The reason that most people fail at trading is because most people are trading in a fundamentally similar way. The trick is not to do things in an opposite manner, but to do things differently. These comments apply to all elements of the trading business plan.
Well said and although generally stated...it's the reason why a trader will still lose when taking opposite trades of a losing trader. They don't realize that when doing the opposite or invert...they are still trading fundamentally the same. The key is to trade differently than those trying to do the opposite of each other. Mark
... which begs the question: why just trade ES? How about trading where the action is, something which changes all the time?
Get ready for the book, newsletter, or chat room website from the OP. Or if we are truly lucky, a private message offering mentorship. This happens time and time again on elite. Sometimes just more sophisticated and subtle than others. The funniest thing is the same people fall for it again and again. Same people who spend 10000s on lessons and gurus. Face it, you want to lose
BEING UP ON THE DAY MAY BE A MENTAL REASON TO TAKE A TRADE, BUT IT HAS NOTHING TO DO WITH THE SETUPS IN FRONT OF YOU, TRADE THE SETUPS,THE MARKET, NEVER YOUR ACCT....if you only have 1 setup, wait for it,if it setup 3 times a month and you made 2 or 3 k on those 3 days ,you would be doing great for a journeyman,trading all the other maybe's is what costs a fortune, anyone can make money ,its when you learn not to give it back,,or hang on to it, that it starts piling up....this is always a gamble, but with high and low probabilities
If you read my post for 2010 is says I'm trading forex and ES now This post is in 2009 and no longer applies. how could I possibly offer any of these things if this is my first year of being profitable. And I'm up less than $20k. Couldnt even support yourself there. if you read my latest post from 2010, I basically say its a way for me to look back on this and see my thought processes and how far I've come
Great post ! I went through almost the exact same process as you did. It's been 6 years for me and I now mentor people myself.
Well, you are doing better than 99% of the readers on elite. You'll soon learn that selling the dream is way smarter and lucrative if you don't already know