Train your mind to think in probabilities and not instances -- that is hard to do. We want to punish ourselves and get upset when we do something wrong, but in the game of probabilities, wrong is sometimes right.
I really doubt there are any traders out there making 20 points everyday. Sure there are plenty that will occasionally make twenty in a day, but not every day. 20 a day is 500% a year unleveraged. And probably over 2000% with compounding. Which I simply do not think is possible. I know for a fact that even great traders in a great year can make 1000% with leverage. And they may only do that once or twice in their lifetime. 20 points a day, no way. Runningbear
tell me the average profit PER TRADE and how many trades per day. Other relevant performance statistics helpful. This will tell you the real story.
And remember what Woody Allen said: "Those who can't do - teach; Those who can't teach - teach gym.."
Gladiator, I see your point, and I agree that it is valid. I wish I were such a strong trader that I could look at success and failure with pure equanimity and learn the same way from both, instead of desiring the one and being terrified from the other. After all, success in trading comes from being able to flow with the statistics, right? I'm working at it but it'll take me a while longer
Platypus, that is hilarious! Yannis, because I know that that my winners are way bigger than my losers, and the losers are setting up a nice winner, I use these facts as positive motivaters. Hence my signature. I know that if I let a loser or losers scare me out, then as luck would have it, the next trade I don't take will be a big winner. Once a trader gets past thinking about the money and gets excited about engineering good trades instead, the game takes on a whole new challenge. Yes we are all in it for the money. That is why we work, regardless of what anyone says. And yes it is the primary reason. But it should not be the primary focus. Big difference.
The replies are exactly what I expected...so far so good (knock on wood). Aspects I like so far: +20 points per 1 contract versus +20 points multiple contracts +20 points per trading day (the day the trader trades) versus +20 points every day Live-realtime proof versus snail-mail message board proof Successful trader having 1 good trading day as proof versus a Non-successful trader having 1 good trading day However...I was hoping for more input about being mentally prepared to trade. I may have to start a specific thread on that topic (mentally prepared) in the psychology forum here at ET. NihabaAshi
hey niha, i just scanned trough the old huios-journal to find your post regarding the 3min candle entry technic...that was great advice. why do so many eminis trader fail ? do the really fail ? i would rather call this to quit, to give up, to turn their back on this thing after trying it for a couple of month and finding it a bit to frustrating at last...thats ok for me...this time-consuming process (and a happy end is not guaranteed) of building up market knowledge, methods, judgmental ability and so on is just not for everyone. the mental aspects are very important, of course, but the masters are called "market wizards", not "mind wizards", as far as i know