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Jack Schwager asked Ed Seykota, Don't all traders want to win? from "Market Wizards" by Jack Schwager

Gordon, you're pissed but obviously you're not pissed enough, if you still have your sense of humor and can write a poem about it. The day you'll be really pissed and really needing money you'll immediately learn to pick the right trades. I am sure there must be in one whole day 1 trade you feel...

Gordon, you're pissed but obviously you're not pissed enough, if you still have your sense of humor and can write a poem about it. The day you'll be really pissed and really needing money you'll immediately learn to pick the right trades. I am sure there must be in one whole day 1 trade you...

Yes, Corallus, it sounds like you're even better at waiting for the right opportunity than me. You made me see how we have all the time in the world to wait for the right opportunity. Not just hours, but days. Your capital is the only thing that matters. Hold on to it at all costs. If you...

As usual I could not read all the interesting messages on this very interesting thread, like all Psychology threads are. By the way, this is by far the best forum in the world (I have seen them all) when it comes to discussions on the psychological aspects of trading. My opinion about...

Thank you all for replying. I just learned that I was wrong to say "craving for money", since "to crave" is a transitive verb, and it should be "craving money". The few people who have voted so far seem to confirm (9 out of 11) my assumption that the motivation necessary to learn to trade...

You don't become profitable by "being right" all the time, but through risk control. "Risk control" means picking only the high probability trades, limiting the amount of your losses (stoploss), and staying flat the rest of the time. We all know what trades are more probable and what others...

Correct. Intraday charts hypnotize you, and that's why you need a moving average at all times, to not see something that isn't in the chart. Let the moving average crossover decide whether we're going one way or the other.

I am the least expert of all on this forum about systems, but from what I read I agree mostly with alain and with bone. A system tells you what trades you should pick, because, statistically, they are "highly" probable. You can't pick all probable trades (>51%), because you have to take...

I couldn't read the twelve pages of this thread but by what I read I was confirmed that one thing characterizing successful traders is: A trading system to pick trades, and a stoploss to limit losses. A trading system tells you, on statistical grounds, what opportunities you should go...

Max Profit points out what seems to be a contradiction in my thinking, so let me explain to you what the exact problem is. I used to be the one who could turn to these people any time I needed help, so I do feel gratitude to these people, but at the same time, it is true that they never...

Yes, bobcathy1, I need your help, too, with the hair on my back. But, for now, let's keep it. Listen, I want to discuss further my social problems, which I have always had, even before I started trading, and that's maybe why I started trading, to try to escape from the regular life and...

Yeah, you're all correct in your assessment of the problem. Molon Labe, I know I shouldn't be a "punching bag", and I won't, but that attitude and talking was quite unexpected and it found me unprepared. If you have relatives who usually care for you and are nice and generous to you, and...

From my diary November 5th Today I had dinner at my cousin's. Her husband was a huge pain in the ass, 'cause he wanted to talk about me. I think somehow they want to hurt me for my being quiet about what it is exactly that I am doing. They are bothered that I don't let them be a part of...

Tony - I want what's coming to me Manny - What's coming to you, man? Tony - The world, chico, and everything in it

By the effort and intelligence you put into your post, a post that judges me without even saying anything argumentative, without exposing yourself, you are one of the superficial idiots I am talking about in my post. Furthermore, you are a coward. You don't have the guts to say something...

I don't think that we can separate self-esteem from what other people think of us. We're surrounded by people and we are influenced in some way by them, no matter how confident we may feel. And no matter how stupid I think most people are, I still need them to have a good opinion of me, in...

This confirms to me what I have always thought. That many of us didn't start trading because we are interested in buying an expensive car or house, but because we are interested in buying the free time that will allow us to think. Having a regular job is like resigning from thinking for the...

I agree, and I'll add that it's impossible to pick the "high probability trade", and discard the other trades (which are still probable, but not highly probable), if emotions are part of your trading. If you can't control your emotions, and you don't use a system, then your hope will tend to...

Corso, I agree with everything you said. I don't know yet what others have written about it, but I agree with you. The real problem, though, is not how do you deal with people who look down on you or try to discourage you or pity you when you say you want to make a living out of trading. The...