Where your message seemed well intentioned, although it did not address one specific claim I made against Mr. Bright, no matter how many boards he on, I decided I would respond to you.
are you here to trade?, improve in your trading by becoming aware of other brave individuals who bear their experiences to the WWW (world wide web) with abandon, or are your here for ....(what) ...?
---- I was here specifically to see Hitman's Journals. I enjoy them and like to get a perspective as to what other traders did on a given day. I believe that you thought I was being Anti-Hitman in my post. Clearly that was not the case. I am not a psychologist, but have read many books on trading and psychology (as well as logged a few hours on the couch myself
. And if there is one thing I have read in every book is that psychology is as important as any other factor in trading. I did not later state so, but Hitman's later post proved my point. He said that he was on a great streak. So what did he do? He changed is strategy based upon an emotional decision regarding pairs decision and the unresolved issue with his ex. It has been said that any unresolved issues one has will be worked out in the market. I believe this fits, especially when doing so was when he was on such a hot streak. Now, if I wanted to get psychological, I could have talked about self-sabatoge limiting further gains and the need for people (not just him) to try and move on in life, as hard as it is. I don't believe I did that. I do believe, however, that I took exception with people who made fun of him.
---- Next, in retrospect, I was probably in that email just talking to hear myself talk. I have been sick and stuck in the house. Fair enough
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most of us learn, exchange, share, encourage, upbuild and so forth. every now and then, some of us feel indignant over experiences incurred, and share these with (who really knows) others on these boards.
--- My indignation with Mr. Bright is based on a specific personal issue I have with an exchange we had. And while I remained silent about it, when he personally attacked another firm, Hitman's firm no less, as well as many of my friend's, I felt warranted in making my statement. First, I made it to him, personally, and not generally toward an organization. Second, as opposed to an organization, he has every opportunity to defend himself. Indignant? I was and am really pissed off, especially where he holds himself out to be a friend to the masses.
every now and then, some share their trading journals, because a number of books teach us that improvement comes from self discipline, and documenting our experiences. Who knows, perhaps self improvement also comes from reflection upon these journals from time to time.
--- As I said, I am in the pro Hitman camp.
Trading is not only a lonely business, its one of those business that you find at the pinnacle of a person's career. Few stay on point, many aspire to achieve balance, however, one thing's certain, it is an individual endeavor. Law, psychology and the other references to other careers you mentioned, share other tenants and principles, that simply are not in common with trading. My extensive technical background provides me an insight that's very useful in this endeavor. In particular, the people skills, and a respect for others' opinions, in that we try to not step upon each other so hard.
--- Partially agreed. don't know why I put the Esq. in there to begin. Kind of stupid. Ill blame it on the meds..... I do agree with you that being a lawyer has no benefit as a trader and that most "professionals" have a hard time making the transition. One most frustrating aspect is that no matter how hard you work, this will not guarantee success. As far as being lonely, I had my own practice for years and am divorced. Got that down to a science. My only vehement disagreement is regarding psychology. Perhaps we are not on the same page, but surely you are not arguing that if you do not have proper discipline, are a gambler, are a mess because of personal circumstances, that this will not make it quite difficult to succeed? As far as stepping on hands, I am not like that, and am quite the opposite. But, in this case, I wanted to step.
Trading's not for everyone. I know that the Bright class of five days is well documented in other threads on this board, and clearly the same message was given to those persons, who came.. Many stated that it was radical learning and a complete change in their paradigm. The challenge has always been: "are you making money or not" through the methods you use or do you need other methods?. Most attendees stated yes.
--- I believe that my concerns regarding Mr. Bright, regardless of if his class is good, has been sufficiently stated. But taking your statement as true, the question would not apply to a new trader, who would pay 5,000, then 10,000, before ever having made a trade and with the odds against his success. Further, Mr. Bright's comment that the 10,000 was "still his" was a knowing misrepresentation. If I open up an account with E-Trade, the money is still mine. That Mr. Bright offers higher leverage does not mean that the losses accrued in the account are "not his."
I know that knowledge is very hard to come by in this entrepreneurial business, particularly positive earnings knowledge. Learning how someone did previously, and reading through three pages of disclaimers as the opening paragraph (no doubt crafted by a lawyer) does not teach positive earnings knowledge.
--- Bottom line. New traders who I know who have succeeded took about 6 moths to do so. And they first had nice drawdowns, none of which was less than 5,000. So when a new trader, armed with the best of information, goes down 5,000, he will need to make back 100 percent of his capital to break even. He will also have paid 5,000 before this. With 10,000 invested and no longer "his" the pressure will mount and, in my opinion, only the select few will make it.
--- Finally, so there is no confusion. I have traded and lost a good bit of money in my early experiences. Through this experience, doing extensive reading and research, and aligning myself with a successful trader that is teaching me, I am sticking with this. I do not believe I will make a lot of money in the near future. Not with my strategy and not in this market. I do not hold myself out to be a great trader, even though I know a lot about what to do. I made my comments and my emails because it strikes me that someone is on these boards attempting to take advantage of people. If any of you don't like that, that is fine.
Now where is that spell check button
