Regarding the "I'm a Loser" threads

Discussion in 'Trading' started by fl_trader001, Feb 1, 2003.

  1. ok icy, so you need motivation to get going with your fantasies? Running out of testosterone perhaps? I suggest you start with item no 7 from the above document:

    #61     Feb 3, 2003
  2. It's not like training for the olympics, although I can understand that choice of analogy, given some traders' "dreams of glory".

    Nothing wrong with training for the olympics, or starting a new business, or trying trading - but when you start throwing away the kids college money and your life savings, or going into deep debt, (in trading, training, or a new business) you have to ask why a person would continue doing something so destructive.

    You are not helping these people by saying - keep going, no matter what, keep LOSING! Follow your dreams!
    You wouldn't encourage an alchoholic or drug addict (unless you were a vendor, oops I mean dealer)..

    If someone wants to try trading, there is nothing wrong with going for it. But when the point comes where the mental and financial pain is so great, that that person's quality of life is reduced to an obsession with trying to be successful in something that is already rigged against them - that person does not need to be egged on to lose more money - they need to consider giving up.

    Some of you, the only defense for your arguments is - if someone wants to trade, they should trade at all costs! That's stupid.
    Some people, and I've met a few of them, they don't need to be anywhere near a trading screen, it is only going to do them harm.
    The fact that they "want it so bad!" is not helpful, in fact it's irrational.

    Let me clear up some things I said:

    1. Trading for a living IS possible.
    2. Not all traders are gamblers.
    3. People who lose day after week after month should consider quitting. Saying that they should continue at all costs is stupid.
    You aren't doing these people any favors.
    #62     Feb 3, 2003
  3. LOL


    one can never get enough 'motivation' in dealing with women... don't you just love them all! Ummmm mmm. Sweet
    #63     Feb 3, 2003
  4. About that timeline. I really think it takes 4 - 6 months to be able to evaluate a market in real time and formulate a trading strategy. That is, it takes 4 - 6 months after which you can meaningfully talk about beginning to learn trading. It may take several months after that to get the execution part sharpened, during which time there should be clear progress in your annotated charts and in your P&L. All in all, it might take 9 months to a year before you can reliably and safely execute numerous trades, day in and day out.
    #64     Feb 3, 2003
  5. Any actiivity which has the possibility of profit is going to be 'rigged against you.'

    Try something safe like... oh computer programming or web design. Its really hard to break into a field like that. Alot of people retrained and took those computer courses, but a minority actually ended up as programmers.
    #65     Feb 3, 2003
  6. To me, it's very simple. If you're not profiting consistently, there's no reason you should be trying to make a living from your trading. That doesn't necessarily mean you should STOP, just that maybe you should find another source of income while you try to get better at your trading.

    If you're consistently losing, you're either A) not cut out to be a trader at all, or B) still learning. If "A" then you should just quit, but even if it's "B" and you're going to continue, then at least start trading smaller. Why learn thousand dollar lessons when you could learn hundred dollar lessons, if the wisdom to be gained from the lesson is the same?
    #66     Feb 3, 2003
  7. warmer climate like FL.. you do much better. Is that true! Or is it too humid in the summer. I'm in Chicago freezing my butt off this winter. :cool:
    #67     Feb 3, 2003
  8. I don't think that many said that they should continue at all costs. I said myself that if they can't afford it financially they should not keep going on. As for weeks or months well even some well known traders said that it took them years. It much depend on chance also. If you have chance at the beginning then it can take you a smaller time than if you have no chance. As in many things the first step conditionned the rest. So a good preparation can help. Unfortunately not many people has enough preparation including myself when I began. Someone on a public forum wrote a pdf relating in detail how many times and how much he has spent to finally succed. This guy was educated since he was an engineer. I must have stored the pdf somewhere, I will post it if I can find it again. In fact he believe he has succeed it can still be an illusion as I said probabilistically you cannot prove easily the true raison of success: it can still be du to hasard even if you last months or years depending on your horizon of trading and style.

    #68     Feb 3, 2003

  9. I have to agree with this wholeheartedly.

    This is roughly the timeframe I am on - been trading full-time for about 7 months - and last month, finished ever so slightly down.

    This is a vast improvement over the bleeding my resources took for the first 6 months. At this pace, I *should* be profitable within the next couple of months.

    The first few months? I knew nothing about support/resistance, trend vs counter-trend, "edge", trading style, T/A, etc. etc.

    Then I hit a point where I knew what to do but could not execute well. Hence a few more months of losing.

    This last month, it all started coming together (with some help from a more experienced trader's advise)

    See, the difference is, gamblers can't admit that they are the problem. It's always the House, other players, bad luck, etc.

    Not since my first week of trading have I blamed anyone but myself for my losses.

    The good news? I can fix that problem (ME).

    My trading career is a work in progress, and I want it bad enough to keep facing the truth about my trading behaviors - therefore I will make it, just like in other areas of life.

    And so can anyone else capable of "taking their own inventory".

    The rest will all just say "it can't be done".

    If you confuse tenacity with "delusional gambling blah blah blah" then I am guilty.


    #69     Feb 3, 2003
  10. The real edge: Confidence.
    #70     May 21, 2004