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Trading for a Living - Cliff Notes

  • #261
  • Jul 8, 2009 5:14pm Jul 8, 2009 5:14pm
Quoting billye
with 8% a month and in 10 yrs you can get (1+8%)^120 which will make your acc 10k time of what it is now.

in 50 yrs will get
10k*10k*10k*10k*10k times of what it is now.

total gold on earth is 30 million tons,

I think it's a matter of time before there is no more money you can earn coz rest of the market no longer lose as much as you can earn.
These calculation are nonsense...

you are always limited by liquidity pools...

8% a month is achievable, also 16% if you double your risk or 24% if you trade on 3% risk per trade.

BUT on the long run, you can't be risking 3% anymore, because the 3% risk of a big account, and maybe a 15 pip stoploss equals to an enormous contract size, and you have to wait some time to get the order done....

so maybe you can trade a little longer if your system is long term, but on the short term, you are limited.

ANOTHER BUT:

I think in time what will change is what i call spendibility...
What i mean is if your account is large enough, even 3% a month can guarantee you a great living. so you don't need to squeeze your trading to gain so much more... you just need to earn more than banks, or simply retire and let the banks do your job.

so your limit case won't ever happen, because you will stop yourself way before reaching problems with order send due to volume.
  • #262
  • Jul 8, 2009 5:33pm Jul 8, 2009 5:33pm
Quoting jennajameson

ANOTHER BUT:

I think in time what will change is what i call spendibility...
That's quite profound for, what I percieved to be, a young student.
  • #263
  • Jul 8, 2009 6:53pm Jul 8, 2009 6:53pm
Quoting Bemac
That's quite profound for, what I percieved to be, a young student.
it's interesting when you enter in a business to know the boundaries, isn't it?
going back to chart
  • #264
  • Jul 8, 2009 6:55pm Jul 8, 2009 6:55pm
Quoting jennajameson
it's interesting when you enter in a business to know the boundaries, isn't it?
going back to chart
And she's a Scorpio, too....nice.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #265
  • Jul 8, 2009 10:22pm Jul 8, 2009 10:22pm
This was posted today by Joe Ross and I thought it might be of interest as it is ontopic.

Here the link:http://www.forexfactory.com/showthread.php?t=181366

The nature of the trading business

Consider the following: As a trader you are in a business. Your strongest opponent has plenty of capital. He follows a program and he does it without emotion. He is totally aware of the fact that no one knows where the next tick will fall. Whereas he usually has good insights regarding the major forces that drive the market, he does not fool himself into thinking he can explain the vagrancies of price movement intraday or even from day to day. He knows that no one truly can. The successful trader has learned his lessons by actually trading. This is a business driven by fear, greed, and selfishness, and very few worthwhile pointers are given out by the industry, other traders, or the myriad of so-called trading gurus who plague the pages of trading magazines and pages of their websites. The most valuable information is closely guarded and not often put in books or on web pages. Learning about trading is a ‘forever’ experience. As the markets change and as we adjust to them, we learn. The learning is ongoing, it stops only when you no longer trade. During the time we trade we can always improve. Trading is a great business for those who master it, and those who master it are traders who have mastered themselves.

By Joe Ross
  • #266
  • Jul 9, 2009 4:11pm Jul 9, 2009 4:11pm
Quoting cobraforex
This was posted today by Joe Ross and I thought it might be of interest as it is ontopic.

Here the link --- maybe not

The nature of the trading business...


Are you sure he's not just looking for business? one of his earlier posts has a link to this.
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  • #267
  • Jul 9, 2009 4:44pm Jul 9, 2009 4:44pm
No, not sure, especially after that side note, lol.

But the post has some truth in it.

Quoting knuckledrag
Are you sure he's not just looking for business? one of his earlier posts has a link to this.
  • #268
  • Jul 9, 2009 5:08pm Jul 9, 2009 5:08pm
Quoting cobraforex
No, not sure, especially after that side note, lol.

But the post has some truth in it.

23 threads started and 27 posts ( the ones I read sound like excerpts from his books)

50 years of trading, writing books, and doing seminars.
Hell if he's still working, I'm not listening to a damn thing he has to say.
  • #269
  • Jul 9, 2009 5:10pm Jul 9, 2009 5:10pm
forgot the pic
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  • #270
  • Jul 9, 2009 5:20pm Jul 9, 2009 5:20pm
Hmmm, in this I can't agree with you, if he's that long time in biz and there are still people that visit his seminars it's probably worth to read what he post for free.

If I include his advices to my trading style stands on another paper but I'm always interested what those "old Fox" have to say.

Quoting knuckledrag
23 threads started and 27 posts ( the ones I read sound like excerpts from his books)

50 years of trading, writing books, and doing seminars.
Hell if he's still working, I'm not listening to a damn thing he has to say.
  • #271
  • Jul 9, 2009 5:36pm Jul 9, 2009 5:36pm
Quoting cobraforex
Hmmm, in this I can't agree with you, if he's that long time in biz and there are still people that visit his seminars it's probably worth to read what he post for free.

If I include his advices to my trading style stands on another paper but I'm always interested what those "old Fox" have to say.

