 2011, 02:25 PM   #5
the1
Registered User
 
Join Date: Feb 2009
Posts: 2,354
I haven't read your blog but I don't think your failure is because of the method you chose. Put a successful trader on your method and he/she may be able to turn it into a winner.

It would take pages and pages of text to sum up what it takes to trade successfully but if I had to pick one topic that divides winners and losers it would be the trader who knows when to break the rules. If you rely on a rigid system that has a 4 point target and 2 point stop, for example, your system will fail. Randomness guarantees it. There's simply no substitute for a talented trader's insights that another trader may not possess. Some are simply better at certain subjects than others. I sucked wind in English (mostly because I hated it) but exceled in Math and Science. I have a scense for reading price movement and I break the rules frequently. My system is not rigid, it's flexible. I have a set of parameters I have to trade within but I can't nail it down to something like a 4 point target, 2 point stop, triggered by a histogram divergence, for example. Sometimes I'll take the divergence, other times I won't. Sometimes I'll stop out at -2, other times my stop is 10 points away from the market.

Trading is an art that requires talent. The science behind trading is simply the brush you choose to pick up. My brush is heavily based in statistical analysis for no other reason than that's how I was schooled. If the market gaps up 250+ points and looks like one of those "close your eyes and buy days" I'll throw my brush to the curb in a New York Minute. There is a "feel" to how the plane handles. As the pilot you have to learn how to read what the plane is telling you -- call it a sixth sense, intuition, whatever. Rigid, scientific methods will fail 100% of the time.

I've mentored a number of traders over the years and all but one failed. The one who was successful was only mildly successful and chooses to use trading as a side business because she can make more money in her other business. She trades during her down time and knows what parameters she needs to trade within. She is a relentless profit taker who skims more off the top than she leaves on the bottom. She bats about 60% and trades within a time frame she is most comfortable -- she knows her paramaters.

Quote:
Quote from failedtrader:

I'm not sure this is the right category, but it seems to be the closest fit. I have just started a blog. The first post I have written is, The Story of a Failed Trader. If you don't feel like reading it, I'll summarize: I have never been a successful trader and have recently realized that it may be due to a bad research methodology.

I'm curious to know if there are similar traders who became successful after they corrected the same type of problem. If so, I am hoping they will share any insights gained.

Thanks
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Old Nov 14th, 2011, 02:44 PM   #6
oilfxpro
 
 
Join Date: Oct 2007
Location: london
Posts: 1,600
Quote:
Quote from failedtrader:

I'm not sure this is the right category, but it seems to be the closest fit. I have just started a blog. The first post I have written is, The Story of a Failed Trader. If you don't feel like reading it, I'll summarize: I have never been a successful trader and have recently realized that it may be due to a bad research methodology.

I'm curious to know if there are similar traders who became successful after they corrected the same type of problem. If so, I am hoping they will share any insights gained.

Thanks
Is it a spam blog?
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