dammit - keep on coming back to this... Do I bother posting my interpretation of this one? Or is it best to keep quiet rather than to speak and remove all doubt ???
sndk..time to jump on board today with a market on open order..let's see what happened..anything look weird..i can assure u the t&s are in order from left to right ! J_S there are more prints below as could not fit all on screenshot..but you should get the picture..from left to right again! as RN said..information costs money if you want it..but..thing is..do u really need it!
I am in do doubt with regards to being a fool! You often say you "know nothing". Well I know nothing, however I think it is the wrong nothing that I know For me, one of the intentions of this thread is to: Recognise that the larger players conducting this 'wealth transfer' you talk about capitalise on the limitations of knowledge, thought processes and most importantly the behavioural weakness' of us uninformed fools. Recognising these limitations, and the advantage it provides informed traders is a good first step. No? After all why would this thread be in the risk management section rather than say a systems thread.... Just spitballing... I keep coming back to this thread as I find it fascinating that one post can garner 400 odd pages of Socratic Dialogue....
DP, i seen a recent post in another thread, which I will not mention, but the person talks about big money and big trades, but, to some of us who sit back and think, things just do not add up, so, who is the fool in this case, the person with lots of money posting silly statements on a public forum, or, those who read such and take it as truth just because some unverified screenshots were posted! Truth is, all trading involves risk, no matter what - if you have enough money then you can easily handle a drawdown of say $100K, and easily wait for the markets to come back and then cash in - this is how mm's operate on a much bigger scale, no guessing there! In order to extract some money, without having the luxury of lots of money, then one must be very selective in what, and more importantly, when, one decides to enter the market! Many are led to believe that easy money can be extracted by using systems or indicators, and that is not true, as every system will have drawdowns, and the size of the drawdown will be determined by the market selection and timing strategies used - garbage in garbage out! For example, I believe we are now approaching a level on the Dow for a low risk short, but, as with any trade I must be willing to take on the risk for potential reward, and, how much risk is my personal choice. If I short now, or buy puts, my chances of getting it right are not as good as if another market was at it's resistance level, so, even though my "system" tells me to trade, my odds might be reduced, so instead of rushing in now, at first sight of a potential reversal, I might be better off to wait for confirmation and then take on the risk, but that could mean missing a nice little bit of the first move down. If I am wrong I lose a small bit compared to larger potential reward. There is no magic, it is all about risk control and timing, and the better you get at both the quicker one will start to make money - but remember, and I really mean this... "the only thing I know, is that I really know nothing" J_S
i look and see, what not there be, so look once more, to stop being sore one is near, but other fear, so what do now, to short the dow one thing i see, as plain can be, it hit one eight, then time to skate no matter what, even though swot, can always wrong, so must use song the song is sweet, to stop the heat, get pen and scrat, just do the math J_S
Great response - and thank you. Whilst others swoon in a search for the golden goose or holy grail, I am finding a deeper and farther reaching appreciation of the Socratic Paradox Risk minimisation and Timing (Patience?). Curious that prior authors have disagreed with Mark Douglas when the Socratic Paradox seems to run in parallel to his message of market uncertainty. Surely if you 'know nothing' then you can't be put off balance when the market does something unexpected. In the same vein as accepting market uncertainty and cultivating a belief that at any time, any thing can happen. Thoughts? I've probably outstayed my welcome. If so many thanks for the brain food. Exit... Stage Left