I doubt he's still giving the seminars. If you read his profile, and posts, it seems that a press persons in his add department is writing them. I could be wrong but I think he is retired. I was just having fun with what I am pretty sure is just an add campaign for his business interests.

He's probably in a nursing home and his worthless kids are still trying anything they can to keep from getting a real job.
  • #272
  • Jul 9, 2009 5:47pm Jul 9, 2009 5:47pm
Quoting knuckledrag
I doubt he's still giving the seminars. If you read his profile, and posts, it seems that a press persons in his add department is writing them. I could be wrong but I think he is retired. I was just having fun with what I am pretty sure is just an add campaign for his business interests.

He's probably in a nursing home and his worthless kids are still trying anything they can to keep from getting a real job.
He'd still trade your pants off pal. He's got loads of free material out there if you'd bothered looking (The Law of Charts). Your ignorant, uneducated insults are exactly the reason why professionals with decades of experience don't waste their time taking shit from strangers on online forums like forexfactory.
  • #273
  • Jul 9, 2009 5:57pm Jul 9, 2009 5:57pm
Knuckle, you made me to read all the posts and threads of Joe Ross and I got very impressed of his insights.

I liked this thread very much: http://www.forexfactory.com/showthread.php?t=152765

and couldn't leave his perfile without leaving a vouch.

Some of his posts I was printing out and added them to my FX bible.
  • #274
  • Jul 9, 2009 6:04pm Jul 9, 2009 6:04pm
Quoting birdt
He'd still trade your pants off pal. He's got loads of free material out there if you'd bothered looking (The Law of Charts). Your ignorant, uneducated insults are exactly the reason why professionals with decades of experience don't waste their time taking shit from strangers on online forums like forexfactory.

Ouch; He probably can still trade my pants off, but I'm just having fun with what is (until he posts his trade strategy and not just excerpts from his books) an add campaign. Posting a link to a web site advertising a seminar is an add campaign sorry for your luck, but those are the facts.

He probably is a nice guy, but I can't find him responding to anyone here. I haven't read his books and haven't had anyone recommend them either. Feel free to put me on ignore you seem a little thin skinned to read anything I post.
  • #275
  • Jul 9, 2009 6:14pm Jul 9, 2009 6:14pm
Quoting cobraforex
Knuckle, you made me to read all the posts and threads of Joe Ross and I got very impressed of his insights.

I liked this thread very much: http://www.forexfactory.com/showthread.php?t=152765

and couldn't leave his perfile without leaving a vouch.

Some of his posts I was printing out and added them to my FX bible.

They are good, but I still don't see anything but an add campaign. Almost like I'm supposed to buy something if I want to know more.
  • #276
  • Jul 9, 2009 6:24pm Jul 9, 2009 6:24pm
Man, I really think we all need to just back up, take a deep breath, and try to feel the love. Really, life is too short for all this petty bickering. Can't we all just get a lawn?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #277
  • Jul 9, 2009 6:24pm Jul 9, 2009 6:24pm
Thin skinned? No, but I do occasionally call people out who embarrass themselves talking nonsense.

http://www.trading-naked.com/joe_ross_.htm

Unfortunately I couldn't find the page devoted to knuckledrag's contributions to trading education.
  • #278
  • Edited 10:05pm Jul 9, 2009 6:32pm | Edited 10:05pm
Quoting birdt
Thin skinned? No, but I do occasionally call people out who embarrass themselves talking nonsense.

http://www.trading-naked.com/joe_ross_.htm

Unfortunately I couldn't find the page devoted to knuckledrag's contributions to trading education.


I stand corrected I've not been to that site in a long time, and didn't equate the man with the site.

By the way the site has changed, I guess I need to pay it another visit.

Edit: The new site is better, the old one was good but I like the new pdf format better

Edit 2: I may not be that corrected (sorry). The stuff on trading naked is good, and he is a hell of a trader. The fact that I only found a link to his site selling stuff http://www.forexfactory.com/showthread.php?t=4462
and the fact that he answers questions from students here on FF http://www.forexfactory.com/showthread.php?t=7587
I still have the feeling he is a vary low key salesman (for your info I like people that sell and market their hard work) once again sorry, I like him but he is fishing in FF waters IMO.
  • #279
  • Jul 9, 2009 6:35pm Jul 9, 2009 6:35pm
Thanks for the link Birdt.

Will be my next weekend read.

Quoting birdt
Thin skinned? No, but I do occasionally call people out who embarrass themselves talking nonsense.

http://www.trading-naked.com/joe_ross_.htm

Unfortunately I couldn't find the page devoted to knuckledrag's contributions to trading education.
  • #280
  • Jul 9, 2009 8:37pm Jul 9, 2009 8:37pm
Quoting birdt
He'd still trade your pants off pal. He's got loads of free material out there if you'd bothered looking (The Law of Charts). Your ignorant, uneducated insults are exactly then reason why professionals with decades of experience don't waste their time taking shit from strangers on online forums like forexfactory.
I didn't know the currency markets have been around for decades.

Don't kid yourself... there are some very big names who read and contribute to this site.

I'm not one of them.

m
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