The Noob's Delusion

You are telling a lot of good traders they are full of crap


Sure you want to go there??

 

i am very certain there are great traders here for sure..i am just saying they got there by experience more than anything..thats my point....

 

Good Traders - Yes – great – only you are using this word

I use good for a reason and I’m sure they understand why..., I don’t believe you would


Experience – Yes it helps… but learning about oneself is most important.... Again they understand – not sure you would


But then that’s the whole point of this thread isn't it


Take Care Sir

Redneck

 

so how do someone learn about themselves??? by past events right??? meaning what??? experience...
thank you...

 

All do respect Sir

With regard to trading - hardly



I am not going to hijack the OP's thread any longer


Redneck

 

i know you have traded longer than me ..so i respect your thoughts...

 

I learned by making my own mistakes and learning that most people who think they are great and have to tell you what an expert they are....well, they are ususally the ones who don't have a clue. It's kind of like the one's who have say nothing and the ones who have not brag about what they have. It's usually a sign of insecurity and ignorance

Don't pay the losers any mind they spend all day and night on here trying to act like they know what they are doing. In reality, most of them cant make their lunch money. Learn by doing not by asking losers and you will do fine. I did. I trade full time and do just fine at it. good luck!

 

thank you..i learn by not making the same mistake three times

 

This guy is spot on. 100% correct about this.

 

George Parr and moonlightxpress,

Actually, you are both spot wrong and most real traders will agree. Trading is a game that is objective and you can’t hide from what really is happening like you can in many other professions. Trading is set up in such a way as to take money from most participants most of the time. This happens because they believe trading is not different than other endeavors and if they were successful in other areas of their life, then trading will fall right in line (among many other things). Behavior that is rewarded in the real world is exactly what the trading world uses against you. Let me give you a couple of examples. First, in the real world, admitting your mistakes and coming to terms with the fact that you are wrong or made a mistake is frowned up in the rest of the world. Many may think less of you for making a mistake. So consequently people don’t want to admit they were wrong and if they do they are likely to keep it as quiet in possible. In trading, that behavior is professional suicide. Not admitting you have made a mistake (and closing a bad trade for example) is not conducive to your success. You will be wrong a lot in trading. Being able to recognize that fact and take appropriate action quickly is essential to your success.

Example two shows how your experience can betray you in trading. You are in a big trade and it goes against you. You don’t get out because it has to rebound you think. You are right, you know it. You double down to lower your cost average. It continues down. You add a couple more contracts thinking, “ it has to be going up, not down, it will recover” and lower your cost average again. You are about to get out after losing a ton of money and just then the market rallies. You get back to break even and hold on even longer thinking you can make a ton of money with all your contracts. It stalls and you get out with a small profit. THIS IS THE WORST THING THAT COULD HAVE EVER HAPPENED TO YOU, ESPECIALLY IF IT WAS IN YOUR FIRST FEW MONTHS OF TRADING. Why? Because now your experience has told you that if you keep doubling down, eventually you will be ok, the market will come back. You think that instead of getting out of a losing trade right away, if you hang on long enough you will be rewarded by either not losing money or maybe making a little. This type of thing ruins so many traders because their poor behavior was rewarded in this case. Most won’t realize how luck they were and think this will save them (as their experience has just shown them) in the future as well. Sooner or later, they will blow out if they don’t realize their experience in this case reinforces a very bad behavior for a trader.

My point is experience is not everything if you don’t learn the lessons it can teach you if you only will listen. A successful trader realizes there is much more to success than just their experience. They need to learn how other life experience can be a detriment to their success, as demonstrated above. So if you want to keep thinking trading is not different than anything in life then by all means, be my guest. People with faulty belief systems are the ones who provide a lot of money to traders who understand what is really going on.

Of course you probably won't believe what everyone is trying to tell you before it is too late. Sooner or later you will realize this if you last long enough.

Good trading.

BM