Visaria, You are correct, has nothing to do with AI or zero sum game or all this other bullshit. Don't work hard, no success in trading.
Learning from your losses. I mean, really learning. Not just "noticing" something. If you can keep learning, you can keep improving. The trick is sticking to the rules you built from the learning process. I noted in my journal that I'm entirely convinced the great traders don't have a special intelligence but rather a special ability to learn from their mistakes in earnestness where the rest of us don't. Also, I think some give up before they get over the learning curve. It takes serious guts to lose a pile of money and then go back in for more. Unfortunately, this is almost mandatory in the beginning.
Yeah, that guy Steven Dux makes about $300k per month shorting those crap stocks that trade between $1-$10
this is the whole truth. i never really took trading seriously as i would with other business. Even though it was something that wiped me out number of times i still played it like you would in the casino. Never really learning anything from my mistakes. But then i was lucky to have a mentor and i saw how real traders traded. That gave me motivation and understanding that you can make a comfortable living day trading. Looking inwards, realized my mistakes even though i am still a noobie, but these days my trading has improved a lot but long way to go.
Fordewind said trading made him dumber.......how can that be? https://www.elitetrader.com/et/thre...ersonality-changed-because-of-trading.330991/
It is called a reversal. Often happens on a 5 min chart that has a strong second bull leg up but in a trading range. It is a test of the top of the range and can get sucked up there quite fast. Then suddenly reverses back into the range and races to the bottom. Most BO attempts at the top or bottom of a range fail. Novice traders will be going long and they most likely should be shorting and shorting more adding to their position as price goes up. At the bottom of the range novice traders short what appears to be a BO but odds actually favor going long AND averaging down as price continues south before reversing north. Why? Because 70% to 80% of BO from a range fail. Sure, sooner or later, one of the BO attempts will succeed. Then if a trader finds the market against him, exit, and double up in the opposite direction.
Most fail when their luck runs out. I am lucky I bet with the bull market starting in 2010. I will fail as a trader when the bull market ends. I am just not smart enough to know when the bull ends and the bear starts.
That there is the exact reason why losers fail. They confirm negativity as the norm. You get from the markets what you expect. Surround yourself with positive people and positive thoughts.