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Same reason that when people are asked to rate themselves according to what percentile they are at performing a given skill, almost the entire crowd will rate themselves in the top percentile even though that is statistically impossible. People see the statistics on trading but disregard...

I wish I remember the issue, but I beleive a couple years ago, Stocks & Commodities magazine had an article where they tried to mathematically prove that scaling out was a sub optimal strategy. Cant remember the details tho'.... :( I think the were talking about position trading. Day...

IMO, its joe blow in his bathrobe at home contantly getting swept from one extreme to the other. I think the trick is being reactive to overcorrections rather than trying to guess which way it will go. "Never underestimate the predictability of stupidity"...

Have you ever actually watched the futures markets trade ? The ES is a textbook example of continual intraday mania and panic. The ES is a lot of things in my opinion, but "effiecient" isnt one of them. It seems to continually move from extreme to extreme.

Exactly. First you get the money....then you get the power....THEN you get the women. Thems the rules.

Hmm. If you're in this business for the "action", maybe a GA meeting would fit the bill.

If you plan to scalp futures, I suggest not doing the ES. It moves very slowly and you will go batty trying to scalp it. The Russell 2000 and gold futures are much more conducive to trying to scalp. By the way, if you are Joe Blow trading retail out of your house in your bathrobe...

I concur. At least for day trading. If a trade is really going against you, you're not in tune with the market and probably should not be trading until you know whats going on. Take your loss and sit out. Problem with averaging, is once you start, you are commited to a dangerous path...

Interesting thoughts. I trade ES as well. I have some fundamental problems with the risk reward in averaging down. My main problem is that you end up with an average price that you're looking to scratch or make a little on, and the downside is a total blowout. The risk reward isnt there...

Are you planning to tell us how ?

OK. Just curious on peoples thoughts here. Statements I hear quite frequently are: "Energy prices are down because the party in power drove them down before the elections." "Stock prices are up because the party in power drove them up before the elections." My question is this: If...

Right. If you want to increase your beta exposure to the S&P, buy ES or SP futures....to decrease your exposure, short the ES or SP.

Hmmm. Looks like I'm stage 3, maybe about 1/3 of the way on my journey to stage 4. Trading seemed so much easier when I was in stage 1 !!!

Seeing as I posted a long reply with my advice here, I will fess up. I have not actually completed a live trade for real $$$ yet. However, from July '06 - present, I have completed hundreds of simulated trades using XTrader sim and a souped up version of the sim proprietary to the firm...

Heh. A former trading mentor of mine once told me that doctors and lawyers make the worst traders, as they like to use their intellects and need to be right. He also mentioned that he's noticed traders who formerly were in the armed forces tend to make good traders, as they can be disciplined...

If the markets were purely random, like a coin toss, the long run mean would be fixed. Just always buy below that point and sell above. Let me know how that works out.

Whereabouts are you from ? If not India or China, have you ever been to either of those countries ? Do you feel you feel you have some sort of advantage starting a business there than your native country ?

By the way, to go back to elit's original post. Be aware you are most likely in for the most difficult journey of your life. I also got interested back in 2001, while working in IT. I spent a few years reading everything I could find and dabbling around with charts and making small stock...

Another paradox of the markets is that they are difficult to master if you do not make yourself a full time student of them. However, making yourself a full time student of the market means quitting your paying job to study a field which may or may not ever yield any money for you...

Could you explain what you mean by this ? Thanks, -T