Sir You are able to make a distinction â and benefit Unfortunately â there are more who can not The market is filled with them Regards RN
I still don't think TZ is the be all end all authority over who is right and wrong with a god given right to attack every poster on ET. If you do then I guess we just have to agree to disagree. Cheers
Sir I never said he was the end all authority - What I did say He has a good heart and intentions In my opinion of course Take Care Sir RN
(please ignore any question that you find inappropriate) When you take a position based on a overall market sentiment or profile (assuming you do), and the price goes against you but the original situation remains the same, do you add to your position? Do you use a general $ amount of risk that you reach by averaging in as the price moves against you? Do you add as the price moves in your direction? Do you scale out or do you get out at once? Do you get out at predefined profit target? (You said you have a pain level in $ in your mind, do you have a profit, pleasure, level as well that you use to get out?) If most trades you do involve writing options, does it mean that the profit potential is predetermined and you just wait to see if it plays out OK for you? You said you watch every tick. Do you look for price action, like HH and LL etc... or do you look for a general feel of what is going on and compare that to a predefined price levels to make your decisions? How many hours per day can you stay focused? Do you go over every tick for the day? What best describes your trading activity: 1. You provide liquidity 2. You make sure that the price does not get out of hand 3. You extract money from the newbies 4. You allow big players to hedge their positions and get paid for the insurance you provide 5. You are like a parasite sucking money from the big players 6. You take educated bets and you don't care about the rest of the market participants
Thank you for taking my questions. I have a two part question. 1. Boxers or briefs? 2. Do you use Kodak paper?
You mentioned that you previously tried many other techniques that didnt work Now that you have found something that has provided you with a good financial foothold, have you tried to master other types of trading or do you just stick with the plain bread and butter i.e. what works? If not do you find your current method still provides a good mental challenge or is it almost job like?
Clarity of mind is required in order to trade effectively, but I believe it is not the most basic requirement that an ordinary Joe Soap trader needs in order to make better trading choices. Let us try and see why? The trader learns what is needed in relation to relaxation and clearing the mind of all distracting thoughts. Mentally prepared he now sits at the screen/s and goes about his business of placing a trade based on his chosen methodology. The entry target level has now arrived and the trader executes. Now the trader must make decisions based on what direction, and at what speed the price now moves. Too fast against him and his stop is hit, providing he has a stop in the market. If not he must mentally bring himself to execute the loss. Too fast with him and he will be out with profit is stop limit order used, or again he must mentally bring himself to execute the gain. At this stage the clarity of mind may not be that clear at all, even though it was very clear at the start. The trader might have exited the losing trade just as the market was about to reverse in his favor, or, he might have also exited the winning trade just as the market was about to make another move up? How is a trader going to know what the optimum trade scenarios are, or in other words, how is the trader going to achieve a good rr ratio for his various trading strategies? Whilst a clear mind is indeed a requirement for trading, I think there is something far more important required in order for the trader to make better trading choices, and to me it is very obvious what that basic requirement now is, having learned from executing many losing and wining trades over many years. Thinking, or lack of, has never achieved anything for anyone, but as we all have to think it is important to know that what we think about will have a direct result on what we do, and what we do will determine what we get out of life. I am sorry OP, and you have my greatest respect for whatever you decide to do with your life, but I as a trader can see no benefit in your responses to date and to me it is just more of the same old stuff, but that is just my opinion of course and others will have theirs. Good trading to all, and by keeping your losers small the winners will look after themselves as the choices you make become better and better, but for that to happen you must first learn to see what others do not, which can only happen when you decide to let it happen.