Discussion in 'Psychology' started by NY_HOOD, Jan 4, 2011.

  1. how many of you never seem to win consistently?

    how many of you hold on because you did have some winning days which means you have potential?

    how many of you tell yourselves that its not an addiction,its just a passion you have?

    how many of you keep on replenishing your trading accounts because just like any business,you always lose money at the start?
    how many of you tell yoursleves your losses are the BEST THING that ever happened because thats the best way to learn?

    how many of you think of crafty ways to get some extra money wired into your trading accounts?

    how many of you say you would have won if you only "stuck to your discipline"?


    how many of you fall into a depression and feel as if someone has hit you in the heart with a hammer aftr a big loss.

    how many of you cannot wait for the next day to make some money back?

    my favorite: "tomorrows a new day and i will start fresh, a new trading style that will be disciplined".

    there are many guys that make lots of money trading for a living..really,you seriously believe that?
  2. Not an issue of believing it or not. I have seen it. Tons of money they make. I know guys "printing money" with their trading. They have the right tools. Can you build a machine with no tools? Can you build a house with no tools? People just don't want to spend or don't have the money to spend for the right tools. They are looking for free software and big leverage. This is guaranteed failure.

    If you start trading and cannot afford to spend 10K on the right software/hardware you should not even try. No investment no return. Law of nature.
  3. I'm of the same opinion, the potential is def. there. You cannot ignore the fact that this industry attracts gamblers but this is who you make $$ off... people who don't understand the probabilities... just like in poker. Games of pure chance where I can't get an advantage i.e. roulette, pokie machines, blackjack (can't count) or anything else like that have never interested me. What has always interested me is poker and trading and the similarities have been highlighted on ET previously.

    The people that play roulette (besides for fun in vegas etc) and are trading are generally the people you can make a lot of $$ from... zero sum game baby!
  4. jokepie


    Have you ever had ANY Epiphany regarding anything !!!! Like the first time you realized that Square root of 4 is 2 !!! And then after when ever you saw that Sqyare root of 4, you (without thinking) made it 2 and went ahead with solving your equation.
    :cool: what a weired example. hehhe

    But until the day you will have a experience like that. you would not understand WHAT trading is ?

    Imagine if your job was to Trade mangos. However you payed and recieve compensation in Mangos as well. :D . AM I clear. Trading monies is hard coz its reward or loss in monies as well.

    IF some one tells you Trading is GAMBLING. They are RIGHT. Untill you believe this and tell your self is that Your ONLY edge in Trading is your Capital. Do not look at your profit in % of capital or trade volume bla bla. Just focus on your CAPITAL number. your goal should be to increase it and not decrease. by how much? does not matter. YOu have to Realize that you have better odds than in a casino. That will be your Epiphany.

    Do not Trade to make an income/ consistent salary. These are just the EFFECTS of being in a JOB.

    What I mean is that A Trader should look for the opportunity and when you see 1. Do not go like Uummmm my risk reward is bla and my daily loss is bla and bla...Pedal to the metal. I know some of you will disagree but I am a big believer in this philosophy. There are only few days in a MONTH when you can hit big home runs and that makes up the 80% of your pay check. A good trader is like a HUNTER, hiding in tall elephant grass waiting for its pray and then baamm....GROWL .... not Meow.
  5. As a rule of thumb you should never stick to something
    be it a business, a free lance job, trading, gambling
    that doesn't pays a living within 6 months
  6. monty09


    this is the dumbest advice i have ever heard
  7. awful advice, just look at history and some of the worlds greatest inventions in which the world today could not exist without and you'll find that almost ALL of them took more than 6 months to create and perfect. If everyone took your advice below, we'd all still be living in caves :)

  8. But all loses come from extending hope forever.
    Have you heard about stop-losses?
  9. Who said anything about forever? You said 6 months and quit. I'm merely saying that, if everyone in history had adhered to this advice, human beings would have made hardly any progress as a species.

    #10     Jan 10, 2011