Don't worry, most "gurus" charging for calls, absolutely have no clue or lack the skill to give your point 3, justice. Anek
I just read your PM... so first let me say, UP YOURS!! 1. I had 4 extra XP CDs, and they were not pirated. I paid for them. Genuine Dell issue. Hardly "selling to ET to survive". 2. I don't dream of teaching to trade, just making a point. 3. I'm a former U.S. Investing Champion + Former #1 mutual fund advisory service, MoniResearch... audited and a matter of public record. What the hell have you ever done?. 4. I've got $MILLIONS. You got a pot to piss in? If we took a vote on ET between you and me, who do you think would be voted "fraud and asshole?"
Whoops! You may not know it yet, QP, but you just stepped in a pile of dogshit. Good luck scraping it off your shoe. : )
just the name QUANT+ says it all...................a dreamer. Quants have a bad habit of blowing self up just like bankers, brokers etc are followers not leaders, they follow the crowd of chasing yeild and getting into crap that when the shit hits the fan they can not unload the goods. GEE, how much will Citigroup write down? Quants are not the masters of the universe, in fact they just might fucking destroy it. .. :eek:
It's actually negative zero sum. It takes alot of planteaters to feed the meat eaters way up the chain. Gnaw on that for a while Pikers. Rennick out
It would be a much simpler and straightfoward issue if every newbie who placed a trade would lose money on every single trade, no exceptions. Only after years and years of screen time would he eventually begin to break-even, then finally go on to earn a profit consistently. Then the profession of trading could be looked upon like any other, on par with a surgeon, dentist, etc. Ask an experienced surgeon about performing an appendectomy, and he will tell you it is a relatively simple procedure. Ask an experienced endodontist about performing a root canal, and he will say it is a relatively simple procedure. Give any random person off the street a scapel or a drill, what are the chances he will succeed in using either? Now compare that to the random person sitting down in front of a screen of bids and offers, with 2 buttons in front of you, BUY or SELL. Add to that a bull market with prices rising almost each and every day. What are the chances any novice can appear successful, even for an extended period of time? The "simplicity" of trading is not as simple as it seems.
I have been reading posts here for a very long time, but out of the blue decided to actually interact so that I could vent about some issues with my broker. Wisdom? I don't have enough gray hair to fall in that class, but have acquired quite the collection of battle scars from a very jagged ride on the learning curve. I still make mistakes all the time, you always will, I am just able to keep those mistakes under a level of control unlike the earlier years. I will probably disappear after a bit but hope to make some aquaitences here in the meantime.
I would say that cutting losers short is required if one is going to be one of the survivors. But not all survivors become superstars. To be a superstar, one must do something that is harder than cutting losses short, and that is letting profits run. Learning to cut losers is stage one trading. Those who do not learn it might make money, but they will not be able to keep it. I have been trading for almost twelve years, and I remember the times I rode down losers. Boston Chicken, pre-bankruptcy (I got out before, but way, way too late). I don't do that anymore. The pain was too great, and I don't want to go through that again. Holding on to winners (or getting back in to a position after having already just gotten out of it) is much more difficult. It goes against the cognitive bias of loss aversion. Cutting losers is comparatively easier, since taking losses reinforces the fear that most traders have, deep, deep inside: that they are losers. But winners have enough faith in their abilities to find winners, and enough confidence in themselves to believe that they deserve to be winners. They also believe that their best trades are in front of them, not behind them, so the losers have to go. But winners in all areas master what is most difficult, and can perform when the pressure is the greatest. In trading, what is most difficult and what involves the most pressure is one and the same: holding onto winners (or increasing one's exposure when a winner has been found).
It has been noted in many fields that the truly successful and masterful participants very rarely are the most outspoken or vocal. True mastery of any skill or art form brings along with it a sense of humility and caution. There is an adage that if one sorcerer meets another sorcerer and if they both don't laugh then one of them is not a true sorcerer.