I have 60-61 area as first target on an inverted H and S.
ES Journal Archive (2006 - 2008)
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I have 60-61 area as first target on an inverted H and S.
Although I don't think theres any glaringly obvious side to take right here, I also think there are a couple of short opportunities to be had. 1557-1559 has been an important zone if you look at a 15-30 min chart of the past week. In addition, at SPX open tomorrow, the downward trendline starting from the all-time highs, will be at ~1548.25 on SPX (so ~1558.00 on ES)... I'll be looking to sell 1557, but I'm not gonna lose sleep over it. This level works out well since if they feel like blowing the stops from todays highs the volume should carry it up to 1557 where some real selling should start... well thats my theory... we'll see.... night all
No, we are not genetically the same or even close to the same. Do you think you could be trained or even learn to the level of Goethe, Da Vinci, Einstein, Björn Borg, Winston Churchill, Bach, Mozart, Beethoven , Chopin, etc. Genius in trading is no different and to think you can achieve such greatness is ludicrous. If you think it so--please show us your trading success with a legitmate broker or just go away.
All The Best, DMartin
So everyone has the ability to be a surgeon or a great trader with the proper training and practice. There really is no difference in terms of abilities--itâs simply education and training. Obviously anyone can be a Jerry Rice, Joe Montana, Arthur Schopenhauer, Ralph Waldo Emerson, Frank Sinatra, etc. We all can achieve such greatness with just the appropriate training and practice.
Please provide us with your brokerage account for the past year so we can view your genius.
All The Best, DMartin
Trading is a learned behavior requiring discipline, patience, and self-control.
If I were to teach someone to be a trader, I'd look for those qualities. I would not look for education.
I was a member of Mensa at one time in my life and am right now an academic (when I am not trading--I teach outside of trading hours)--believe me when I say that genius and education have little to do with trading excellence.
On the contrary, I would say that they may be obstacles to overcome.
On this train to be a genius argument:
I used to be an elite bicycle racer at a national level. I had the pleasure to race against, and with, some amazing bike racers including Lance Armstrong early in his career. It took me 12 years training 15-20 hours a week to get to the level I was at. I had coaches, diet, equipment, training plans, testing, family support etc. At the end of my career at 32 I had more or less reached my full potential. I couldn't get any faster. 12 years and at the end I was just an ok bike racer.
Now take my teammate that joined our team the last year I raced. The year before he was this big fat guy who took up riding to lose some weight and decided he'd try a local race and got the bug. By the next year he was on one of the top amateur teams in Canada (mine). The year after that a smaller pro team in the States. The year after that one of the top US teams. Recently he just won the UCI America Tour.
My teammate greatly exceeded my achievements within a couple of years of being a bike racer. Did he train more than me? Eat better? Have a better training plan? No. I actually was better at all those things. No, he was better than me for one simple reason: god given talent. And I would never find enough hours in the day, or start early enough as a youth to be able to overcome his marginal propensity to outperform me.
Anyone who says otherwise, really doesn't know what they are on about.
I used to be an elite bicycle racer at a national level. I had the pleasure to race against, and with, some amazing bike racers including Lance Armstrong early in his career. It took me 12 years training 15-20 hours a week to get to the level I was at. I had coaches, diet, equipment, training plans, testing, family support etc. At the end of my career at 32 I had more or less reached my full potential. I couldn't get any faster. 12 years and at the end I was just an ok bike racer.
Now take my teammate that joined our team the last year I raced. The year before he was this big fat guy who took up riding to lose some weight and decided he'd try a local race and got the bug. By the next year he was on one of the top amateur teams in Canada (mine). The year after that a smaller pro team in the States. The year after that one of the top US teams. Recently he just won the UCI America Tour.
My teammate greatly exceeded my achievements within a couple of years of being a bike racer. Did he train more than me? Eat better? Have a better training plan? No. I actually was better at all those things. No, he was better than me for one simple reason: god given talent. And I would never find enough hours in the day, or start early enough as a youth to be able to overcome his marginal propensity to outperform me.
Anyone who says otherwise, really doesn't know what they are on about.
Yes, discipline trumps conviction.
That's the beauty of this game, the above qualities that you mentioned level the playing field.
Intellect helps to process information and solve the problems that exist before every trader, that's all.
Yep, thinking too much can definitely be a problem ... and as for the guys with intellect and education, well, we see what happens to them. They have to be right, and they think they can outsmart the markets (ref, Victor Neiderhoffer, LTCM, the latest Goldman Hedge fund debacle). :eek:
JJ
... and on the flip side.
I used to be a classical dancer.
I was a good dancer before working with a former eastern block trainer (extraordinary physical conditioning) and russian ballet teacher (pure technique).
After spending six months of just working with them and nothing else (the diehards know what I'm talking about) I reached levels of excellence that I never knew existed.
... and for the record, I was 25 at the time.
Nature vs. Nurture?
Fate certainly plays a hand in everything we do and our ultimate destination in life, but it doesn't hurt to have a helping hand along the way.
Good trading,
JJ
When I was 16 - I was chessmaster. At that time I thought that I will be worldchampion in sure. One day I played with Garik /Kasparov/ that was considerable younger than me. I understood that I will be never world champion. I left chess - may be mistake, looking at where did my former competitors get I will be probably at the best somewhere about 50th in world ranking. Not bad but tt was not interesting for me.
Although I had big talent it was not enough to be the first - and I was not able psychically to go throug that fact. Secondary problem is that I was afraid that one day will computers play chess better than peoples... But probably could be my life much more wealthy if I will stay play chess like it was.
Now I am started trading. It is not easy if you are 50 and living in country where is no tradition in it. During my first half year I am down about 20%. But I will be succesful, I know and have no doubts. Of course, I will be not Buffet but I will in future get enough to have comfortable end of my life /and I hope enough I can work like hobby in part of science where I am really good, just there is no chance get paid for it without moving to another country what I will not to do/. I choosed trading because I feel that this is my field - althouhg it is so painful.
This is the biggest difference between winners and losers. Winners know they will be succesful - if they will hard work enough long. They do not have doubts about it. The way to go is hard and slow but on end will be success. Heads up, life is fight that you need win every day.
Happy trading
Although I had big talent it was not enough to be the first - and I was not able psychically to go throug that fact. Secondary problem is that I was afraid that one day will computers play chess better than peoples... But probably could be my life much more wealthy if I will stay play chess like it was.
Now I am started trading. It is not easy if you are 50 and living in country where is no tradition in it. During my first half year I am down about 20%. But I will be succesful, I know and have no doubts. Of course, I will be not Buffet but I will in future get enough to have comfortable end of my life /and I hope enough I can work like hobby in part of science where I am really good, just there is no chance get paid for it without moving to another country what I will not to do/. I choosed trading because I feel that this is my field - althouhg it is so painful.
This is the biggest difference between winners and losers. Winners know they will be succesful - if they will hard work enough long. They do not have doubts about it. The way to go is hard and slow but on end will be success. Heads up, life is fight that you need win every day.
Happy trading
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