rmorse
Sponsor
Why is that?
Are we elite traders?
- Thread starter BrandNewTrader
- Start date
Why is that?
they may have great lives in the market, and in my case there were a few days that changed my life, both for good and for ill.
For me every day is either good or bad. That's just a way of life. I tend to be more talkative on good days. But I certainly wouldn't consider any of them to be great.
Well, you are closer to the Elite than vast majority of people here.
Focus, discipline, I will add understanding market action, these are the basics that people don't want to apply: too much work.
CM
Being an "elite" trader or Elite at anything in life...is a very tiny, or even rare, club.
If you review the few exceptional traders in recent history...they have had rather basic trading strategies and philosophies.
Swim in the sea; not a pond or lake. Look at the big picture of things, but also be nimble and agile and tactical. and Repeat/compound. Leverage/derivatives can help you too.
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Nowhere near an elite. I can't stand the ego that comes with it either.
Anyways I am here to gather information and knowledge from discussions and strive to be like PTJ.
Through discussion, like Ray Dalio you can listen to others opinions and form a better concept of the market. If I am bearish and someone is bullish, I still want to have an open mind to listen to the other trader's idea of why he is bullish. If his reasons are more valid than mine, I will be open minded enough to change.
Sometimes however to be honest, I don't feel like it's worth sharing ideas. When I mentioned shorting biotech at the early stages of it's top, there were only very few on ET who saw what I saw. If I had the whole community of "elite traders" agreeing with my idea, when the public did not see it, I would have felt way more confident with the trade than being a lone scared wolf.
Anyhow I am only here to strive to become one. Just looking for other experienced trader's opinions and thoughts in striving to become better in anyway I can since I don't have that support in life.
Anyways I am here to gather information and knowledge from discussions and strive to be like PTJ.
Through discussion, like Ray Dalio you can listen to others opinions and form a better concept of the market. If I am bearish and someone is bullish, I still want to have an open mind to listen to the other trader's idea of why he is bullish. If his reasons are more valid than mine, I will be open minded enough to change.
Sometimes however to be honest, I don't feel like it's worth sharing ideas. When I mentioned shorting biotech at the early stages of it's top, there were only very few on ET who saw what I saw. If I had the whole community of "elite traders" agreeing with my idea, when the public did not see it, I would have felt way more confident with the trade than being a lone scared wolf.
Anyhow I am only here to strive to become one. Just looking for other experienced trader's opinions and thoughts in striving to become better in anyway I can since I don't have that support in life.
rmorse
Sponsor
You mean you don't get a trophy when you lose money? I agree. Part of trading for a living is dealing with losing money and being wrong often. The key is to keep losses small.
I don't know anything about elite, but I do know there are two types of people.
First you have the type of person who constantly strives to put others down, to intimidate and validate their own egos through various games and tactics. They put so much energy into competition all the time, even in areas that really isn't about competition and dominance. In the end, they destroy what value was there in the first place, but not without a fight for fight's sake. These are takers and depend upon the taking from others and the destruction of common values.
Then there's the uplifting personality. The person who through various hardships see value in others and their opinions. Who always go for what is best for all, because what benefits all, will eventually raise everyone a knob or two on the grand scales of evolution. Who freely shares their own experiences and ideas, gaining immense clarity from being able to talk with everyone about important things in life. Who may even appreciate that cooperation is always the higher choice, although not always the most practical, for both efficiency and effectiveness. These are givers and depend on justice and awareness.
So, if anybody wish to consider themselves elite, I'd ask them which type of person are you?
Unfortunately we ain't paid for taking loss.
Not directly at least ... But we're paid to cover them and make a surplus.
So the smaller our losses and the bigger our gains. The bigger the surplus.
But yeah ... We don't have the same winning ratio ... Etc ...
However, to keep losses small is good advice for everyone.
ALL traders have good, bad, and ok days, just not the way you think of them, I great day is following your trading plan to a T. Its not about the money its about if your trading plan is still working in the current market or not, and the only way to know that is if you follow it like a Professional. IMO