Desperation

Yeah, definitely read my above post, and realize your on a track to a head on collision with another train.

I've seen this on ET, I've studied it, I've done hours of research to try and understand it. It would be very wise to seek help, maybe some people on ET can help you if you seek it, or couselors, family....

Got to man-up and accept that you suffer from something that is difficult to break.
 
Cheese,

Since you, too, have used the term addiction, I pose the question to you as well: Are all thus-far-unsucessful traders who tenaciously persevere addicts by default?

What do you think it is that makes you (I ask this in all seriousness) so innately "suited to the art of taking money out of the markets as a professional activity?" Are you exceptionally smart? Disciplined? Confident? Risk-conscious/averse/loving? Do you feel you're either born to trade or not, and if you don't make it right away, you're a sado-massochistic addict?

Quote from Cheese:

Well Oddtrader do you read every such awful and unnecessary mess with pleasure? I don't. Its an addiction. It is also a question of the culprits facing up to the self damage & presumably damage to their families of such irresponsibility when clearly so many are not suited to the art of taking money out of the markets as a professional activity.
:)
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best advice i can offer since u couldn't do it alone is to join a prop firm, put down 5k and get 1-to-1 mentorship...u'll be on a sim for months and then will start small under supervision...haircut, low commish, office environment and mentorship will give u enormous advantage over retails...this is the best chance u got imo, take it or leave the biz.
 
Quote from Ripley:

Please don't give up mike.. Never Give Up.

When I refer to myself as LOSER, I am referring to the charateristic FUTURES trader. I can do it because I have ENOUGH (a little too much at times) CONFIDENCE in myself and my trading prowress that it doesn't affect me.

But, I applaud you for sticking up for the poster here. Where I told him, it would be better for him to QUIT, that he can WIN by QUITTING, you say there is a WINNING method, and there is a way to WIN when you full well know that 95% of the time, he or someone else will not find it.

Mike, let him get on with his LIFE. Good God.
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Ripley, you are right. I sincerely do not want to give false hope to those struggling and failing. Unfortunately, trading can be addictive and destructive to individuals and their families. I now see where you are coming from.

The name of the thread does say it all: Desperation.
 
HD1,

You speak about 1) Talent and 2) Background. Do you mind spelling out what talents you feel are critical, without which one may be doomed to "transfer his wealth to the securities industry?" And what background do you feel is crucial to being a sucessful trader?

Thanks

Quote from HoundDogOne:

Once again... cheese tells it like it is.

Most "traders" do not have the talent nor background to succeed...
Not even remotely close.

If that is you...
Then you are ** EXACTLY ** the dreamer the Securities Industry is looking for.

They will teach everything to need to know...
In order to become a degenerate gambler...
And methodically transfer your wealth to the Securities Industry.

If you do not understand this going in... then you need a course in Life 101.
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Great post, EricP. Short, but gives me (and perhaps others) lots to mull over.

Quote from EricP:

I disagree. The most successful traders I know despise risk and realize that they can make excellent returns while maintaining tight risk control. Non-risk-adverse traders are blowouts waiting to happen.
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Quote from Mike805:

Ripley,

... You have little confidence in yourself, your strategy - let alone YOU ADMIT on a regular basis that its impossible to take money from the markets. Do you realize that you constantly reinforce negativity into yourself and you DWELL on failure? Snap out of it, get some counseling and move on... the markets are not going to give you anything other than pain and frustration until you drastically change your thinking.

The OP has a problem most likely very similar to yours. Both of you need to destroy these illusions you have.

With respect to your comment on Risk/Reward in futures trading, you are wrong and I can prove it. Lets just leave it at that.

Mike
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Quote from HappyGoLucky:

Jho,

Please read my post above to B Ling, and reply to it as well, if you have the time and inclination.
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HappyGoNotSoLucky,

Your first posts makes you seem dillusional, you don't seem in touch with reality at all. This next post is a lot better, I can tell you are at least a little bit self aware (Which I think is a great trader trait).

To be completely honest, you would be F'ing insane to take the rest of your money and try to earn a living. The odds are horrible. I suggest you get a regular job (Hell, even if it's minimum wage) and work on developing strategies yourself. Save your money and in a year or two try to get back into the game slowly.

Unlazy yourself or you will ruin your life. Stay on ET, there is a lot of valuable info here. Read some books etc...

*Edit* Ok you have identified greed and laziness as your main problems. So work on that ... what can you do to fix this? You need to write up a trading plan on paper. Stick to it, never stray from it. Discipline. PM me if you need a trading plan example.


Good luck
 
Find my threads where I started 200k path to whatever, you can read a lot of good ideas I put down in there.


I don't have any unique edges to tell you , like arbing or whatever,
I'm not that smart :D

but I can telll you whats required to be a relatively profitable trader.

when I win, I win big, when I lose , I lose a few pennies,

I don't have a unique edge, its mostly indicators I written up in tradestation based on price only.

the steps you need to figure out in your journey

1. How to make your stops small.
think about this long and hard, test it out, look over charts, any questions pm me.

2. detection of trend reversal ,
How to accurantly point to one candle and say, this is the trend reverse candle right here, 12:35 , this big fat greencandle stick.

If price falls below this big fat candlestick, trend has reversed, if it stays above, we are now on an up trend or whatever.

3. Learn how to short stocks profitably
what pattern happens right before a fall?
4. Learn how to long stocks profitably
what patttern happens right before a rally?

The two above can be learned from trading spy or futures on a tick chart, open up a tick chart
trade with 1 contract, and keep trading till you get stopped out 50 times.

5. Learn to trade ALWAYS from a instutistional standpoint,
If I had 20 million dollars, how would I invest it?
Would I enter here?
Would I buy here?
Would I sell here?
What would make me buy 10 miillion dollars worth of stock within 5 minutes?
Would I look at a tick chart to invest 10 million dollars?

6. Keep a good mistakes journal
for every trading lost, write down why, etc... what can be fixed.
Trading losts = tuition paid, benefit from them.

Slowly you won't need to be paying as much later.


Thats a start, if any questions. send me a pm of a chart, or some entries, I'll tell you whats wrong with it

I'm pretty sure nobody will hand you a "real" edge, because real edges are very short lived and make a LOT of money,

real trading methologies last forever, just requires a lot of patience and knowledge to figure it all out.
 
one other thing

join a prop firm, sit around people who make lots of money everyday,

they'll teach you something after they get to know you in person.
 
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