No Fear, No Regrets
A sense of purpose makes life meaningful
Winners scale winners, losers scale losers 12 replies
another losers thread: entry strategy idea 12 replies
If losers average losers, then I am a loser 10 replies
Zalesky - 25 Rules Of Trading - Winners Bigger Than Losers 5 replies
Winner vs. Losers (Size) - Could Use Some Advice. 11 replies
DislikedHi Porkpie,
A greasy spoon is always likely to be busy! I agree with your sentiment that its fine to disseminate and distil the untruths but they need to be replaced with 'truths' or at least the truth as you see it. Otherwise, what are you basing a trading decision on?Ignored
Dislikedbut how many owners of greasy spoon cafe's have ferrari's. If you just want to be a greasy spoon thats fine but you can be a micheline star restaurant with cooking ingredients that are as cheap as a family pack of bacon/tomatoes/eggs. If you want to go the extra mile and make trading profitable then of course you would want not be a greasy spoon just cook differently (and the lessons of basic money management and any business model is to buy cheap and sell at a profit).Ignored
DislikedI am not disagreeing with you, was reaffirming your money management thoughts as a fine restaurant is more likely to have higher overheads than a greasy spoon, so therefore budget considerations are more prominent for the better class of eatery. However, in both cases, buying low and selling high (although these are not the only considerations) will produce better profits.
FYI... I dont know any greasy spoon owners who drive ferrari's, but I know one who drives an Aston.Ignored
DislikedI use the Market Profile theory, esp. as laid out by Steidlmeyer in Markets and Market Logic, all of the time. Basically, viewing the market as an auction process with a mix of different TF participants who shape its distribution.
Who know if that makes any sense to anyone. Oh well...Ignored
DislikedAll the patience, disipline and equity management in the world won't save you if you don't have an edge.Ignored
DislikedI have a number of theories why the majority of traders lose, I'm not sure entirely but it certainly does seem like the market will do whatever it takes to make sure the majority of traders are wrong. I'm only talking about the Forex market here now, and I'd like to throw out two suggestions and see which (if any) people think explain the reason.
1. The Forex is a zero sum game where a few huge institutions with virtually unlimited capital are out to ensure that the money flows from the majority of (retail) traders to them. These institutions...Ignored
DislikedA bit about discipline, Mark Douglas and instinctBut I found discovering anything even resembling a useful edge is a long slog of think, research, find, experiment, question, test, dead end and start again, for literally thousands of hours. Sure, the outcome might be a dirt simple system, but the time taken to find it…Ignored
QuoteDislikedAnd his focus then is on discipline and following the rules. The Chinese water torture of trading is to take a crap system and make someone trade it day in, day out for months on end. And to get nothing but a slight loss in your account for your troubles. The implication that you just didn’t believe enough in yourself mate, those times when you didn’t follow the rules, that was self-sabotage, is not only insulting, it’s not true either.
DislikedHeres a 3rd possibility: the market does not have the probability distribution of a bell curve.Ignored
DislikedBut why would that necessarly mean that 80%+ of people simply had to fail?
Why would that mean that somebody could likely be wrong 10 times in a row when tossing a coin would get ten losses in a row 1 in 1024 times?Ignored
DislikedI don't know man, all I'm saying is I'm pretty sure most people have got the wrong idea from the start. Looking at the past to predict the future sure isn't working for a lot of people, just look at any thread on this forum, pick a strategy and watch it fail misrably.
On an interesting side note, I have been demo-ing trading Level 2 futures (trading in the 'now' moment.) I have attached a pic of how I did today. I actually can't believe the result myself. Obviously that was before commissions, probably around 10% of my profit I would guess....Ignored
DislikedI don't want to rain on your parade but how do you know that result you have is from trading 'correctly' as opposed to just luck. Its only 2 trades.
I remember the first morning I started trading before my 9-5 job. I made about $2000 in 30 mins before work. Over leveraged and I didn't have a clue what I was doing. That day was probably the most damaging day of my trading career. I soon blew my account after that. It was just luck.Ignored