Hello Steve, You are correct, intutition does make a difference between good trading and great trading. But does it make a difference between consistent and inconsistency. I will give you one easy example: You local mom and pop pork RIB restaurant - Innovative Rib restaurants makes a lot more then your normal franchise. but can they make a 2nd or 3rd restaurant just as successful? Thats why you never see mom and pop restaurants expanding into huge franchises. Mcdonalds - makes consistent money but not as much as the Innovative rib restaurants. Has a system (manual/training system for all franchise owners) owners = Complete retard can make money from it. Which company is more successful in the long run? If you have the intution great , If you are like me, I want to make money for the rest of my life and not rely on my mood of the day.
Coolweb, interesting post. Are you trying to imply that a trader would be better off developing a system even to the point of automating such (i.e. API trading) rather than rely on just his senses to read market action?
GAtrader, No, You don't need an automated system, You just need a clear set of rules for entries, Clear set of rules for exits, Clear set of rules for everything. And it has to be 100% ,no waiting nothing, second the price reaches X , you sell, second price reachs Z you buy. Second some indicator reachs something you do something. No emotions should be required, no intution nothing, just your rules. Hope this clears things up.
I say take a break and go to Costa Rica for a week or two. Change of enviorment is always good. I just moved to Vancouver and its done a world of wonder for myself. Good Luck. ozzzz
the market has been extremelyt volatile. I would not buy and hold long term, i would play the swings, day trades following news, do not assume on companies reporting on the same day you are buying, stay away from that day, and follow the trend, the trend is your best friend
This is the dumbest post I've ever seen. What? More like this market is DEAD, DEAD, DEAD! At this rate you'll soon earn a better rate on a CD than the dead stock market. I can't believe somebody on a trading forum actually believes the market has been 'volatile'!
Coolweb, I'm not quite sure how your analogy applies. If we are talking about individual traders here, then there can be no comparison b/c there can be no franchises. Unless you decide to teach your profitable style of trading to 100's of traders who can then apply it profitably to the market, its like comparing apples and oranges. As far as making money for the rest of your life, you have to remember that patterns fade and setups that once worked, dont. You need to be innovative each and everyday and always on the ball. We are all in it to make great money, but it should be noted that profitable trading is no hobby. Its very hard work. What kind of trader are you? Discretionary? Or do you write programs with certain criteria?
I faced a similar situation a few years ago. I was unable to make money because I lost my confidence, and my edge was gone. I found that Tony Robbins Get the Edge helped me get back into the game. I am sure you can pick it up on Ebay. My results? I am a better trader today than I ever was, and my consistency and profitability has never been better. I went from being a one strategy, one hit wonder, to a multi-market, multi-strategy, multi-time frame trader. I wish you well! Mike
Someone who just started trading this summer might think that the market recently has been chopping around quite nicely. For those of us who had the good fortune of trading a 50 vol market, we think this is a dead market. What it comes down to: Perception is reality. The reality is......there is opportunity in every market, we just have to open our eyes to see it.