Quote from kidPWRtrader:
I am a still complete noob and will state that every single day until i am consistently profitable live for > few months. Why so much ego I don't get it?
I really got no clue how legit people deal with posting on ET. Applause to you Landis lol...
Thanks.
You are wise beyond your years my friend. You have touched upon one of the single most important aspects of TRADING and money management. The EGO.
The problem with most of the posts in the TRADING FORUM is that they show absolutely ZERO basis in technical analysis, and therefore don't have much of a methodological leg to stand on from the get-go.
In developing and sharing a methodology that is based in technical analysis, one can have a much greater opportunity at being a successful trader because there are quantitative "set-ups" and patterns that take place that can be identified due to price action/behavior.
At the end of the day, we
TRADE PRICE. We don't trade the Economy, we don't trade what the Treasury Secretary said, we don't trade earnings reports, or what the CPI was last week. We let PRICE confirm which way the trend is, and act accordingly.
As traders, we get paid in PRICE.
It's all about PRICE and being able to accurately define and identify the trend. How anyone thinks that they can do that on a consistently successful basis WITHOUT USING PRICE is absolutely beyond me!
As for the people on this thread that are stubbornly short the QID and NDX . . . The bottom line is that the Nasdaq never made a new low like all of the other major indexes did in July. In fact, the Russell 2000 had a successful "re-test" of the March low back in early July.
Of all the indexes that people have chosen to stick their head in the sand and short, this was the worst to choose from.
But this is quite typical of people that really have no plan ( or stop losses ) when it comes to trading. Instead, they find an ETF that looks "cheap" or they miss-out on a rally and then find ways to "out-smart" it with their EGO trying to call some sort of a "top", using every news item in the book to RATIONALIZE why they are fighting the current trend.
As traders, we simply seek to SELL or BUY and have no real use for the WHY because PRICE is omnipotent. - - - The WHY is where the Ego enters the game, and that becomes especially dangerous.
Some people on this thread have yet to learn that distinction. They see crude oil in a tremendously strong uptrend, and because they are unable to play the LONG side, they rationalize that Crude is in some sort of a "bubble". For these people, the term "bubble" becomes synonymous with their
inability to identify the trend and make money off it!
Sure, there might be a "pull-back" that allows some of these shorts to finesse their way out of a losing trade, but wouldn't it be a lot easier if you were able to identify and confirm the trend via PRICE and not FIGHT THE TREND in the first place?
Good Luck to All.
