Effort? Seriously, I'll show you guys that put forth an effort. Think about this for a second ok? You guys that are all so enamored by these buzz words "knowledge" and "effort" and "if you work hard". Those are bullet points. There is a very sad reality to this business and it will break the heart of 98% of the posters on ET. We do not live in a communal world. We live in world where the guy that can kick your ass and take your girlfriend and your wallet, will. And in the trading world, those guys have capital, technology, an edge, and they are taught to trade by some of the sharpest guys in the world. No bootcamp, 3 day seminar, TA book, web site, or late night Tv infomercial is going to give you what it takes to keep your money from the trader who is going to take it from you. There are ways to meet these traders and possibly learn from them but it's going to require you to spend less time on message boards and more time networking. But you are right about one thing, the odds of you trading next to them are less then it use to be. It was a lot easier when guys could clerk for a super star trader on the floor. And it was a lot easier when you could work at a huge prop firm that had 800 to 1000 traders under one room. Unfortunately, those days are gone.
Maverick74 wrote: This is a great quote. I was able to sit with an inst. bond trader for about 45 minutes last year b/c a friend is a VP on the IB side at the bank, and most of his comments were like the above. Some were quite a bit harsher.
I totaly agree.... those were "the good old days" - we just traded, made friends, backed them for awhile, they made some money for both of us, they went on their own...and the cycle continued for quite a while. Don
As hard as it may be to believe...these same traders (yes some multi-millionaires) are actually grateful, loyal, and willing to help us (the collective "us" - the whole team). And, since most are into longer term M&A and pairs these days, they can still monitor their positions with the automated software....some opportunity lost of course. Some of these same traders have added newbies to their groups, back them, and continue to work with them... very similar to the "floor trading" example above. (BTW, first trip ever to Europe...first vacation in 16 months...no "jetsetter" here, LOL). Don
hey mr don let us know how the wpt turned out for ya. which pros are at the finals with ya? do u know, just curious. have fun as i know u will. later.
Actually, Bob will go directly into the "big tournament" and I'll be playing in a couple of satellites (I don't have the ranking, he does)....but I'm sure I'll see some of our friends there. Some of my "Full Tilters" are in some sort of legal hassle with the WPT, so they won't all be there....but the World Series is coming to Vegas next month...everyone should be there. Don
I have personally worked with one of the brightest trader and system developer and learned in a group setting and can take on any trader because of my foundation from that classroom. No great trader will train anybody one on one. That is why your advise is worthless. There is no other way for a retail person then to put real effort to sift through all of the good and bad info available.
No, knowledge is what I meant. To succeed in any endeavor, whether it be engineering, finance, or trading takes KNOWLEDGE. Show me anyone who's achieved success in any of the above who lacks knowledge in their field. And no .. I'm not a newbie. Been trading full time for 10+ years. And I never took any boot camp training because I had both knowledge and an approach to trading when I went full time and I never worked 1:1 with any great trader. And even if I had that isn't the answer .. one has to adapt and evolve over time to stay in the game.
DHOHHI wrote: Needing to have knowledge about your field is kind of a given, don't ya think? Edge is the key in trading. Are you disputing that? And BTW: why don't you look through Mav's threads re: Tape Reading and see if you don't gain a little knowledge yourself. I actually attended Bright, kings of tape reading, and learned nothing compared to reading his threads. These generalized "semantic" arguments are really absurd.