I gave up the "grail" yet he failed.

The "personal low" is a generalization; for one person, it may be losing $1K in a single trading day, for another, it might be turning a day-trade into an "investment" and losing half your bankroll.

Think about a hot stove--the best way to learn not to touch it might be by touching it. If you can learn from the advice and mistakes of others, terrific. The point is to learn the lesson, and without a mentor, you are probably going to get burned a few times until you learn to respect the game.

It is a great idea to know in advance what you are going to do, not only when you are RIGHT, but when you are WRONG, BEFORE you enter a trade. Things can get out of control very quickly in trading, especially day-trading, that the less time you must spend deciding what to do, the better.

The longer you are a trader, the greater the chance that something will happen that you never expected, and you will get stuck with a nasty loss. Call it a "personal low" or just a "learning experience" but the point is, if you can't learn from it, then eventually you will be forced out of the game. If you plan to trade for a very long time, then you will learn from these "lows" or you will be hit with a succession of "lows" that will eventually destroy your trading capital.

 

Backtest the damn thing and find out if your both beeing fooled by randomness..... it will also go a long way in showing him that he doesnt have to "think" when executing.....

 

Send me the rules and I promise to follow them to the letter...

 

lol....

I second that. Send them to me if you are willing to share. It'll only help me see what's missing in my discipline.

 

Out of deference to Vette – I’ll not disagree with his post – much

Out of deference to those who’ve faced their low – I’ll not go into specifics – but easily could

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When/ if you ever face your low – you’ll know it

When you become uncertain - down to your core of everything – especially of your ability to trade successfully – you’ll know it

When you have but only one way to turn – or not – you’ll know it

And once you know it – there will only be the above two choices

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Aside

If you’re never afforded the opportunity to meet your low – then you’re not pushing your envelope


If you’re fortunate enough to meet your low – then you’ll know exactly what you’re made of

(personally I hope you like what you find – although I am well aware hope is a piss poor technique)

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Final thought

Livermore was a damn good trader – imho

Livermore met his low – then put a bullet in his head


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So do you need to reach your low to trade successfully – probably not – but then I don’t really know…

I will say reaching your low – then recovering – will make you bullet proof

And btw don’t take bullet proof to mean – never having a losing trade…

I have losing trades all the time – woo pity doo


RN

 

TR,

We’re all human – we all screw up

If you want to help him – then help him

If you don’t – then don’t



Yes Sir; I could share what I would do – but then it wouldn’t mean much to you – or him…. Really


Regards

RN

 

This might be the best answer yet.

BTW RN, thank you for your civility! It is great to know there are still many here that are willing to add value to these forums. We've all travelled different roads to get here today, and I appreciate the chance to listen and learn--when the message has substance

 

During this journey you either get sick and tired of losing and making mistakes and become profitable or you dont and you blow up and quit.

I have been at this game for over 10 years and I dont know anybody who was succesful out of the gate, doesnt mean they dont exist, just my experience that the ones that have made it went thru a process of mentally breaking down existing thought process`s and rebuilding into a traders perspective.

 

My rules have worked for traders since Munehisa Homma ruled the Rice markets of Japan in the mid 1700`s and will continue to work as long as prices are able to move in an open market type envoirnment.

There is nothing to backtest really. Sounds flip , right? Sorry..not meant to be that way. But I dont know any other way to put it.

 

update - He asked me to "trade his account out of the hole". I refused and told him he had everything he needed already. Go back to the rules and if you break them again my offer of further assistance one year out is off the table.