Desperation

Discussion in 'Professional Trading' started by HappyGoLucky, Aug 10, 2006.

  1. Yeah, definitely read my above post, and realize your on a track to a head on collision with another train.

    I've seen this on ET, I've studied it, I've done hours of research to try and understand it. It would be very wise to seek help, maybe some people on ET can help you if you seek it, or couselors, family....

    Got to man-up and accept that you suffer from something that is difficult to break.
     
    #51     Aug 10, 2006
  2. Cheese,

    Since you, too, have used the term addiction, I pose the question to you as well: Are all thus-far-unsucessful traders who tenaciously persevere addicts by default?

    What do you think it is that makes you (I ask this in all seriousness) so innately "suited to the art of taking money out of the markets as a professional activity?" Are you exceptionally smart? Disciplined? Confident? Risk-conscious/averse/loving? Do you feel you're either born to trade or not, and if you don't make it right away, you're a sado-massochistic addict?

     
    #52     Aug 10, 2006
  3. best advice i can offer since u couldn't do it alone is to join a prop firm, put down 5k and get 1-to-1 mentorship...u'll be on a sim for months and then will start small under supervision...haircut, low commish, office environment and mentorship will give u enormous advantage over retails...this is the best chance u got imo, take it or leave the biz.
     
    #53     Aug 10, 2006
  4. Ripley, you are right. I sincerely do not want to give false hope to those struggling and failing. Unfortunately, trading can be addictive and destructive to individuals and their families. I now see where you are coming from.

    The name of the thread does say it all: Desperation.
     
    #54     Aug 10, 2006
  5. HD1,

    You speak about 1) Talent and 2) Background. Do you mind spelling out what talents you feel are critical, without which one may be doomed to "transfer his wealth to the securities industry?" And what background do you feel is crucial to being a sucessful trader?

    Thanks

     
    #55     Aug 10, 2006
  6. Great post, EricP. Short, but gives me (and perhaps others) lots to mull over.

     
    #56     Aug 10, 2006
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    #57     Aug 10, 2006
  8. jho

    jho

    HappyGoNotSoLucky,

    Your first posts makes you seem dillusional, you don't seem in touch with reality at all. This next post is a lot better, I can tell you are at least a little bit self aware (Which I think is a great trader trait).

    To be completely honest, you would be F'ing insane to take the rest of your money and try to earn a living. The odds are horrible. I suggest you get a regular job (Hell, even if it's minimum wage) and work on developing strategies yourself. Save your money and in a year or two try to get back into the game slowly.

    Unlazy yourself or you will ruin your life. Stay on ET, there is a lot of valuable info here. Read some books etc...

    *Edit* Ok you have identified greed and laziness as your main problems. So work on that ... what can you do to fix this? You need to write up a trading plan on paper. Stick to it, never stray from it. Discipline. PM me if you need a trading plan example.


    Good luck
     
    #58     Aug 10, 2006
  9. Find my threads where I started 200k path to whatever, you can read a lot of good ideas I put down in there.


    I don't have any unique edges to tell you , like arbing or whatever,
    I'm not that smart :D

    but I can telll you whats required to be a relatively profitable trader.

    when I win, I win big, when I lose , I lose a few pennies,

    I don't have a unique edge, its mostly indicators I written up in tradestation based on price only.

    the steps you need to figure out in your journey

    1. How to make your stops small.
    think about this long and hard, test it out, look over charts, any questions pm me.

    2. detection of trend reversal ,
    How to accurantly point to one candle and say, this is the trend reverse candle right here, 12:35 , this big fat greencandle stick.

    If price falls below this big fat candlestick, trend has reversed, if it stays above, we are now on an up trend or whatever.

    3. Learn how to short stocks profitably
    what pattern happens right before a fall?
    4. Learn how to long stocks profitably
    what patttern happens right before a rally?

    The two above can be learned from trading spy or futures on a tick chart, open up a tick chart
    trade with 1 contract, and keep trading till you get stopped out 50 times.

    5. Learn to trade ALWAYS from a instutistional standpoint,
    If I had 20 million dollars, how would I invest it?
    Would I enter here?
    Would I buy here?
    Would I sell here?
    What would make me buy 10 miillion dollars worth of stock within 5 minutes?
    Would I look at a tick chart to invest 10 million dollars?

    6. Keep a good mistakes journal
    for every trading lost, write down why, etc... what can be fixed.
    Trading losts = tuition paid, benefit from them.

    Slowly you won't need to be paying as much later.


    Thats a start, if any questions. send me a pm of a chart, or some entries, I'll tell you whats wrong with it

    I'm pretty sure nobody will hand you a "real" edge, because real edges are very short lived and make a LOT of money,

    real trading methologies last forever, just requires a lot of patience and knowledge to figure it all out.
     
    #59     Aug 10, 2006
  10. one other thing

    join a prop firm, sit around people who make lots of money everyday,

    they'll teach you something after they get to know you in person.
     
    #60     Aug 10, 2006