PHOENIX TRADING's 2013 Prophet and Loss Journal

No way , I'm not putting my house at risk too.

I did take out some personal unsecured loans and paying that note is a significant financial burden but it's cheaper than withdrawing money from my IRA.

 

PT,

This post of yours contains a lot of warning signs – hopefully in time you’ll come to recognize them

btw; I state this matter of factly…, sans any ill will or hubris on my part - rest assured

This is absolutely true, however;

Said method must be applied consistently – repeatedly – regardless

While keeping losers sometime equal to / mostly smaller than – winners

Said method should utilize full advantage of both directions

And lastly…, humility.., and a commitment to the truth – are absolutes


Combine the above with your method (or any sensible method really) – yep it’ll be profitable

(btw saying this is easy…, doing it – well that’ll be as hard as you prefer to make it)

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Note on beliefs;

Beliefs can be created.., or dissolved – so why not create some totally in alignment with the mkt… and dissolve the ones that are not

Just think of the possibilities that would open up
===========================

This, is not so important….

The mkt, and trading – by their very nature – lays bare, then subjects us – to every single one of our weaknesses

So it imperative we improve upon our weaknesses…, or at a minimum – grow to accept them

For no matter how strong our strengths – our weaknesses – are exponentially stronger

==========================

Truth is – the mkt neither punishes…, or rewards – it simply goes about its daily business

We are the ones who'll see fit to punish our self – or not - human nature being what it is



In trading – no one suffers a fool – more – than the fool him or her self (And yes I've been the fool on numerous occasions – and still am at times)

Something to ponder Sir – or not

RN

 

I'm not sure I really disagree with anything you have written.
When I was mentioning belief's I was talking about beliefs concerning the markek which is derived from observation and study.
Should that information change then I have no problem changing my belief if It appears relatively permanent.


As far as

IMHO : That is handled best by picking the right trading niche that fits our personality, abilities and perception.
I assume you are referencing "lack of discipline",Honestly I think traders who have done an excellent job of picking the right niche have relatively little problems with keeping their discipline.
I suspect one always needs to keep the "hour Between Dog and Wolf" in mind.
Perhaps I'm wrong, time will tell.

http://www.economist.com/node/21555882

 

you are already putting it at risk... honestly... if you ever default on those unsecured loans, and they take you to court... they will sue you and the judgement will be awarded and will lien the house.. that simple... as I said before, keep in mind all I said were suggestions, just things you might not have thought about before, nothing more...

 

I don't know what world you live in buddy but I can assure you that's not how it would play out.

They took's their chances and in return got a higher rate.
They don't get to pretend it's a secured loan.

It's irrelevant anyway because I'm going to repay them.

 

lol... I think you are being innocent about some things... as I said, they wont foreclose on the real estate... but you can in fact be sued and they will lien all assets and attach any bank accounts with the judgement... you should understand the law a bit better.. unsecured is not really as unsecured as people think... anyhow, moving on... this thread is about your trading efforts... we can debate via PM if needed...

 

You should be able to make $10,000 a month trading crude/russell/eminis a month for living expenses.

 

24% eh?
Right because everyone knows beating all but the top 7 performing large hedge funds for the year is just nominal returns.

 

Bro, moving $1B + in capital around for 12 months is A LOT different than moving $500,000 around. Also, $10,000 a month on indexes/crude is nothing if you know what your doing, and judging by your snide response, you don't. I would recommend you take a trip to Chicago or hang around real traders. Also, you can pull $10K alone trading OPEX options.

Also, here is some math. 24% on $1B is $240 million

Your $500stacks is $120,000, big deal.

 

Fine you've determined I don't know what I'm doing, then grace me with your all knowing wisdom.

I bow down to the great trading master's feet in subservience and ask your forgiveness.