Is there anyone here who is self-taught, consistently profitable and confident of continued success?

Discussion in 'Trading' started by with interest, Apr 13, 2019.

  1. I have to disagree somewhat...I do not think a big ego helps in anyway, but at the end of the day someone with a big Ego isn't driven by ideology, he's still driven by success. You do what you have to do to win in that sense, regardless if you agree with it or not. Michael Jordan has a big ego, Kobe Bryant has a big ego, Carl Icahn has a big ego, I could go on for paragraphs... How long would I go naming self made closed minded people ?

    Inflated ego is obviously not a positive to have, but I think it's important for one to recognize that closed mindedness is probably the biggest hurdle to achieving your highest potential... Having a Ego, which by definition means a person's sense of self-esteem, is not detrimental to financial success, more likely to hurt in individual success or relationships. Closed mindedness is the root of failure, for every aspect of life... Here is a great read on the subject of Closed Mindedness
    #51     Apr 21, 2019
    Handle123 and Banjo like this.
  2. Two decades ago when I graduated from computer science and math, I got a great job offered doing IT stuff for investment banking industry. That was when I got exposed to stock market. I spent tremendous amount of time since then to read tons of books and online resources to help me getting into this trading business. Few years later, I quit my job to work as a full-time trader. During those years of trading full time and learning the craft, I got burnt so badly over and over again that I had to file bankruptcy due to tons of debt on my credit cards that I couldn't dig a hole out. With my experience and knowledge outdated, I had to work for any kind of job in order to make some minimum wages for living. Then, I decided to go back to school to obtain a master degree so I could get a professional job again as well as using times to continue mastering my trading skills. After graduated with a master degree, I got a job working in investment industry again with a much better salary package. I kept working for this job for a couple of years until when I was confident enough to quit and trading full-time again. While trading full-time this time, I also bought foreclosure homes with a very cheap price where I had to do all the renovations by myself.

    Fast forward to the present, thanks to a huge surge of property prices in Toronto a couple of years ago, I sold off those houses about 2-year ago with huge profits and my trading career has been going well, I decided to travel around the world for few years with my loved one with money generated from trading profits as well as interests earned from high interest saving accounts where I hold some 7-figure cash.

    The bottom line is that it's impossible to get rich from trading. I only take a trade whenever there is a reliable setup showing up. I'm happy enough to generate a couple of hundred bucks a day to cover all the living expenses. With such mentality, I don't get emotional such as feeling ego, greedy and fear from winning/losing trades.
    #52     Apr 21, 2019
    Epicurus, Onra, ironchef and 2 others like this.
  3. Below screenshot is taken from last week of trading......

    #53     Apr 21, 2019
  4. volpri


    Funny. Trading is probably one of the most high performance activity on planet earth. A trader is trading against the brightest..sharpest minds around. I have never met a quiet..meek..humble..panty waist...pussy foot..skinny jean..trader who EVER did diddly squat in the markets apart from a few lucky streaks. Trading requires ego, pride, self respect, self confidence...etc ad nauseam..The very symbols of trading Bull and Bear...not a whippoorwill and Lassie, give some idea of what is involved. Try telling a PISSED OFF bull and angry bear to just be humble and meek..and things will work out..LOL.

    A body can’t just walk off ..and like ...leave their ego under the bed hiding and toss their pride in the garbage can. They would basically become useless to society and to themselves along with losing their self respect, all pride, and self confidence. That is why panty waist..skinny jean..scumbag..socialism will never work. Never has and NEVER will.

    Trading is dog eat dog. Not pussy cat licking pussy cat. Either you figure out how to take money out of my account and put it in yours or I will figure out how to take it from your account and put it into my account...(in a generic sense not directed at you personally).

    Trading is a struggle..a battle..a pitting of wits, strategies and tactics against others. It IS NOT for the faint hearted and “good ole boys club.” The market giveth and the market taketh. A trader has to figure out how to get it to give more than it takes. The market knows not whether you are humble OR NOT and whether you are a little sparrow sitting on a power line chirping away or if you are a lion roaring in jungle. The trader, for his own sake best be the lion.

