it seems that most of this is in refference to futures traders....such as the article, and steens firm, they are all futures firms, it seems in stocks there are many able to make a career out of it...just from my own unofficial survey...
Can completely discretionary traders every succeed?
- Thread starter kiwi_trader
- Start date
I am constantly striving to remove the descretion from my trading. I want to become a trading machine.
I used to think some descretion was needed but no longer feel this way. I think those who are using "descretion" are actually following specific signals unconciously{sports memory as Jack would say}.
I used to think some descretion was needed but no longer feel this way. I think those who are using "descretion" are actually following specific signals unconciously{sports memory as Jack would say}.jmho
Discretionary traders are human computer traders.
The loop "For (If...then...else...) Next" being always active in their minds and ready to make go the IF side.
The more experienced the trader becomes the shorter the code of the programme.
The 'before the last' goal would be a programme with 3 lines:
buy/sell
close trades
enjoy profits
Surely the ultimate goal would be:
Switch on 'trading robot'.
go sailing or whatever way to spend your 'hard earned' cash.
What would happen if there is a bug in your 'discretionary software'?
Discretionary traders are human computer traders.
The loop "For (If...then...else...) Next" being always active in their minds and ready to make go the IF side.
The more experienced the trader becomes the shorter the code of the programme.
The 'before the last' goal would be a programme with 3 lines:
buy/sell
close trades
enjoy profits
Surely the ultimate goal would be:
Switch on 'trading robot'.
go sailing or whatever way to spend your 'hard earned' cash.
What would happen if there is a bug in your 'discretionary software'?
In my opinion the premise is flawed - many, I'd say most (above 50%), successful traders are discretionary. There are so many traders who don't hang out on internet message boards or use technical analysis and indicators. Yet, they watch price action and read news, and are successful.
I'm not able to put forward "evidence" but then again, neither does this Steenbarger guy. He doesn't seem to know what he's talking about.
In trading I'd say it's not how you get there, but the fact that you're profitable that matters. Completely opposite to other walks in life where it's "the way you do it" that matters most.
I'm not able to put forward "evidence" but then again, neither does this Steenbarger guy. He doesn't seem to know what he's talking about.
In trading I'd say it's not how you get there, but the fact that you're profitable that matters. Completely opposite to other walks in life where it's "the way you do it" that matters most.
I'm not saying I know - if you read it closely, I'm saying that's my opinion. If someone knows, and is able to point to evidence, then that would also convince me that that's the way it is. If you know of any sources on this, please share with the rest of us.
As for why I believe it, I'm like most normal people who base their beliefs from observations they do. I know quite a number of traders (not online, but irl) and they're all discretionary. Of course I don't know exactly how well they do - but then again most of them have been in the markets for years and years.
Psychological comfort is for wimps.
"Believing" anything without direct and fullproof evidence that it is true,
is just a state of "wanting" for it to be true...
You are "wanting", "hoping", "yearning" for it to be true.
Which is another way of giving oneself "psychological comfort".
Like "believing" in God, UFO's, Aliens, Ghosts, ect...
Pardon my french, but that's bollocks.