A Truth on Trading.**Everyone, please Read**

My 2 cents.....

Being undercapitalized and therefore forced to try to pick either market direction (emini's) or pick a stock and hope it goes up is something that I have warned against for years. It's really hard on the smaller retail trader. Most of our traders focus on market neutral strategies, opening only's, MOC plays, and market making (surrogate specialists)...these tend to be lower risk, higher reward, but capital intensive.

And I agree with the poster that traders take responsibilty for both profits and losses. Bull markets tend to make "genius traders" when in actuality, it was just a bull market. Trading takes time and capital.

Don't be too hard on yourself, knowing when to quit for a while shows that you have a decent level of discipline.

All the best,

Don
 
Here is "the truth" about trading.

First, you have those that work hard. They spend 12-14 hours a day studying and doing different things. Guys like yourself or that Neke (forgot the spelling) guy in that taking my cash to 300k thread. Some of the guys that work hard sometimes get somewhere while others fail.

Second, you have those that work smart. These are the guys, for example, that were in cash in January and then waited for the fall in February patiently. Bought in on the dip and then just cashed out now waiting for the next big dip.

Guys who work at McDonalds work very hard, but they dont make much money. Guys who work smart usually take it easy and dont work that much.

The simple truth is that Neke would have made more cash by buying/holding the usual momentum stocks like MA, RIMM and a few others on the list.

So are you working hard or are you working smart? Trading everyday is not working smart, although, money can be made from such a strategy.
 
"honestly speaking, how many people are TRULLLYYYY making a living off trading on this board? if so, for how long have you been making this and how long do you think you can continue this money making from trading for"

i have no idea. i do know the generally accepted # is that about 10% of traders (again, we are talking TRADERS not investors. investors make money (unless they are idiots)) make money.

usually, (with the exception of those who are just insanely talented) these are the traders with a professional mindset, business plan, sound methodology, emotional control who are willing to make the investment in their own training and develop their own strength dispassionately.

fortunately, there will ALWAYS be plenty of retail-trader-mindset traders who will think cause they have the latest macdrsigeewhizneato indicator, that they can look at squiggly lines and make money

we love you guys. you are liquidity providers and reliable fades
 
Quote from jho:

Use market orders.
More...

Yeah a Market if Touched (MIT) order would have helped you out. There would have been some slippage but perhaps not THAT much....
 
Hehe. This is why I said in another thread that I would like to attend the infamous Don Bright school in Las Vegas and try prop trading.

I think its truly a risky play supporting a family on prop trading or even considering it a career, but I would be interested in seeing and playing with the market neutral strategies.

If your married or have kids, then I would tell you to get a job. On the other hand, Id give Don Bright a shot if your young and single.

Quote from Don Bright:

My 2 cents.....

Being undercapitalized and therefore forced to try to pick either market direction (emini's) or pick a stock and hope it goes up is something that I have warned against for years. It's really hard on the smaller retail trader. Most of our traders focus on market neutral strategies, opening only's, MOC plays, and market making (surrogate specialists)...these tend to be lower risk, higher reward, but capital intensive.

And I agree with the poster that traders take responsibilty for both profits and losses. Bull markets tend to make "genius traders" when in actuality, it was just a bull market. Trading takes time and capital.

Don't be too hard on yourself, knowing when to quit for a while shows that you have a decent level of discipline.

All the best,

Don
More...
 
Quote from michaelscott:

Trading everyday is not working smart, although, money can be made from such a strategy.
More...

My fav book was work Smarter not Harder....

I pay my bills by trading... No other choice. I am too lazy to get a job. ROFL.....
 
Quote from michaelscott:

Here is "the truth" about trading.

First, you have those that work hard. They spend 12-14 hours a day studying and doing different things. Guys like yourself or that Neke (forgot the spelling) guy in that taking my cash to 300k thread. Some of the guys that work hard sometimes get somewhere while others fail.

Second, you have those that work smart. These are the guys, for example, that were in cash in January and then waited for the fall in February patiently. Bought in on the dip and then just cashed out now waiting for the next big dip.

Guys who work at McDonalds work very hard, but they dont make much money. Guys who work smart usually take it easy and dont work that much.

The simple truth is that Neke would have made more cash by buying/holding the usual momentum stocks like MA, RIMM and a few others on the list.

So are you working hard or are you working smart? Trading everyday is not working smart, although, money can be made from such a strategy.
More...

Yea just buy some MA,GS, GOOG, AAPL, and RIMM sit back and make $$

No need to trade in and out

too much work and not as effective as just riding the trend
 
Quote from Don Bright:

My 2 cents.....

Being undercapitalized and therefore forced to try to pick either market direction (emini's) or pick a stock and hope it goes up is something that I have warned against for years. I
More...

On a side note, do you really own the domain stocktrading.com? If so that is really impressive. That domain is worth a lot.
 
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