Chicago trader seeking advice

[porkchop_001]

I appreciate that anything worth doing and doing right takes time to master.

My goal in this forum is to get some helpful pointers and more importantly to see if this mental roller coaster of a journey that we all have gone through in the beginning (which is now for me) is remotely the same in any way.

I do not think that "I deserve to make money trading" because of my location or education. I was merely trying to give people somewhat of a complete bio. My point in mentioning my major is to show that I have always been very interested in this and finally get the chance to pursue it. I personally wish I took on a second major in economics.

For those of you that have productively shared in this forum, thank you. I do appreciate the advice.

 

[TheSorcerer]

Quote from porkchop_001:

I do not think that "I deserve to make money trading" because of my location or education. I was merely trying to give people somewhat of a complete bio. My point in mentioning my major is to show that I have always been very interested in this and finally get the chance to pursue it. I personally wish I took on a second major in economics.

Wow, my educated friend. Can you tell me in one sentence, one money making idea you learned in your finance program: thanks... please !!!!

 

[porkchop_001]

Quote from TheSorcerer:

Wow, my educated friend. Can you tell me in one sentence, one money making idea you learned in your finance program: thanks... please !!!!

Easy, I didn't get any money making ideas from my finance program.

College gave me the tools and wet my appetite for pursuit. College gave me a foundation and a way of thinking. hopefully a good one.

 

[MarkBrown]

Quote from porkchop_001:College gave me the tools and wet my appetite for pursuit. College gave me a foundation and a way of thinking. hopefully a good one.

i belive that college is a handicap to 99.9 % of the people i know who trades very well. "other words they had to overcome" that structured idea that you can accomplish your goal through a process if you follow it and pass the test you get the grade. dont work in trading. thats why i love trading so much it flys in the face of structured learning.

mb

 

[TheSorcerer]

Quote from MarkBrown:

thats why i love trading so much it flys in the face of structured learning.

mb

Either you didn't go to college, or you never survived it. Which is it?

 

[MarkBrown]

Quote from TheSorcerer:

Either you didn't go to college, or you never survived it. Which is it?

both

just couldn't put my brain in memory mode so i could regurgitate what the profs wanted to hear at test time. isn't that what college is? a brain washing so that you learn exactly what the teacher knows, dont know many teachers that live like i do. unless they teach trading that is. mb

btw didn't see to many pit traders with a masters either unless it was a master in hard knocks, but not to worry educated people serve a purpose without them we would have no liquidity in the markets. and thank god big trading firms employ them! yippie!

i have no degree in nuthin yet when i speak students get college credit to attend, go figure.

 

[vectors101]

that is total bullshit.

you'll be broke after a year of losses.

you should be making money on day one like any successful business with a future.

you should have no patience for a losing streak or losing strategy.

once you lose all your capital or underwater you become revengeful trading and have a cloud in your account so you should be making money on first week of trading or stop trading immediately if you keep loosing money or not making money..

losing streaks are hard to get out....

Quote from BondTrader50:

Well, at least you can appreciate the risk.
To learn to trade sucessfully in only 2 months is like getting a 4 year degree in one semester. It's almost unheard of. It will take time, patience and discipline. I'd say give it a solid year full time before you give in.

 

[porkchop_001]

Quote from vectors101:

that is total bullshit.

you'll be broke after a year of losses.

you should be making money on day one like any successful business with a future.

you should have no patience for a losing streak or losing strategy.

once you lose all your capital or underwater you become revengeful trading and have a cloud in your account so you should be making money on first week of trading or stop trading immediately if you keep loosing money or not making money..

losing streaks are hard to get out....

Where does this come from?

Most successful business are not black from day one. Unless you started out of your garage or were a spin off of some other successful company.

As far as losing streaks (which may be hard to get out if you don't practice what you've learned from previous experience), if you think your never going to lose your delusional. Dealing with a loss or losing streak and bouncing back is what makes a great trader. After all you will lose at some point and most likely you will lose often. The goal being to win more and bigger than your loses.

I know I'm not some terrific trader (yet) but I have to think from what I am seeing that very few traders start from day one making money. There is a learning curve. There is a mental market sharpening. Unless of course your learning curve was done while working for someone else and not actually trading or trading your own money.

You should read market wizards, its a book that is more like an interview with some of the greatest traders of our time. ( I am doubting your one) All of those guys had to deal with losses, and mostly up front. Some of which went broke multiple times until they found their market stride. Then went on to make hundreds of millions!

I don't know you but your extreme over confidence and cockiness makes me think that there is more talk here than what one wants us to believe.

I just wish we could get rid of all of the macho bullshit I see a lot of people spewing on this forum and get down to reality. Why is it that hard for people to admit they suck at some point. Otherwise you would be forced to think that all of these people that can't admit their shortcomings are making tens of millions of dollars a year. Well, maybe in a perfect world....

Of course when I speak in terms of "this forum" I am referring to the site as a whole not this particular thread. And while I do see a lot of genuine people contributing I also see a ton of arrogance. Thankfully this particular thread has been very helpful to me, especially those of you who have taken the time to speak with me through PM's or in person. Thanks again.

 

[rcanfiel]

Quote from porkchop_001:

Where does this come from?

Most successful business are not black from day one. Unless you started out of your garage or were a spin off of some other successful company.

...

You are correct. Ignore what vector said. The number of businesses that are successful from day 1 is almost nil. The number of traders that are successful from day 1 is even more nil.

If you want to practice trading for an unlimited period, you could get a free account (start a system) at timertrac.com (trading long or short S&P, Nasdaq type) or at collective2.com for about $90 a year (trading practically anything).

Regardless of what people say, you need to demonstrate months in a row of profitability BEFORE using real money. You are in too much of a rush. If you are not profitable on paper, you will never be regularly profitable with real money. Losing your trading capital is about the worse thing you can do. Finish step A before trying step B.

 

[rcanfiel]

Quote from MarkBrown:

i belive that college is a handicap to 99.9 % of the people i know who trades very well. "other words they had to overcome" that structured idea that you can accomplish your goal through a process if you follow it and pass the test you get the grade. dont work in trading. thats why i love trading so much it flys in the face of structured learning.

mb

I have had both college graduates and high schol graduates work for me. There is little in what you say that is true.

The HS grads mostly thought in black and white, and struggled with grey areas. They were much more convinced their ideas were right, and had much less ability to think outside the box. They tended to be more superstitious and unwilling to change their viewpoint based on the available evidence.

What you call structured learning is the primary means over the centuries for people to become more knowledgeable, critical thinkers, aware of the world around them, build mathematics and communication skills, and a host of other mental and interpersonal abilities.