How to be a Guru in 10 easy Steps

Quote from Equalizer:

Your question assumes that "gurus" are psychodynamically stable and "normal". A rather huge assumption me thinks...
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LOL ... ProfLogic is so wrapped up in his own lies, I doubt he really knows what the truth is anymore. :p
 
Another guru-ism...

"I spent years teaching myself how to trade, lost more money than you can imagine, went to every seminar and bought every book....."

and then they ask for YOUR money, so you can be like them and make the same MISTAKE they do.

irony.

and funny.

then they say how they almost never listen to other gurus.

sure they don't.

LOL

gurus can never say ...

"I really have no idea."

then they try to teach you to leave your emotions at the door and listen to the market.....so they want you to be open-minded about the market, but they aren't.

interesting

comedy from a trader who cannot be a guru based on my definition;

"guys, i lost a ton, look at the trade results. and if i told you about the trades i didn't post you would be shocked how much i lost"

...."didn't post."

i'm positive all gurus leave out the bad stuff. smoke and mirrors.
 
I've been waiting for you to start a new thread: "How to be a Guru in 10 Hard Steps?"

Please don't disappoint me! Thanks in advance! :)
 
Today was one of the easiest trading days of the year.

Yesterday was probably the second easiest.

I can't wait until tomorrow.

If you aren't making money, you are likely not using my system.

Once you master price action, the rest flows so easily.

Today was the result of experience versus the un-informed.

I feel bad for the un-informed.

I take money from them all day...

blah, blah, blah, blah...

now buy my DVD!!!!
 
Quote from bwolinsky:

I would expect any person looking into a trading system or considering investing in any advisory service to understand at least a little probability theory. Positive expectancy without an explanation of what it is and expecting people to accept that you have positive expectancy with your system is the nature of gurudom, yes, but it is a great disservice for those of us that actually know what it means to dismiss it as guru-like offhand. Positive expectancy assumes that after completing your backtest you know your probability of winning times the percentage win less the probability of losing times the percentage loss should be greater than zero. To shorten this calculation, you could just say that a system has positive expectancy.

Indeed I've seen it used as proof of a system maybe incorrectly, but it takes third party verification to validate any trading system's claim, and is the main reason I can ride on anybody that comes onto ET and immediately expects recognition for free. Common objections when you start questioning a system include that they saw it work well in other places, and I've done it this way for 10,20,30 years despite affordable trading only being available since around 1995.
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After thinking on this awhile I’ve decided to respond…


Bwolinsky

Please know I am not posting this to prove you wrong… I am posting this to show how a discretionary trader’s mindset is different – along with the views a discretionary trader holds regarding some of the more widely accepted views.



TheBestGuruEver

I beg your indulgence and forgiveness Sir




I would like to address positive expectancy from one discretionary trader’s standpoint – in other words “my” standpoint

MY DEFINITION – of Positive Expectancy;

I am “positive” that I can “expect” my next trade – to either lose or make money


This is the only definition I acknowledge… (even though I remember someone on another thread being very adamant about how wrong I was when I posted my definition) so I’ll explain why – then y’all can decide if I am completely wrong…



STARTING POINT

First allow me to state some absolute truths about the mkt/ trading…

Absolute truth #1 – Everything works till it doesn’t

Absolute truth # 2 – The mkt is always changing/ evolving

Absolute truth #3 – Anything can and will happen in the mkt.


Btw – If anyone would like to dispute these absolute truths – please feel free to state your case… now onward



MY PERSPECTIVE

In order to be in total alignment with the above absolute truths… (which btw means I am trading with maximum efficiency and effectiveness.)

i I can not afford to be prejudiced or biased when entering a position.

ii I can not put anymore credence in one set up over another – else I am biased

iii I must always be willing to admit when a trade is not working and exit it – without hesitation or thinking…. Obviously for a loss – but a loss that’s within my accepted % to lose.


ASIDE

Could I identify specific set ups, then wait on them to materialize – sure I could – but why limit myself…, that is unless I am unable to manage myself…

Oh and there is still no guarantee any given setup will work is there – reference the absolute truths

(No RN; but there is a higher probability isn’t there… No there is not – that is an illusion folks - so humans can have some sense of knowing, some sense of control, some sense of creating certainty – out of a completely uncertain environment)



Give up control to gain control, accept uncertainty to create certainty – it will serve you well


TO CONTINUE

So if I were to enter a position with the mindset that this setup has a “positive expectancy” (as defined by the commonly accepted definition) and it fails – then I might hesitate / second guess my decision to exit – and remain in the position longer – thereby exposing myself to losing more….

CONCLUSION

Should I ever fool myself into thinking/ believing/ knowing – “any” set up has x more % of working than another (it has a positive expectancy as define by the commonly accepted definition) – then I have just discounted all the above absolute truths, biased myself, minimized my trading effectiveness and efficiency, and more importantly – potentially set myself up for a blow out, or at best a loss of major proportion (a loss exceeding my accepted %).

Additionally I have also acknowledged that I do not trust myself – nor can I manage myself in a completely uncertain environment.

