all the wins and losses combined off traders = 0.
now, even if we ignore this fact, getting a fixed price in a volatile market due to speculators is that really value? WIthout speculators the market wouldnt be volatile (example oil 2007). My 2cents.
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I feel like giving up!
- Thread starter Unquestionably
- Start date
all the wins and losses combined off traders = 0.
now, even if we ignore this fact, getting a fixed price in a volatile market due to speculators is that really value? WIthout speculators the market wouldnt be volatile (example oil 2007). My 2cents.
tHE MINDSET OF A TRADER IS LIKE IN POKER. BE BETTER THAN OTHER TRADERS.
because you need others to lose, in order to win yourself.
because you need others to lose, in order to win yourself.
It is not really the same because in poker one has fixed odds. Nobody knows the true odds in trading.
I've thought about this myself somewhat. If it really is a competitive game, and sometimes I feel like it is. But, for the most part I don't because even if you know what to do then most others don't.
Even if you win all the time, you can't prove the future thus you can't prove you have an absolute advantage. You never know if you will continue to win in the future and no one else can know that either.
Basically, in order to be a competitive game then we have to assume that both players know the perfect action to take. We've seen often that neither side knew the perfect action to take.
For example, a short may cover and a long may buy but the market heads even lower. Neither trader took the right action given complete information. I think if you are feeling like the game is too competitive then you maybe are not approaching it in a your own unique way.
There is a need to be competitive though with oneself.
I've thought about this myself somewhat. If it really is a competitive game, and sometimes I feel like it is. But, for the most part I don't because even if you know what to do then most others don't.
Even if you win all the time, you can't prove the future thus you can't prove you have an absolute advantage. You never know if you will continue to win in the future and no one else can know that either.
Basically, in order to be a competitive game then we have to assume that both players know the perfect action to take. We've seen often that neither side knew the perfect action to take.
For example, a short may cover and a long may buy but the market heads even lower. Neither trader took the right action given complete information. I think if you are feeling like the game is too competitive then you maybe are not approaching it in a your own unique way.
There is a need to be competitive though with oneself.
Quote from failed_trad3r:
tHE MINDSET OF A TRADER IS LIKE IN POKER. BE BETTER THAN OTHER TRADERS.
because you need others to lose, in order to win yourself.
honestly, the comptetive edge and desire to win are...HUGE...you have to have such discipline of steel that if you blow your account 10 times you'll be back...because you will win!
I started transitioning into day trading this week and all I can say is... Wow! Before, I was losing +$200 to several $k's per trade swing trading w daily charts (if things went wrong). Now, I'm churning out losses at around $50/trade. Big improvement! :eek:
Quote from short&naked:
This is from the article above and complete bullsh*t. Gate's programming abilities had nothing to do with Microsoft's launch. He bought DOS for 50,000 USD sold it to IBM. The only talent needed here was guts (and nerve).
_______________________________________________
Sneaking Out to Write Code
You already know how Microsoft was founded. Bill Gates and Paul Allen dropped out of college to form the company in 1975. Itâs that simple: Drop out of college, start a company, and become a billionaire, right? Wrong.
Further study reveals that Gates and Allen had thousands of hours of programming practice prior to founding Microsoft. First, the two co-founders met at Lakeside, an elite private school in the Seattle area. The school raised three thousand dollars to purchase a computer terminal for the schoolâs computer club in 1968.
A computer terminal at a university was rare in 1968. Gates had access to a terminal in eighth grade. Gates and Allen quickly became addicted to programming.
The Gates family lived near the University of Washington. As a teenager, Gates fed his programming addiction by sneaking out of his parentsâ home after bedtime to use the Universityâs computer. Gates & Allen acquired their10,000 hours through this and other clever teenage schemes. When the time came to launch Microsoft in 1975, the two were ready.
Facebook founder Mark was obsessed with programming since childhood. He used to develop software programs for his father dental clinic PC.
That story is right about gates. Gates and Allen brain neuron circuits changed with so much of programming practice before finding Microsoft.
Skills are transferable whether one build windows or buy or sell DOS. Basically 'practicing programming' was one great skill where they both put great number of hours starting from teenage.
Quote from Unquestionably:
Went into trading thinking that I'd make millions.
Wasted 4.8 years of swing trading only to find out I'm faring no better than taking up a McJob.
Should I have spent those years building up a business instead.
Trading is a waste of time.
Additional proofs:
Cooweb => Made millions in business. He wanted to make 200K/year and couldn't achieve this goal in 5 years.
Neke => Been trading since 1999 (+10 years; all time equuity high => $800K = <80K/year average).
(If you want the big money, go into business).
My suggestion:
One should get a full time job, work 20 hours a week in practicing trading skill.
20 hours a week for 10 years will translate to approx 10,000 hours of practice.
After 10 years, start trading business by going live with one contract.
Then expand the trading business by trading more contracts while holding full time job for next 5 years.
Now after 15 years that is by 2026, you are ready to quit your full time job and trade full time and enjoy life.
Problem is most of us start trading like in late 20s, so giving 15 years of practice means money starts pouring in by mid 40s.
Coming from an entreprenual background
Having started and failed several businesses and am currently
in the process of running one.
I have to say that starting a viable businness with limited capital is VERY HARD.
You have to find a niche and improve your edge in that area.
And even when things are going well, you can suddenly find yourselves upside
down due to client payment delenquincy and new regulatory changes.
And as I've started day trading, I've found ET and stocktwits.com have helped
me the most. ET is like the counter stocktwits, Negative vs Positive sentiment.
