OK, I Quit. Trading is Too Tough for Me

Discussion in 'Professional Trading' started by 4DTrader, May 30, 2008.

  1. +1

    Great post!
     
    #11     May 30, 2008
  2. ljmlmvlhk

    ljmlmvlhk Guest

    May I suggest forget about working the stockmarket (trading) for money and consider working on life and maturing.

    What I mean is, trading has many positive spinoffs which make you grow as a person.

    Such as;
    Planning
    Perseverance
    Discipline
    Being systematic
    Prioritising
    Getting educated
    Being involved, busy, working toward goals
    Understanding psychology [of the masses and yourself]
    Keeping up with changing circumstances
    Evolving as a better person.

    I see so many people who drift thru life aimlessly, no purpose except short term jumping from pillar to post ideas.

    Trading brings a lot of ideas together.

    Definitely take your eye off making money, look at the big picture, the longer term, and quietly work toward building bridges.

    Trading takes years, a journey, not a destination.
    No quick fixes, no shortcuts, trading is internal, not external, ie working on our own shortcomings.
     
    #12     May 30, 2008
  3. OK...but if you DO quit.............can I have all your stuff?
     
    #13     May 30, 2008
  4. To the OP: you sound really uneducated about basic statistics/probability. How about you take a couple courses at your local community college?
     
    #14     May 30, 2008
  5. He has an edge.

    He just needs to mentally discipline and condition himself to follow it.

    Another six months to a year and maybe you could make something happen.

    This is why trading is hardest thing to do ... this is why.

    GL

    JJ
     
    #15     May 30, 2008
  6. YoungOne

    YoungOne

    Great Post.
     
    #16     May 30, 2008
  7. BSAM

    BSAM

    Good riddance. Now, if only a few more would leave, it would really benefit ET.
     
    #17     May 30, 2008
  8. What qualifies as an 'edge' ?
     
    #18     May 30, 2008
  9. One easy definition is something that gives you a greater than 50/50 chance of success in any given endeavor ... you can plug in the details.
     
    #19     May 30, 2008
  10. ljmlmvlhk

    ljmlmvlhk Guest

    Here’s a leg up for struggling traders.

    You need to take notes, lots of notes, it’s the roadmap of where you are going, why you are going there and how you are going to get there.
    The notes need to be kept on a computer as you will edit them hundreds of times, adding subtracting and altering them along the way, because at first you wont know clearly where why and how, everything evolves as we grow.
    Suggest use spreadsheets or something where you can keep columns of ideas.

    Here are some suggestions of what you may wish to detail:

    A calendar of trading events, seasonality events
    Which markets you wish to trade, which best suits your style
    Advantages and disadvantages of certain markets
    Time frames you wish to trade, eg frequency which suits your life style
    Components of your trading system
    Specific Web sites for obtaining information
    Which universe of stocks you will and wont buy
    Setups, entries and timing
    Risk
    Money management and position sizing
    Stop loss and exits
    Factors which influence price movement
    Technical analysis ideas
    Fundamental analysis ideas
    Which indicators or fundamentals you will use (if any)
    Psychology of the markets and contrarian behaviour
    Contingent orders
    To do list
    Misc tips
    Bull, Bear, toppy, bottomy, crabbing market characteristics
    Trading long vs trading short advantages and disadvantages
    Gearing
    Hedging
    Lessons learnt, mistakes made
    Strategies you wish to employ
    Probabilities
    Factors which increase win rate
    Volatility
    …….etc…….

    Don’t ask me for specifics, you need to work this out yourself, everyone has their own style, what suits me may not suit you, as mentioned previously, it’s an internal thing, between you and your methods and life style.
     
    #20     May 30, 2008