edil replies to illiquid: -------------------------------------------------------------------------------- Quote from illiquid: It's the truth -- you stop having the urge to post, because to give a true picture of what a successful trader can do, not many would believe. And you just stop caring enough to bother convincing others, what is the point really. All one can say is that the reality of exceptional success is likely far greater than anything most here would dare to imagine. I see how much opportunity there is each day, I am still coming to grips with it, how much I "dare" to make -- you really only make as much as you feel you deserve. I still come to browse ET each day, reading the struggles of mostly those who haven't figured something out yet, or others who are further along but still stuck in the same mindset as when they began, whether profitable or not. They don't realize that the place that they started looks nothing like where they want to be; so many dead-ends, so many red herrings. I am trading in ways I never could have conceived of 6 years ago when I first started posting here -- the kicker being, after all these years, I've yet to see anyone post something close to how I see things now. Obviously I cannot be the only one out there, so the only explanation is this: there is just no incentive to come to a site like this to spell it all out to everyone else. Makes sense, no? -------------------------------------------------------------------------------- Does this come close to home illiquid? Acrary explaining his concluding insight just before he left ET for good: In short what I found was a handful of simple strategies in a couple of markets were just as effective as all the years of work I did on finding market inefficiencies, measuring them, and exploiting them with tight edges. I had to give up my basic market premise and now go with "the markets are mostly inefficient and chaotic with small periods of stable predictability but with large periods of stable recurring strategic themes." In short, at 50 I feel like an old fool. Squandering my time trying to figure out the optimal way to fish in a pond when all I had to do was turn my back and throw out my line into a ocean full of opportunities. see Acrary's complete post here http://elitetrader.com/vb/showthrea...ing#post1095983 edil, your post and some of austin's are poignant. At some point the trader (I am just an amateur) turns to look at the market's offer. Not many posters in this thread make a comparison to the market's offer. acrary held a special place in ET while he was here. His shift from inefficiencies to setups was an impressive, statistical based, reasoning process. For any trader it is the combination of trading resources (other than capital) and technique that make up his potential. I prefer to think of trader performance as being measured against the market's offerings and not just the capital the trader is deploying to trade. The thread started badly with the OP's comments. At some point the contributions have become more substantive. I see trader performance going from level to level in terms of how the trader grows his equity curve's slope through the combination of earning the right (through profits becoming part of trading capital) and becoming more expert through effectivenss and efficiency. Thus a beginning with 1 contract and limited resources and technique gradually "grows" the equity curve. Most often a potential trader does not survive and heads to the exit once and for all. As we all see, a lot of traders hold themselves as the standard against which they measure others (Austin makes this point comprehensively). Maybe the OP is an example. The six breakpoints I see in the slope of the equity curve are a combination of capital application and performance skills. A comfortable living comes quite early in terms of the breakpoints. a solid comfortable performance occurs when a trader uses, in ES for example, 20 or 30 contracts whose margin capital is all from profits and whose trading performance is a good part of the market's offerings from day to day (more than 200 net total points per day, for example.) I do not envision the necessity for losing days or a lot of requirement for money management. I feel the mental resources the trader acquires allow him to have an applicable trading technique where he knows that he knows what is going on during the day. In terms of trades per day, there is a very tight relationship to the slope of the equity curve from breakpoint to breakpoint.(4 to 7;7 to 15; 15 to 20; and 20 to 40) The elapsed time from breakpoint to breakpoint is fairly well determined by how the mind works in the growth process; there is no way to compress the learning curve, in my opinion.
Look, enough of these poker tournaments on TV. I suggest Don Bright and his brother start a program called "Day trade Stars" with each tournament with a 10k buyin. Look at all the BIG numbers the poker tournaments are tossing around. Just like the poker tournaments final tables you will see a lot of the pros make final tables with a smattering of raw rookies that have a few good days and play out of their league for their 15 minutes of fame. There could be a seperate tournament for paper traders with a 10 dollar buyin for the likes of Jack Hershey, spydertrader, avi8, and others from the flock. Free KOOL-AID for those guys as a prize. Nitro might want to get in also for that one with his"Roadmap". At the REAL DEAL table you might even get to meet the BIGHOG in person. Real winnings, not chips, the guy that has most money in closed out trades wins after a certain amount of time. trade whatever you prefer. Sounds like a good idea. (just kidding) What say you? <a href="http://www.sweetim.com/s.asp?im=gen&ref=11" target="_blank"><img src="http://content.sweetim.com/sim/cpie/emoticons/0002014B.gif" border=0 ></a>
fantastic idea...Can we set it up pay-per-view style; that way additional monies can be added to the main pot....for it to really gain momentum ..it would have to start off as a paper-trading tourney...with entry being $500-$1000 ( no re-buys )... sign me up...peace
LOL, believe it or not, we had a poker promoter develop a whole business plan to have trading contests. He came to us to see if he could use our location(s) for the event(s). I said sure... just be sure everyone is licensed, puts up $20K or so of their own money, and we'll give them a free parking space with their name on it. He actually (true story) wanted to charge a trader $5,000 to join in a "trading tournament" and he was only going to keep $1500 for himself, and pay for advertisng, only paying out 50% of the $5,000 entry fee. I explained to him that actual traders would first laugh at him, then probably shoot him, LOL what a joke. Trading pays itself off, those stupid trading tournaments are a joke, especially the CNBC nightmare. Trading? Yeah, right, LOL. Have a good weekend all! My brother will be at SouthPoint tonight in the $1 $2 No Limit holdem, just be careful, LOL. Don
That is a funny post. There's a big difference between poker and tradiing.... Expert traders use capital every day to extract money on levels you are unfamiliar with. If you plugged those levels into your thinking you wouldn't have come up with such a, call it humorous, post. Would you like the CNBC producer's phone number??? A trading sitcom could use someone like you.....
Funny? funny how? .... funny like a clown? ...... what?....... funny like it amuses you?.......... funny how? how is it so funny?? Whats so funny about it? Tell me...... how the F*** is it so funny....... tell me ..... tell me how...... No no, you said it...... you said it was funny... so tell me.... how the F*** is it funny.... tell me No Spydertrader, he's a big boy..... he knows what he said... Tell me Jack.... how the F*** is it so....f***ing funny....tell me!