    Other fields I know ...but ....I can’t help but think of MJ, ALI, FRAZIER, BAMA LOL, high performance. Frazier tried to be the nice guy. He lost. Then you got Mr T the new winner on the block. Everyday he gets a barrage of sh?t thrown at him over every conceivable matter but yet he goes on and wins and just keeps on winning. Others hate him cause they have not been able to achieve what he has achieved nor will they EVER be able to. They are consumed with jealousy and envy. If they would get off the rear portion of the body and quit being pant waist..skinny called ...leaders ...and be REAL leaders and lead they might actually accomplish something.

    Mr T has an enormous ego and he accomplishes way more than the rest sitting up there drawing their paychecks and patting themselves on the back..the good ole boys club.

    If he get “done in” it won’t be because of his pride or ego but because they ganged up against him and eventually found a way to tar and feather him. However, I doubt they will as they ain't got the smarts. He plays them and keeps their head spinning like jack in the box and they don’t realize it, nor have astute enough thinking to counter him. He lights more fires, and does so faster, than they can scramble to put them out. And what is SO FUNNY is: THEY DON’T even realize it nor know what is going on.

    Ego and pride are VERY necessary in trading. Humility and meekness aren’t. The key is to not let the pride and ego cause one to make a wrong decision. They can actually be used to make the CORRECT DECISIONS AND TO TAKE THE CORRECT ACTION! Hence, they can be assets not liabilities.

    I would say this is my 2 cents worth but that would be too humble. So.....this is my million dollars worth...ROFLMAO
    #54     Apr 21, 2019
    Onra and themickey like this.
  5. volpri


    Congrats...looks pretty arrogant, egotistical and filled with pride! Proves my point or shall I say my many GOOD points! But, of course, what really matters is did you take enough money from my account and put it in yours to make it worth your effort and time?
    #55     Apr 21, 2019
    themickey likes this.
  6. A trader may be trading against the brightest, sharpest minds around but he probably makes his money from the least skillful, emotionally unbalanced sheeps/amateurs in the market. Financial markets have a low barrier of entry. The skillful probably most of his money from the less skillful. If every participants are the brightest, sharpest minds around while the less skillful ones are out, I'm pretty sure everyone's gains will fall because they will be chasing the same signals. The profitable trader is not just competing with the sharp ones but the weak ones as well. So, while the game may be difficult, it may not sound so difficult as it sounds.

    It takes ability to be humble. Those who are arrogant and need to put up an appearance of looking smart actually betray a sense of insecurity and lack of self-confidence. The really good ones are humble and quiet about their ability. Being quietly confident is the key.

    Last edited: Apr 21, 2019
    #56     Apr 21, 2019
    schweiz and ironchef like this.
  7. schweiz


    People who put the word "humble" in their alias can be anything, except being humble.
    Humble people are too humble to say they are humble. Like smart people are too smart to tell they are smart.
    #57     Apr 22, 2019
  8. schweiz


    To really evaluate your performance we need $$$ amounts too.

    If you do 15 trades and make each time $0.1 profit, you have a report like the one you show. 100% winning trades for a total profit of $1.5. On condition that you don't cheat by ommitting commissions, because then you would even lose money with 100% winning trades.
    #58     Apr 22, 2019
    volpri likes this.
  9. volpri


    Well did you ever here about the book a guy wrote that was titled; Humility and How I Obtained It. Maybe yachtsman needs a copy??
    #59     Apr 22, 2019
  10. volpri


    Maybe he has such humble profits he was not inclined to share the amounts but out of pride his ego forced him to share win rate? On the other hand, he could have had such handsome profits dollar wise that his humility forced him to keep it hush hush lest he create despair, envy, and perhaps provoke less skillful traders?
    #60     Apr 22, 2019