"Dontcha just love these idiots who claim not to be either traders or investors and yet have the balls to lecture to other traders that their "gut feeling" is far superior to any system" It's unfortunate that I couldn't find the original thread I was responding to when I wrote this thread, as it was in direct resonse to posts in there telling the newbie asking for advice that if he didn't have a system that he had paper traded and back tested for years he would be a loser if he tried to trade. I think that takes alot of balls as even with their systems it seems 90% or so of traders fail. I spent most of a year watching the market daily and trying to develop a feel for it before I ever entered a trade, and that was only after seeing the market rapidly take off on the start of a 10 day run. I had no idea it would run for 10 days, but I could see it was going up quickly Maybe you need a system of charts to tell you what to do in that situation, but don't tell me that going with my gut reaction that this was a buy situation makes me an idiot. If you can't see a major movement when it is happening, that's your problem. I had a training tape from McMillan with their system of trading ranges on options and their system had a projected 60% success rate based on back testing. I do believe that if someone is patient, picky, limits themselves to 1 -2 trade a year that they've done their homework on, they can do at least that well.
Utter crap. The market has been on a tear for the last 6 weeks and you boast about 10 day rally. That does not give you the friggin' license to call most traders "losers". In my eye, you epitomize the pathetic losers who congregate around here with vacuous statements that they never bother to substantiate. Like I said before, if you want credibility quit bitching about others and start posting your trades in realtime. Anybody can say the same crap that you seemed to have enunciated only 7 years late in the making.
Wow, everybody telling everybody else what they can, should, must be doing. Sorta reminds me of religion Now, now. Repeat after me. "I" will pursue my dream "I" believe that others have the right to pursue their dream "I" understand that what "I" see in others is simply a reflection of myself "I" accept myself for who I am Just like the song says " The reason for the world, who am "I". Ok. I'm done. Move on.
Agreed. Gee, trading is easy - you just need a positive mental outlook. Works for me... I have traded for 6 weeks and made money yesterday. See? I am among the 5% of winners now!!!
"Utter crap. The market has been on a tear for the last 6 weeks and you boast about 10 day rally. That does not give you the friggin' license to call most traders "losers". In my eye, you epitomize the pathetic losers who congregate around here with vacuous statements that they never bother to substantiate." Read my original post again with a clear head. I was responding to an existing post that stated 90% of traders are losers. Not my figures, but there is another thread on ET " HERE'S REAL VERIFIABLE PROOF 90% LOSE" that appears to back it up. I stick by my assertion that if 90% of the people who try to be traders are losers even though they use all the TA indicators, chat rooms. training software etc... available, then it is a game stacked against the small time player. But I believe you can still pull money out of the market if you are patient, and very selective in the trades you enter without having a backtested system, TA indicators etc... I do have friends who are traders and one makes a comfortable living at it. So I'm not against traders, just some of the assertions some make .
"Like I said before, if you want credibility quit bitching about others and start posting your trades in realtime. Anybody can say the same crap that you seemed to have enunciated only 7 years late in the making." Ok, here is a position I have that is still open so I don't know how it will work out. I am long COP stock at $49.50 I am short Jan. 2010 LEAPS strike price of $50 that I sold at $978. If the trade works out - 20% return. Not exactly the type of trade I like to be in, but with the market as volatile as it was and with my travelling, this is where my $ is for 2009. The trade my gut feeling was stronger on that I walked away from was GS at $55. I figured if I could buy GS common shares at 50% of what Buffet paid for his preferred shares, it was a high probability trade. But... my cash is where it is.
In Forex trading you are faced with a unique challenge and the mindset you need to win is far different to the one you need in everyday life. For example, if you think working hard will bring you success or being intelligent - you're wrong. If you think complexity and technology is the route to success it's not. It's a specifically learned skill yet it's a fact that 95% of traders lose money and in most instances this is due to the fact that they cannot achieve the mindset to win.
I doubt if anyone is still interested, but since I was asked to post my trades in real time I recently took unhedged positions in PETD at $17 and UNG at $14.65. Most of my capital is still in the COP buy/rights, but I had some gambling money I could afford to lose and this is where it is, strictly on my gut feeling.
Forex is mind game. For trading in forex a person have must good technical and fundamental skills.These are key in Forex. Neither fundamental nor technical can make you lucky without good money management. The trading tactics winners use to play to consistently win. But, losers have no where to turn for help.