Austinp- That is what we are looking for among other things. We do not call it trolling for traders more mining for traders. There are rubys, gems and diamonds out there. We are looking to discover them and either polish them up if they need work or get them funded if they are ready to go. mp
It`s a good book that is frequently enjoyed by losing traders to rationalize their failures. I enjoyed it for other reasons. Randomness is 101 in statistics, so I`m not sure if Taleb is really bringing forth anything new in it, except repacking it for the masses in an entertaining presentation. But yes, occassionally traders get lucky, both skilled ones and unskilled ones, and if they are smart they would realize that they got lucky and not press their luck any further, but take their money to the bank.
When do you take you money to the bank...? When you're up $10, $100, $1000 or $3000...? Unfortunately this game is never over...!
Hardly. The least competent traders are the ones who go for the wildest rides. First up the equity curve, and then right back down. The "lucky" part is that they didn't just go straight down to begin with.
I know both these guys personally, and they have both been huge influences on my trading and life view---- however different they are. http://www.gladwell.com/2002/2002_04_29_a_blowingup.htm surf
I disagree completely. The ultra large gains are skill based, the skill to hold on while the profits are adding up, the skill to time the entry, the skill to enter in the correct direction-- Yes there is luck involved, but the ability to manage the luck is called skill. It's much easier to take huge bets with "house" money than your starting capital. Therefore, cutting losses is more difficult ( for me) when it's from the winnings rather than the base capital. Going straight down from your starting capital is more difficult since one is more cautious--- I realize this ( second paragraph) is faulty thinking to a point-- but it is my reality, and I am working on it. surf
Yes, I know you disagree. Even so, the skill part is holding on to profits. Anyone can press the accelerator to the floor on a straightaway. It's how you decelerate and handle the curves that help determine whether you survive the race and possibly win. You've shown a remarkable affinity for the accelerator. I understand your "house money" comment, but your loss for the day yesterday went beyond that, did it not? Perhaps I'm mistaken.
think "there is no such thing as house money"once it's in the acct it's yours,forget about it ,because it represents the accumulative sum at the end, not the next trade, all trades should be based on setup ,high probs should be only trades taken , house money has no bearing on the setups and the thought is an extra barrier that clouds your vision
There's no free lunch... What you guys will find out (if you haven't already) is that when you make things riskless you also mess with the very thing that makes you money... So unfortunately once you eliminate that risk from your system you usually eliminate the chance to make money as well.