No Thank You


I have one definition – It’s served me well over the years… I’m sticking with it



NOW HAVING SAID THAT

I realize and acknowledge an automated trader is working under a different set of circumstances. I also acknowledge a positive expectancy (as defined by the commonly accepted definition) is an absolute must for an automated trader.

So I agree – and just as Bwolinsky has stated – a positive expectancy (as define by the commonly accepted definition) is important when using a system

However I (a discretionary trader) also maintain – the term positive expectancy (as define by the commonly accepted definition) – is a guru-ism – and utter BS


Regards

RN
 
I agree and accept your humble forgiveness. haha.

As long as your definition doesn't not completely paralyze a trader from taking any trading; moreover, destroying confidence that they have an edge, then i 100% am with you.

there is a fine line.

I do believe in some "truths" in the market; however, this doesn't mean I don't put in stops -- simply because the market could care less what i think.

hope this makes sense.

i'm a guru -- so likely it doesn't

LOL
 
Quote from TheBestGuruEver:

I agree and accept your humble forgiveness. haha.

As long as your definition doesn't not completely paralyze a trader from taking any trading; moreover, destroying confidence that they have an edge, then i 100% am with you.

there is a fine line.

I do believe in some "truths" in the market; however, this doesn't mean I don't put in stops -- simply because the market could care less what i think.

hope this makes sense.

i'm a guru -- so likely it doesn't

LOL
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With regard to potentially/ completely paralyzing a trader – I agree – and maybe initially I was also (after all, I no longer had my security blankets to give me that warm fuzzy feeling)

But now what I find is total freedom – to move it and out of the mkt at will – in other words – trade it coming, going, and bouncing in between – no matter

Trust what I see – trade what I see – know when I would be wrong – exit when I am wrong - take the money when the mkt offers it up

It is a paradigm shift in thinking no doubt – but I am a simple minded person - so I must KISS always


Yes stops are a trader’s best friend – without question – and must never be violated


And as we all “should” know – price will do what it damn well pleases – 100% of the time – no matter what we think, hope, or want



And I am absolutely certain the mkt doesn’t even know I exist – which is amazingly funny – because I can remember a time when I thought the mkt was out to get little ole me

Ahhh the good ole days – NOT


Regards

RN
 
Quote from Redneck trader:

With regard to potentially/ completely paralyzing a trader – I agree – and maybe initially I was also (after all, I no longer had my security blankets to give me that warm fuzzy feeling)

But now what I find is total freedom – to move it and out of the mkt at will – in other words – trade it coming, going, and bouncing in between – no matter

Trust what I see – trade what I see – know when I would be wrong – exit when I am wrong - take the money when the mkt offers it up

It is a paradigm shift in thinking no doubt – but I am a simple minded person - so I must KISS always


Yes stops are a trader’s best friend – without question – and must never be violated


And as we all “should” know – price will do what it damn well pleases – 100% of the time – no matter what we think, hope, or want



And I am absolutely certain the mkt doesn’t even know I exist – which is amazingly funny – because I can remember a time when I thought the mkt was out to get little ole me

Ahhh the good ole days – NOT


Regards

RN
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Day trading is a loser’s game. On AVERAGE, the expectancy is always negative, considering spread and fees. When you are hoping for a 0.50 gain, you lose 0.04 on spread and maybe another 0.01 for commission, so right off the bat, you are in a NEGATIVE expectancy of 40:60, much worse than blackjack. That is why no wonder 98% lose this game. "GURUS" do not disclose these odds/facts.

I think of this “negative expectancy” every time I make a individual trade.

Cut losers quick and never let my emotion involved is my “Holy Grail” to turn them POSITIVE as a whole after thousands of trades.
 
This is 100% proof I am the best trader ever. Oh, don't believe me, well look at my timestamp trading!!!

There, proved it.

09:43:56 {guru} i will own this market today, easy
09:45:00 {guru} good thing i got +10 overnight
09:47:56 {guru} selling ES here

09:48:56 {guru} moving stop down

09:49:56 {guru} out +9
09:50:56 {guru} sold TF, out +18
09:51:56 {guru} covering YM short, +180
09:53:56 {guru} out bonds, +$7,000 so easy
09:56:56 {guru} with my system, you never lose
09:59:56 {guru} i'm done, super easy trading

BUY MY CLASSES YOU MORONS!!!!

Note: All results possibly hypothetical...
 
Quote from TheBestGuruEver:

This is 100% proof I am the best trader ever. Oh, don't believe me, well look at my timestamp trading!!!

There, proved it.

09:43:56 {guru} i will own this market today, easy
09:45:00 {guru} good thing i got +10 overnight
09:47:56 {guru} selling ES here

09:48:56 {guru} moving stop down

09:49:56 {guru} out +9
09:50:56 {guru} sold TF, out +18
09:51:56 {guru} covering YM short, +180
09:53:56 {guru} out bonds, +$7,000 so easy
09:56:56 {guru} with my system, you never lose
09:59:56 {guru} i'm done, super easy trading

BUY MY CLASSES YOU MORONS!!!!

Note: All results possibly hypothetical...
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Did Spectra teach you?
 
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