Are you a successful at home day trader with no other source of income who began with modest means?

[dbphoenix]

That was for me the biggest problem to overcome. Be confident and control your emotions when your system tells you to do something that is opposite to what most people do. Because you do what 90% of the people don't do, you probably belong to the 10% who win.

It is like driving a car only based on GPS and with no possibilitie to see where you are driving. Just trust the GPS and everything will be fine. And then the question pops up: What if the GPS makes a mistake? The answer is: just trust the GPS.

But believe me it is sometimes very difficult to take position when almost everybody is in the opposite direction or has no clue what to do. Trust your system.

Depends in large part on how thoroughly one has tested his system, or strategy. I don't know who you used to be, but I read your posts, and it seems pretty clear that you've paid some dues. And if one stays around long enough and isn't a complete dunce (and doesn't go broke), he has to pick up at least some of the important elements of trading. If he's also studied and done at least some testing, as you appear to have done, then trading one's system, even if it seems counter-intuitive, becomes much easier.

 

[JTrades]

No.

http://www.amazon.com/How-Trade-Living-Gary-Smith/dp/0471355143

Gary Smith is an ET member but I forget his member nick.

Echoing the success of others here in the late 90s.

 

[dbphoenix]

View attachment 149290
Echoing the success of others here in the late 90s.

You forget how many people were short all the way up. And kept re-shorting and re-covering. Which helps to account for the parabolic rise.

 

[marketsurfer]

View attachment 149290
Echoing the success of others here in the late 90s.

Yeah, that wasn't common but it happened more than you would expect back then. What's the word on the guy now? Living off of book proceeds, broke, or still making money from the markets?

 

[JTrades]

What's the word on the guy now? Living off of book proceeds, broke, or still making money from the markets?

long ago quit trying to sell books. In some respects regret the whole experience. Royalty income this year was a grand total of $118. Last year it was something like $104. I tell traders buy a used copy for almost nothing.

http://www.elitetrader.com/et/index.php?members/007arb.21652/

 

[cornix]

Late 90's must be a textbook sample of how people confuse external conditions with skill. But can we blame them? Russia as a country did just the same in 00's.

 

[dbphoenix]

Late 90's must be a textbook sample of how people confuse external conditions with skill. But can we blame them? Russia as a country did just the same in 00's.

True. The Gorilla Game traders at The Motley Fool (which is where I was at the time) were a classic example.

 

[dbphoenix]

You played a game at Motley Fool or just posted messages there?

Once again you comment on things you know nothing about.

It takes little effort to locate The Motley Fool site and look for the Gorilla Game board.

 

[marketsurfer]

Once again you comment on things you know nothing about.

It takes little effort to locate The Motley Fool site and look for the Gorilla Game board.

It's a game? You play it. I'm trying to understand. First, what the heck is a motley fool?

 

[dbphoenix]

It's a game? You play it. I'm trying to understand.

You didn't understand my previous post? Do I need to provide a link to The Motley Fool for you?