You know, I don't run around this place trying to act like I'm the "God" trader that so many other liars do. I don't "brag" about what I can or can't do. But because some kid here with no trading profits at all is trying to "call me out" as some idiot, I'll give an example of one of my recent trades which is pretty typical of my style. I've also ridden FXP on a couple of waves recently amongst other successful swing trades. Yes I *mostly* invest. But I consider myself a level-headed risk to reward investor/swing trader. I take profits when they give them to me and I look for setups that will be profitable as quick as possible, but I'm not afraid to *wait* if the setups take a while to develop.
Now see that's exactly what I mean. Investors focus on trade entry ... and 90% of the vendors out there try to sell traders on that paradigm. But good trading is all about leverage, risk management and discipline. Thanks for allowing me to point that out. Yep, worlds apart. I
What the fuck do you think trade entry is? It's about risk management. What the fuck do you think position trading is? It's about leverage. And what the fuck do you think "waiting for good setups" is? It's discipline.
money is only one way to measure the cost. ICARUS5, What you are talking about makes the money part seem like nothing. I hope i dont ever have to go through some of the emotions I have gone through on this journey ever again. Being in a less then desirable position, staying up all night watching the asian and European markets, reading every article you can find over and over again, looking at charts till your eyes are red, smoking 2 packs of smokes in a night, taking a cash advance on the credit card to pay rent, this list could go on and on...... But being able to do what you want to when you want to, PRICELESS!
Frank Thomas was paying you a compliment. OK, we've gone just a little bit off-topic of the thread title, so I'll let it be. We all know who we are. Good trading to you Frank. I
Whew! Tell me about it Frank. We've ALL been there! That's why I now just focus on intra-day scalping and assymetric growth of capital so that I can scale-up as quickly as possible while decreasing risk as I increase my position sizing. That's the sweet spot. I'm not the only math whiz around here though, giles177 was actually conducting a clinic in the processes involved on another thread, I tip my hat to anyone who comes on these boards and is willing to give it away. Oh, he's another self-made trader, btw. Coincidence? I think not. I
This is such a bias question in the first place guys. I mean you have that one guy who said the whole market is going efficient and the more quant stratagies you have the better you are. He said that 90% of trading is black box and modeling. He said the days of a street hungary kid going on to make millions is over. I would wagor that he won't be trading within 5 years. With that kind of attitude he is royally screwed! The markets are efficient in "our" minds. What really makes a market efficent? Last time I checked it was when supply and demand for that particular product was equal. That will never happen because there isn't a set equation that makes the markets efficient. There isn't a set goal that makes the markets efficient. It is all determined by the way people think. Some think its overbought some think its oversold. They may use black box/quant stratagies to determine whether "they" think its overbought or oversold. They may be using the "feel" of the market to determine overbought/oversold. They may use any combination of technicals or fundmentals to also determine fair value. In the end its all just an opinion. There is no sound scientific way to get markets efficient. I remember when I was talking to my high school guidence counceler. We were getting in a roundup over something but I can't remember what it was about. Anyway he told me something that I will remember always. He said "Brogan, you probably know more about investments than anybody in this building but there is one thing you don't have that we have, a college degree which you are going to need to work in investments." I will never forget what he said to me. He is a measily little worm who thinks hes hot shit because he has a degree that says he can slave away in a school building for the rest of his life helping little shits like me and earning around $40,000 a year. I will never let that happen to me......ever. The world is brainwashed by the fancy words the colleges have given you like phd's, ivy league, scholorships, etc. The average human being is suppose to be the smartest thing on this planet. From my experience they have to be some of the stupidest most nieve critters I have ever seen. They are sheep. They do whatever anybody else wants them to do. They are easily manipulated and can be easily fed lies. The true key is to harness that weakness and use it to your advantage.