My eyes were glazing lazily over this thread...until I saw this: you made $24K for the day. So, what was the trade...describe it...buy price and date...sell price and date. What % of a return is that trade? Making 10K today is something...if you have a 15K account, for example -- but if you have a 500K account...then 10K is sleepy. that's just a normal 2%
It's hardly news that Wall Street have in-house psychologists to coach their traders and I never said it's of no significance. What I'm saying is that you can't put the cart in front of the horse. First, you need a methodology and a market understanding. You need a plan. This takes years of preparation and hard work. You simply can't sit down in front of the charts and use intuition to click on your mouse and expect to be raking in cash day after day. Ain't gonna happen regardless of how zen or 'in the zone' you are. I'd wager to say that it's not very common on ET to be in possession of an extremely reliable methodology that you're not able to execute due to psychological issues. However, what is common is to have a limited market understanding or perhaps some market understanding and then proceed to trade prematurely (before being sufficiently prepared) and as a natural consequence experience tremendous psychological turmoil which is only made worse by the losses you inevitably incur. You know, as I know, that it's perfectly possible to create a quantitative system that's not subject to psychological operational failures. The institutions you're speaking of have plenty of those. And that proves my point exactly.
And forcing trades on the market. Cause, ya see, I like to be right. And I have will. It's only by letting go that I can trade anything well. And,that includes getting into skirmishes, here and elsewhere.
We're on the same page and I never one would need to put the cart in front of the horse. Instead, I was very clear via repeating exactly what the OP stated...the OP identified his problem as having "poor psychology"...his words...not mine. No wager needed...I never suggested anything about a reliable methodology. In contrast, in house psychologist works with highly successful traders making millions per year and they get into a psychological rut or start having personal problems that's starting to impact their job performance. Simply, I've never heard of a psychologist working with a professional trader that was "not" successful...you gotta have some sort'uv success to get the job in the first place. Thus, I don't know about ET considering you and I do not know what trader at this forum is working with a psychologist if any...I doubt someone at ET would reveal such. Therefore, I can not agree or disagree. Yet, I'm confident to say if there was a trader here at this forum making millions per year and lets say for example has a family tragedy that causes him to lose his discipline...maybe because he returned to trading too soon... That highly profitable trading plan ain't gonna be so profitable until he regroups. I only use the above example because such happen to a retail trader out of Europe in the late 90's. Took him about a year and 1/2 to get his head straight along with finally being identified with depression before he could get proper help. My point...I don't know about ET but I do know about others outside of ET. Note: The trader I mentioned above was not using an automated or algorithm and the OP of this thread is not using automation or algorithm. Simply, both are discretionary traders. There are people such as quants involved in creating quantitative systems or algorithms. Those people on the job are just as subjected to psychological pressures of performance just like any other institutional trader, doctor, dentist, real estate agent or whom ever. Now guess whom also at big trading firms have to take "psychological evaluation exams" prior to being hired ? Quants. Regardless, I think you understand why I said that those that move the markets have invested a lot of money into psychological evaluations of its employees and they have hired or contracted psychologists to help employees whenever needed from institutional traders, quants, managers and even CEOs. You said its overrated...I say its not overrated and so does Wall Street. Heck, I will go as far to say that's its "underrated" on the retail level considering so many think its voodoo or not important while professionals see it as an essential resource to have. Reminder - The OP specifically stated its due to "poor psychology". I then stated that after that many years of such...most likely its not trading related as researched by those that work in the field of "behavior finance". Our minds is just wired the wrong way when it comes to our decision making process involving money. In contrast, some traders are able to reprogram themselves and then they're able to think outside the box...view the markets in ways that most can not view it. Yeah, there's research and facts that supports that too.
This is an absolutely liberating mind set Then..., when it ingrained - iow you absolutely know..., to your very core -> that you will always act in your own best interest - without any smidgen of hesitation..., nor reservation You have total freedom (total freedom to move in and out of trades..., or simply sit and watch) It then..., that trading takes on an entirely different dimension ================ Losers..., yup I still have them..., fact is I had several today (I have them..., in multiples..., nearly every day) Still made money Days I get down..., dig out..., move on RN
I worked with Mark several years ago Best thing trading related that's ever happened to me There still resides a hole in my heart RN
Hi Redneck, you mean Mark as in wrbtrader? Could you provide some details about the collaboration, if both of you don't mind ?
I am enjoying my return to trading, as not only can you make good money, but it is very good for the brain, which can help greatly with keeping that dreaded Alzheimer's away, as an awful lot of people get it nowadays. However, I am under no illusions, and the foundations for the house are currently being poured, with more than 6 inches of concrete Time is money, so best to use the time wisely, and always be thinking how to improve and get better, for, the day we think we know something, is the day we start to lose, and that is not the type of losing we want to get used to! It really is amazing how quickly you forget things, and how fast they come back once you apply yourself and start to do the required work. Funny how some people think trading is easy work, and I wonder how they came up with that silly way of thinking! J_S