success...

donaldduck3419 · May 7, 2003

the real success in trading should not be about being able to make a certain amount of money or points per day, but, it should be about being able to take as many opportunities as the market gives you, without compromising your own trading style and your own rules.

frank123 · May 7, 2003

Quote from ChaosNSX:

The big dip is still comming, put on your Livermore hats.
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Big dip? I do not think so. Never happened in my trading, yet. I make sure I am well protected against it, ABOVE ALL OTHER THINGS.

Dustin · May 7, 2003

Quote from frank123:

With all respect, I find it hard to agree with you. Traded 3 month now. Worked my ass off. My borker is thousands of dollars richer. My net equity change stayed in positive teritorry 90% of the time. Never had a huge loss (no huge gains either).

Today, my equity decreased to the point when I started 3 month ago... Can hardly claim I am successful.
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There's a place between winning and losing, and if you are still there after only 3 months then you are doing fine. Whatever you lost this past month is peanuts in the long run. Keep at it. Lower your costs.

profitz · May 7, 2003

Quote from acrary:

My whole trading desk was going nuts... lots of yelling and getting excited. That was the first time I noticed my emotions were gone. I couldn't get excited, just "ok, now on to the next trade".

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That is a beautiful thing and the sign of a great trader IMO. The key is to be able to leave that state of non-emotion behind when you shut down the computer.

limitdown · May 7, 2003

Quote from Dustin:

There's a place between winning and losing, and if you are still there after only 3 months then you are doing fine. Whatever you lost this past month is peanuts in the long run. Keep at it. Lower your costs.
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yeah, keep banging out the tickets and you'll be fine...

just cut your losses, keep your delta's neutral, put your back to the wind, walk on the sunny side and all that good stufff...

just remember, that trading is not for the timid...

bmwstox · May 7, 2003

everyone can define it differently.

frank123 · May 7, 2003

Quote from Dustin:

There's a place between winning and losing, and if you are still there after only 3 months then you are doing fine. Whatever you lost this past month is peanuts in the long run. Keep at it. Lower your costs.
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Thanks for your kind words. I have a well paid day job so I am not pressured to make money. I daytrade only, but I trade for the long haul. There will be a time when my skills are more mature and market condition is right. That is I think when all the toil will pay off.

ChaosNSX · May 8, 2003

Quote from limitdown:

funny little dancing trader, wonder what she/he had for lunch
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From what I have seen, All I can say is at lunch beware of a person eating BAD CLAM CHOWDER...
:eek:

LongShot · Nov 23, 2003

Quote from acrary:

Net profit is the only measurement I use for trading success. As we used to say to prospective traders..."Money is the only reward in trading. If you're coming into trading expecting any other benefits, then you're in the wrong business."

Being semi-retired, I've had some time to reflect on trading. On the whole I believe it is a net negative experience. Yes, you make lots of money when done well. However, to do it well, I believe it leaves you damaged emotionally, physically, and spiritually.

For instance, when I first started trading, my hands shook, my voice shook, and I was in and out of small positions very quickly. As time went on I settled down and the nervousness stopped. One day in Oct. of 1989 I believed the market was going to tank in the afternoon. I built a very large position during the morning and sure enough, the market collapsed in the afternoon. My whole trading desk was going nuts... lots of yelling and getting excited. That was the first time I noticed my emotions were gone. I couldn't get excited, just "ok, now on to the next trade". I've realized since then that I can't get excited when things go well, or depressed when things go bad...just flat emotions all the time.
I think it's a heavy price to pay for trading well.

My throat is stringy and deep from years of yelling. I don't remember what my original voice sounds like. I don't have the energy I once had. If I daytrade more than 3 days in a row, I'm so tired I start falling asleep while waiting for a setup.

Good trading leaves me thinking in terms of spread (bid/ask) all the time. When I buy a new car, I can't help trying to figure out the spread between the dealer true cost and the bid he's making. In fact I don't buy a car until the manager shows me his profit in the transaction (opens his book). That also carries over to relationships. When someone initiates a conversation, I immediately assume the language is part of a setup that will lead to a request (execution) for something. In most cases I'm right, but it leaves you a bit chilled at the prospect of interacting. Good trading also means pressing positions when they're going in your favor. We were told it's like stepping on someones throat after you've knocked them down. A decent trader would book profits when the opponent is knocked down. I good trader will walk over and press the position until the opponent is crushed.
All this leaves my spirit feeling guilty. I know I've knocked some people out of the game, when all I needed to do was let up and let them slip out of a position with a smaller loss.

I have 30+ years of life left (normal expectancy) and I haven't a clue as to what I'm going to do. Nothing gets me excited. I probably need some psychiatric help. I think it's a very high price to pay for a couple of bucks in the bank.
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This is funniest thing I've read in a very long time! acrary, you're killing me! LMAO!! This is Truth!