Anyone not making 200k a year from trading is a piker

[gmst]

Quote from gwb-trading:

A trader is a piker...

if he starts threads like this.

I already said I am a piker

However, this thread has led to some interesting viewpoints. It will be more interesting if you can come up with a detailed analytical viewpoint rather than writing one-liners.

 

[ammo]

part of your detective work in trading is to eliminate the imagination,easier to trade only what you can see,patterns, supp,res, descending timeframes

 

[EliteTraderNYC]

Never heard of the term Piker before but I will assume it has a derogatory connotation. I would say if a trader is still below 200k after 2-3 years experience then he's a Piker.

 

[NoDoji]

Quote from ammo:

part of your detective work in trading is to eliminate the imagination,easier to trade only what you can see,patterns, supp,res, descending timeframes

Anyone who doesn't understand this post might benefit from reading and completely mastering the concepts illustrated in dbphoenix's Draw a Straight Line thread.

That's how you trade price action.

Price action is an edge that only disappears if the market disappears.

Price action trading means trading what you see within a framework of positive expectancy*, not what you think will (bias), should (opinion), or could (gamble) happen next.

*Positive expectancy doesn't mean positive win rate. Positive expectancy comes from a combination of win rate and risk/reward, one of which can be negative if the other is sufficiently positive.

If I could do just one thing over again, knowing what I know now, it would be to understand what was meant when experienced traders told me what ammo posted above.

 

[hidethereal]

Quote from NoDoji:

Price action is an edge that only disappears if the market disappears.

How is price action an edge if everyone can see the same thing?

Front running orders is an edge, reading price action is a strategy.

 

[heypa]

Having a hammer and a chisel doesn't automatically give you the skill to use them.

 

[contra]

How many lots does one have to play around with before they are not considered a piker any longer?

 

[ammo]

look up piker,it seems that know one knows its origin

 

[blah12345678]

Quote from hidethereal:

How is price action an edge if everyone can see the same thing?

Pick any issue in politics, and you have your answer. One item can have tens of thousands of different interpretations, each with subtle differences due to age, race, education, income, religion, life experience, and other biases or judgments.

The edge isn't from the price action directly. It results from understanding what the primary participants are doing and what they are likely to do, and acting accordingly, based upon your training and experience.

 

[hidethereal]

Quote from blah12345678:

Pick any issue in politics, and you have your answer. One item can have tens of thousands of different interpretations, each with subtle differences due to age, race, education, income, religion, life experience, and other biases or judgments.

The edge isn't from the price action directly. It results from understanding what the primary participants are doing and what they are likely to do, and acting accordingly, based upon your training and experience.

I guess we just have different interpretations of what an edge is.

I consider Vegas to have an edge, I don't consider Ricky the retail trader looking at pin bars as having an edge, I consider that a strategy, which coupled with money management can become profitable.