Sensible obsevations. As popular wisdom holds that the huge majority (95% ?) of traders lose money, this fact creates the need for benevolent pastoral services. This is the reason a special plilantropic category is maintained for 'Psycho' instead of moving this, for trading totally useless crap, downstairs into chit-chat. nononsense
Hello: Trading, when done right is a process that integrates both "sides of the brain" both the creative and the analytic. For most retail traders, the challenge then, is to obtain the skills (analytic), and the psychological stamina (creative) necessary to stay in a profitable trade long enough for your edge to "kick in". Good professional traders know what is required to make money. They have an appropriate background, and they have what athletes call "game" (edge). In addition, "star" traders, like star athletes, know that "game" (edge) is a dynamic process. They know how to find it, how to improve and capitalize on it, and when to go back to the "drawing board" to find a new (or better) edge. This integration of "right and left brain" is very hard to come by, and this is why most of you don't make money. My suggestion for those interested in moving a little further down the road, is to head over to Dr. Ken Reid's site and see how you do there. If I remember correctly, there is a link to his basic presentation here on ET somewhere as well. It is worth a listen, and it doesn't cost a cent. Good luck, Steve
Absolutely right Steve and its a very good presentation: http://www.elitetrader.com/vb/showthread.php?s=&threadid=63587 FWIW Ken also believes that you have to have a sound method and his audio at the link above talks a bit about how you need to have a method that doesn't just have an edge but has to fit you as a person.
1. Do you deserve the money? 2. How much money, do you think you deserve? *To Deserve;Or Not To Deserve, That is the Question. When I Love and Accept Myself, I Deserve. When I Hate and Sabatage Myself,I don't Deserve Do we get, what we Deserve?. Probably.
"Do we get, what we Deserve?. Probably." Ed Seykota in Market Wizards said "eveybody gets what they want out of the market." Probably true. Have you ever visited a room where someone comes in to do a free evaluation/talk about psychology? How large was the room (how many people?) How many in the room do you think are using a profitable system? Is the room itself promoting/using a profitable system? Does the presence of the guest presenter tacitly imply that the trading method used in the room is legitimate because the lecturer is esteemed and does not bring up the issue? Do some people in the room sign-up for what is being offered as paid service at the end of the lecture? Do those who are new to trading get screened and then rejected from the paid service because they are "newbies" and may not have a good system. Does the lecturer then direct them to possible good systems that match their personality? Would a lecturer offering a paid service come into a room and announce "I believe the system you are collectively using is a poor one, so I suggest you get a better one before considering my services." - or does saying nothing imply a stamp of approval on that system?
"Men, Trading in Groups, fail enmass, then slowly , one by one, attain success" maybe At the point where I think the only course is to watch Tape, and Ticks, minute after minute, day after day. When to get in , may jump out. Then it's all in the management.
KISS. You seem to misunderstand the point. I do not make and have never made claims for education as a requirement to trade. Making money trading, as I have often noted, is a problem solving exercise.
Putting "psychology" with trading is just another way crooks get your money. Crooks use "psychology" for a very simple reason: everyone believes that he can change his psychology. For those who don't understand my point, take this example: suppose a guru proved that only people with IQ > 160 could consistently win at trading; since only about 1/30,000 have this IQ, how many books or trading courses could the crooks sell? In contrast, since everyone believes he can change his psychology, the crooks sell much more stuff by making "psychology" the main part of their pitch. "Psychology" is a questionable term anyway: it's like an inkblot test, since everyone has his own idea of psychology. Trading is a 0 sum game; some traders consistently win while others consistently lose; no courses or books or tapes will change that.