Silver, Disregard the ignoramus. allenhobbs is totally wrapped up in trading education chat rooms, so I don't see how someone of such a mindset is currently profitable if they are still running around like a chicken with it's head cut off trying to find trading education chat rooms to play in. Therefore, any "guidance" they offer is given from the sidelines, and unreliable at best. The advice these types offer is strictly theory, not from experience. Mere regurgitation of axioms and stories they have heard from others. I totally see your point and agree with you. I elaborated on a previous post on this thread. All that matters is what works for you. It is a high stakes video game. And a damn fun one at that. Makes me more money than my 360, that's for sure.
Good advice reaver, It is sad that so many people on this forum adheres to the ''Fake it until you make it'' method.
I totally agree with you. It is a total waste. Self-delusion/deception gets you nowhere in life. ALL THAT MATTERS IS WHAT WORKS FOR YOU. Good trading to you bud.
some interesting points about the "video game of trading" I think looking at trading as a "video" game is not that much of a bad idea. I have been trading a little over 10 years, every year booking profits (some better than others). So as an experiment my nine year old son is in "year round schools" he is in school for 2 1/2 months, and off for 1 month. While he is off he trades the es- eminis, and at night he trades the forex. He is trading on a simulator, but that being said I haven't told him anything other than it is a "real cool video game like dad looks at". I set him up with a few reversal chart patterns and how to enter orders, and that is all the info he has. No outside "noise" to try and out think the market. The real net thing about this trail that has lasted a little over six months he is booking profits more often than losses.
The cool thing is as his account increses (without him knowing it) I have been incresing the number of contracts. He started with one contract and now he his up to 10 contracts. At this rate, before the year is out, he will be making more in the 1 month he is out of school than the teachers make in the same school year. Wathing him has helped teach me a leason about the mind of trading. And how to approach the "screen". Overall it has helped everybody, and it is teaching him something that will pay off for him for a long long time.
Probably one of the best posts of the week, and when you put it in those terms, the light just seems to come on and the key to not losing money, but rather making it (and a lot of it) becomes pretty clear. "Overtrading is the same as alcoholism or gluttony or abusing anything that we engage in to a normal degree" Happy Easter
Gotta love those business consultants. Oh, how edgy and insightful. How about this advice, save your money and time by not sitting in tedious seminars listening to business "experts" with one size fits all prepackaged solutions. Just my opinion but at least I didn't charge for it.