Are you all done or has all that abuse stopped the topic that Mr Joe Ross posted? I think he posted a great thread! I certainly can agree to what he is writing. There is a lot truth to it. We are probably all too self-centered to want to admit that. Starmaker
The only person I have ever given sh*t to on ET is Coolweb, and, to this point, he has deserved it. Hopefully he will smarten up, lose the attitude and start to trade successfully.
I think it helps to not go into the day with a bias as to whether the market is going up or down. Wait on the data to tell you and go with it. That way you're just focused on the data and detached from having to admit "I'm wrong" which does not come too easily to most of us.
Right or wrong has nothing to do with trading. TRADING means to trade, buy one item for a lower price, sell for a higher price. Lets say you have a bag of flour, you know you can sell for $1.50 why do you know? because if you don't you are taking a BLIND/BIG risk, so you need to know how much you can sell it for. Lets say you have someone selling you a bag of flour for $2.00 will you buy it considering you can only sell it for $1.50? Lets say you have someone selling you a bag of flour for $1.00 how many bags will you buy knowing you can sell it for $1.50 selling you a bag of flour for $.50 cents how many bags will you buy? selling you a bag of flour for $.25 cents how many bags will you buy? The key is knowing how much you can sell the bag of flour for, if you don't know how much, you don't can't judge if your purchase is correct or not. Do you have some kind of ego while buying bags of flour? Will you tell yourself, I am king of the world, I'll buy your bag of flour for $2.50 even though you can only sell for $2.00? LOL hahahahaa People think trading is some kind of mysterious business except its all just bags of flour trading around and corn and maybe some mussels from the smelly fishermen. The problem with broken traders is, they don't know how much they can sell their bags of flour. Thats when you start buying bags of flour for $3.00 , $5.00 So is it ego or lack of knowledge? Let this be a gift from the mighty coolweb.
I have not read any of the follow up posts on this thread, so if my statement has already been made please forgive me. You can't get rid of ego in trading. I think it is needed for success. It takes ego to come into the market and think you deserve to win.
On "Pitbull", Marty Schwartz explains that he became a winner when he learned to put his ego aside. I love this book!
In trading, the only correct use of the word "KNOW" should be in the sentence " I "know" that I really don't "know" what will happen in the future... If you or anyone thinks they "know" that they can sell something for more then they paid for it, well... they are sadly mistaken...And, I would even go out on a limb here and say that I "know" that anyone who thinks they know won't be around long enough to realize that they really don't know... know what I mean..... Nick
Nick, Keep studying mark douglas, It'll make you rich one day. I'm sure when Cohen puts on a 20 million dollar position, he doesn't "know", Calvin klein doesn't know sexy ads sells, Sequoia Capital doesn't know how successful google will be before they invested 10s of millions, Mcdonalds didn't know chipotle was going to be successful before buying out 75% of the company. Steve Jobs just made ipod nano for kicks, he didn't know it was going to be a big hit at all. Even Scalper Steve Tzar doesn't know what the specalist will do next before he puts on his position, he has his special wheel of fortune to tell him. They are all just coin flipping like the rest of the daytraders, I'm pretty sure they all are Nobody knows, we are all coin flipping, I got a special flipper coin made just for trading as well. I really don't know as well, just pretending that I do know but I Really don't. I don't know I swear, hmm hope the trader god is listening to me. I really want to be here for just a longer bit of time. Let me go pray before going to sleep now.
There is a zen state which is wanting without wanting. Its not mere rhetoric. Its like when you want that brunette hottie, but you don't want her that much so you don't blow your chances. Good trading should be like that. You want it, but at the same time you're detached enough to not let it affect your game.