After a loosing streak of unsystematic trade, here are my latest day trades.
USD
+AKBA 2014-03-20, 14:43:25 - 70 24.0900 26.6950 -1,686.30 -1.00 1,687.30 0.00 182.35 O
+AKBA 2014-03-20, 14:51:52 - -70 24.7500 26.6950 1,732.50 -1.04 -1,687.30 44.16 -136.15 C
Total AKBA 0 46.20 -2.04 0.00 44.16 46.20
+ISR 2014-03-20, 06:39:14 - 600 2.8500 3.3000 -1,710.00 -3.00 1,713.00 0.00 270.00 O
+ISR 2014-03-20, 08:00:16 - -600 2.6500 3.3000 1,590.00 -3.04 -1,713.00 -126.04 -390.00 C
+ISR 2014-03-20, 08:10:07 - 600 2.7800 3.3000 -1,668.00 -3.00 1,671.00 0.00 312.00 P;O
+ISR 2014-03-20, 14:02:09 - -600 3.2700 3.3000 1,962.00 -2.64 -1,671.00 288.36 -18.00 P;C
Total ISR 0 174.00 -11.68 0.00 162.32 174.00
Total 220.20 -13.72 0.00 206.48 220.20
USD
+ECYT 2014-03-21, 08:44:04 - 100 31.0000 28.1700 -3,100.00 -1.00 3,101.00 0.00 -283.00 O
+ECYT 2014-03-21, 09:03:21 - -100 38.0100 28.1700 3,801.00 -1.08 -3,101.00 698.92 984.00 P;C
Total ECYT 0 701.00 -2.08 0.00 698.92 701.00
+MNGA 2014-03-21, 08:40:11 - 600 1.8600 2.4000 -1,116.00 -3.00 1,119.00 0.00 324.00 O
+MNGA 2014-03-21, 09:22:56 - -600 2.0500 2.4000 1,230.00 -3.03 -1,119.00 107.97 -210.00 C
Total MNGA 0 114.00 -6.03 0.00 107.97 114.00
Total 815.00 -8.11 0.00 806.89 815.00
Altough the basic principle definitely applies to note most of the advice on ET is geared torwards commodity and FOREX,
anny input on NASDAQ small caps day trade ?
But I really appreciate all your guys input so far in this thread.
And I again i thank you, you guys are the best(in a trolly kind of way)
SO shout out to unquestionably, dead dog, kingfisher, coolweb and all you guys
in this thread.
Altough it seems I'm a few years late in joining the discussion, I hope you guys read my
thank you message.
Cheers
Adrian
Having started and failed several businesses and am currently
in the process of running one.
I have to say that starting a viable businness with limited capital is VERY HARD.
You have to find a niche and improve your edge in that area.
And even when things are going well, you can suddenly find yourselves upside
down due to client payment delenquincy and new regulatory changes.
And as I've started day trading, I've found ET and stocktwits.com have helped
me the most. ET is like the counter stocktwits, Negative vs Positive sentiment.
After a loosing streak of unsystematic trade, here are my latest day trades.
USD
+AKBA 2014-03-20, 14:43:25 - 70 24.0900 26.6950 -1,686.30 -1.00 1,687.30 0.00 182.35 O
+AKBA 2014-03-20, 14:51:52 - -70 24.7500 26.6950 1,732.50 -1.04 -1,687.30 44.16 -136.15 C
Total AKBA 0 46.20 -2.04 0.00 44.16 46.20
+ISR 2014-03-20, 06:39:14 - 600 2.8500 3.3000 -1,710.00 -3.00 1,713.00 0.00 270.00 O
+ISR 2014-03-20, 08:00:16 - -600 2.6500 3.3000 1,590.00 -3.04 -1,713.00 -126.04 -390.00 C
+ISR 2014-03-20, 08:10:07 - 600 2.7800 3.3000 -1,668.00 -3.00 1,671.00 0.00 312.00 P;O
+ISR 2014-03-20, 14:02:09 - -600 3.2700 3.3000 1,962.00 -2.64 -1,671.00 288.36 -18.00 P;C
Total ISR 0 174.00 -11.68 0.00 162.32 174.00
Total 220.20 -13.72 0.00 206.48 220.20
USD
+ECYT 2014-03-21, 08:44:04 - 100 31.0000 28.1700 -3,100.00 -1.00 3,101.00 0.00 -283.00 O
+ECYT 2014-03-21, 09:03:21 - -100 38.0100 28.1700 3,801.00 -1.08 -3,101.00 698.92 984.00 P;C
Total ECYT 0 701.00 -2.08 0.00 698.92 701.00
+MNGA 2014-03-21, 08:40:11 - 600 1.8600 2.4000 -1,116.00 -3.00 1,119.00 0.00 324.00 O
+MNGA 2014-03-21, 09:22:56 - -600 2.0500 2.4000 1,230.00 -3.03 -1,119.00 107.97 -210.00 C
Total MNGA 0 114.00 -6.03 0.00 107.97 114.00
Total 815.00 -8.11 0.00 806.89 815.00
Altough the basic principle definitely applies to note most of the advice on ET is geared torwards commodity and FOREX,
anny input on NASDAQ small caps day trade ?
But I really appreciate all your guys input so far in this thread.
And I again i thank you, you guys are the best(in a trolly kind of way)
SO shout out to unquestionably, dead dog, kingfisher, coolweb and all you guys
in this thread.
Altough it seems I'm a few years late in joining the discussion, I hope you guys read my
thank you message.
Cheers
Adrian