There was a time I bought all the books on discipline, Van Tharps was the most costly, but it is the best book I use to keep for a doorstop. I don't believe in these books for ME. That doesn't mean they can't work for someone else. I got into and still go for hypnotize couple times a year. My belief system is from times of old, like learning multiplication tables, keep doing them over and over and over till I know it by heart, then do it some more to really learn everything I need to do to trade as my system tells me. Have become a Monkey that hits buttons and does it right. You find a signal, whether it took 3 minutes or had to wait 5.5 hours, it is perfect to all your set of rules, hit the button, then apply rules of money management. If it is a loss, system loss, if profitable, system was profitable. If you were reason it lost, not enough practice.
YOU HIT IT ON THE NAIL!! TRADING IS JUST COMMON SENSE! JUST BUY AT SUPPORT LEVELS AND SELL AT RESISTANCE! TOO EASY TO FOLLOW MANY CAN'T FOLLOW THIS SIMPLE RULE!
Your comments are laced with frustration you are obviously not a profitable trader with all your condemnation of others
+100000 he needs to see a shrink. his posts smack of personality disorder. its too bad people are so screwed up they cant even tell they need to take some humility and go see someone, even when their money, job, family and potentially wife/sons/daughters scream this real;ity to them every day.
The guy is so screwed up. This was his very first post, and, low and behold, he kept posting as if trying to discourage experienced traders is any better than discouraging newbies and inexperienced traders.
Hi blowingup2012, Well your post is one of the most depressing stories I have ever ran across on a trading site. My initial observation is you appear to have a real gambling problem since you donât appear to have the will power to leave this thread alone so I doubt a 160 grand hit will be enough of a wake up call to convince you to leave the markets alone forever. Most hardcore gambling/drug/alcohol addicts usually need to hit rock bottom before that moment of clarity and since you still own your business it appears you still have quite a way to fall. The best advice anyone could give you is for you to take your own advice and turn your back âcold turkeyâ on all internet trading sites, buy T-Bills with your remaining cash and going forward use your intellectual resources and time only to develop your own business. It is one of the oldest stories in the land and a real trading clique but never confuse a bull market with skill. With your gambling issues this observation is definitely true. However with a more scientific non emotional approach you would have only lost an easily dealt with amount of money before coming to your current conclusion that you simply do not have to proper personal characteristics for success in trading. I have dealt with this same issue in the past. I am a physics graduate who didnât want to lecture but had my heart sent on being the next Paul Dirac or nothing. After a few years of playing with equations looking for GR/QM unification I finally had to accept that I didnât have the intellectual gifts or even the eccentricity to be a major league physicist so I changed career course and more or less dropped into trading and never looked back. It hurts to give up your trading (or physics) dream but it is better to walk away into your own business than crawl away busted and broke. I personally never watch the financial news of economic opinion etc but only watch the interesting regular news of tsunamis, wars, elections etc. Financial news never tells you what is going to happen tomorrow and how much they have on and where they have taken positions to take advantage of their predictive skills but they only speculate about why they think what happened yesterday actually happened. The problem is there isnât any future trading idea that is going to appear while listening to that discussion. Ok I will go out on a limb here and do some of my own speculation on the primary reason for the lack of trading success for posters such as your self. In a nutshell: I think you guys are trying to get into the NBA without paying your dues in collage or even high school basket ball. Most successful hedge fund guys have a trading pedigree behind them which means not trying to make it as a talented amateur but instead coming in on the ground floor and working their way up at a major financial institution. And not initially as prop traders but starting out in market making etc. Personally I was an OTC FX/Metals interbank options market maker for a Canadian big five bank before jumping to the Merc floor to work for CRT and then jumping upstairs to risk run the volatility book for years. It was only after about 7 years of market making that I made the final jump into proprietary trading. You appear to have started day trading as an amateur and then wonder why you canât compete with the guys that cut their teeth market making for years at a financial institution letting someone else pay for their experience before making the transition into proprietary trading. There are people that as amateurs with minimal professional trading and coaching win Olympic gold metals but the vast majority of World/Olympic champions are professionals with years of world class coaching and training before they enter the big leagues. Anyway that is just my personal speculation. All the best! Warmest Regards, Smoker PS if you keep trading as I expect you will as an addict then immediately get into a different trading arena i.e. no more outright day trading of equities but instead switch to long term or spread trading or just trade short side or trade futures etc. As long as it is different than what you did before there is a chance you will stumble on to some kind of edge. I still would speculate that you have a 99% chance of continuing to lose but if you play in the same sandbox you did before you have a 100% chance of losing. Cheers Smoker