I agree. Consistently making great returns each day is for losers. Consistently improving your standard of living is for losers. Consistently having lots of time for family and friends is for losers. Consistently going on extended vacations is for losers. Consistently being able to travel first class if for losers. Consistently having more and more free time because of increases in profitability is for losers. I'm a consistent Swing Trader. God I really hate being so consistent . . . and being able to spell.
I can't believe so many posters actually replied to this fucking clown. Chewbacca oh great trader, please post your year to date PNL so we can all bask in your trading prowess!
I agree, but I think it's important to distinguish between finding something great and then quitting it early because you've hit some arbitrary profit target and recognizing when the real juicy stuff is finished and calling it a day or taking a long break. Lets say you're making sweet trades and have a great read on the market, make a ton of money, and then things start happening you don't anticipate. You're making bad calls. All of a sudden you've lost a substantial part of your profits, but are still up huge on the day. In a situation like this, I'd say it's wise to go home, or at least take a very long break. Now lets say you're making sweet trades, have a great read on the market, make a bunch of money, and then you hit your "profit target" and then just stop. Now that is stupid. Even worse would be just calling it quits on the week or worse yet the month because you've had some good days. Good days/weeks tend to happen in clusters, so this is a bad idea. It's true, marti gras doesn't come too often, so you have to capitalize on the real good stuff or you won't make enough money to survive the bad. That said there's nothing wrong with finishing up early on the day when you fell like you've entered giveback mode in my opinion.
Consistency, in my opinion, means much different then making a little money everyday. To me it means sticking to my trading styles / rules, which in no way am I trying to grind money out everyday. I am a patient trader, with low volatility and one who waits for large opportunities and make the most out of what the market presents to me. If I suddenly start making a bunch of trades a day for a period of a week, I will deem that as being inconsistent.
The human mind is excellent at picking up patterns in randomness. Let's say you are flipping a coin and you pick tails to come up. You put it on your thumb, tails up and flip it in the air. Your brain actually picks up the pattern at which the coin is flipping and you will subconsciously catch the coin at a point where it is more likely to present a tails facing up.
I thought I was the only one thinking this....and for the others stop ridding RM's dick please. Yes he is a good trader and he does inject a lot of good info on this site, but man every time he posts something everyone and their dog is praising him, no I am not jealous, but realize he is not going to give you the holy grail of trading. Fuck its annoying. BTW great post RM, lol.