learning though hard knocks

Discussion in 'Psychology' started by bat1, Feb 24, 2008.

  1. bat1


    I read here and other places on how traders ''blow''
    a few accounts before they finely get it right in
    making money is this really true?

    Is it really true you have to get though the hard knocks
    at first? I read where it takes like 3 years before
    you get a trading plan in and discipline to follow
    you plan? and lot's of money lost

    I been reading The disciplined trader where Mark Douglas got wiped out at first before he got it right

    So I'm asking you seasoned traders do you
    have to go though the wall of hard knocks?

  2. ammo


    do u know how to do anything that your good at it, how long did that take you
  3. Suppose one met with success without attending the school of hard knocks. I'd imagine they would have a limited and narrow knowledge view of their endeavor. This may translate into lost opportunity costs or being unable to exploit an opportunity when they saw one.
  4. Generally speaking, I've seen it take people btw 1 and 5 years of "hard knock" learning before getting it.
  5. razor99


    i think some big losses train a "potential trader" not to make the same mistakes as well as develope a massive respect for the markets.
    just my 2 cents
  6. jstox


    Hi Ed, this is not rocket science and blowing out accounts and hard knocks ain't necessary.

    I attached a chart for ya, with some notes of todays action. ALWAYS put yourself in a position of unlimited potential with small STOPS. Good luck and don't get intimidated by the BS.

    BTW, I prefer swing trading but trading noise can be accomplished.


  7. The book your are reading is one step closer to where you want to be.
  8. How do you learn/train to become a racing driver?
    By practice and experience for which you'll have to pay for the track time which is considered cost of doing business. How about a few spins/skids/accidents then? That's normal too! The trick is to outlive them.
    Trading is no different, you need to blow a few $10k-20k accounts, as long as you could outlive them to tell your grandsons about them... :).
    Unless you have very deep pockets, you need to have a huge income too, preferably from your own business which would make these small losses look peanuts to you.
    Outside of that, you may still make it but you'll suffer a lot...
  9. ammo


    you dont need to blow that cash,u just need to b patient and satisfied with not making any for a while, think about it,if u dont make any or very little,u are still in business,if u lose u have to go out and raise more cash to come back,if you grind out a bunch of small winners your acct grows,assuming u dont overtrade and pay a lot of commish,so if u have very little,u keep your 1st job,if this is your 1st,get a 2nd,and keep trying ,it will soon click,the availability of sites like this where there are all these guys,anek,apex,spectre,jss,b1s2,spyder ,jackhershey,avarus,probably another 50 on here i dont know about, you have found a pot of gold, saturday i read the first 40 or 50 pages of the es journal, the trades b1s2 makes and explains,and the guys commenting and telling there rationale is priceless,its tedious but you see how a trader thinks and why u would take a trade, which you wont find in your own trading without years of experience, read on ,the lite will soon come on....good luck
  10. LOL, Hard knocks yes, blowing out...hopefully not.

    I have my sell orders in and trying to get out of my longs now as we speak, with the light after market, pre-market volume.

    Looks like we may open near flat and sell off today. (even with Europe closing positive)

    New out on HD, Forclosuers, and GS being slashed on EPS, Oil above 95......all negitive.

    .....I took to much risk into carrying my longs from yesterday into today.

    HARD KNOCKS, yes.....too much risk, as I have taken the last month or so could bring on the Hard Knocks.

    Swing trading is a bitch when there is very little follow through and the "Moves" are pure Volatility....

    #10     Feb 26, 2008