Chas, I am gratified to hear you say this. You had me worried this am. with your "freedom" post. But now you have reaffirmed my knowledge and belief in your good sense. RS7
Personally, I could care less about how you prepare, or what you do. I am not competing against you. I have a well-tested and profitable method that makes me consistent money. The only thing that can hurt me is to deviate from my method. For that reason, my discipline (or lack of) is by far the biggest determinant of my bottom line. Therefore, I only worry about ME, and each day just do my best not to get in my own way by deviating from my method. I get a chuckle out of newer traders that thump their chests like would-be warriors and talk about how they are going to battle the market, or other traders. I don't "fight" the market, I use it. I don't worry about other traders, because I can't control them. I only try to control ME. In other words, in my (nicely profitable) world, you are irrelevant.
A large ego is the last thing you want going into the market, because the market doesn't respond to schmoozing. Furthermore, a lot of traders seem to have big egos, and everyone wants to be the "best trader in the world." However, the people who are the best don't have time to gloat and the people who are gloating are looking for personal self-worth affirmation. aphie
Yes, trading is hard work, but it isn't hard work like some people think it is. Trading isn't like a job where you have to put in hours and hours day after day studying charts and formations. Trading is more like prospecting for oil -- a profitable strategy is like a productive oil well. You have to put in a lot of time and effort to find that gusher, but once you do, you just set up the pump and put the well on autopilot. It takes a lot of time and effort to find a profitable strategy, but once you do, you just implement it, and pull the trade trigger whenever necessary. It isn't much work babysitting an implemented strategy. At this point you are a profitable trader and it doesn't take up much of your time. Now you can go on to look for new strategies or start a hedge fund or spend more time with your kids or volunteer your time or take up cycling or whatever. Just like you wouldn't quit your job to become an oil barron until you had struck oil somewhere, you shouldn't quit your job to become a trader until you have a profitable strategy (How do you know a strategy is profitable? Backtesting!). Just as it might take a neophyte a long time to strike oil, it might take a long time to find a profitable trading strategy.
I don't have to beat you, and neither does anyone else. There are millions of other traders who come in at 8:28 and leave at 3:01. They dont have a plan, they are not disciplined. So, given the two choises, why would anyone trade against you if you are as you say you are? Brandon
In this little game of trading we tend to forget one thing. The broker gets paid no matter what. This presents a scenario where there is really no big pot that everyone either takes from or adds to. If you trade commision free against other traders who do the same then perhaps you have a zero sum game. But we dont, we play and we pay the house for the opportunity. When thinking about who it is you are trying to beat at this little game, remember you are playing against many opponents. Other traders Broker Fees Yourself I hope you win, I know I will. AllenZ