Inventory Grab Alert 4/30/09!
- Thread starter AMT4SWA
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Quote from candles:
lol, you and every other trader on ET!
Just curious why it is so hard for people to believe that you can consistently pull 10 pts per day from the market?? Is it easy, heck no, but is it doable, I am sure that it is. Just because you yourself are not yet at the point where you can do it, does not mean that others have not figured out a way, and it doesn't mean that you won't figure out a way to do it eventually as well. If you don't truly believe that it is possible then why would you even bother trading?
Based on the performance that AMT has posted on ET, which I am making no judgement on one way or the other, it would appear that he consistently obtains at least 10 pts per day, yet I don't see anyone jumping down his throat for this. So why is it so hard to believe that someone like Ken, who has well over 10+ years trading behind his belt, has developed a strategy that consistently makes him an average of 10 pts profit per day? Is it so hard to fathom that after spending over a decade watching and learning the markets that you couldn't come up with something that works day in, day out?
(Btw, candles this is not directed specifically at you, just the disbelievers of consistent profitability in general)
i think the reason most people don't get it because they never get over the fact that every trade has unknown outcome the second u click buy or sell. this fear forces people to do the wrong things and not stick to whatever trading plan they had. its the long term edge that makes u money. even though ken and amt may make consistent 10pts a day I'm sure they'd agree with the fact that they don't know the outcome of every individual trade, they just know that with experience, they'll have a high probability to gain 10pt+ a day when executing perfectly on every trade.
people look for sure trades and want to be right... doesn't exist... confirmed entry means shit... nothing is ever confirmed as the market changes every second. its the psych factor people can't get over. I just started recently to see this from a personal perspective (been trading full time since last nov) and it has helped changed my trading alot...
W
I assume that since you only have a dozen posts you are more than one person. Is that correct? In the interests of full discloser, I have spoken to you several times on PM, but I assure you I am NOT this individual.
It's damn near impossible to make 4 pts day in and day out, year after year since "the markets change" (bull$hit). But it is likely thousands out of hundreds of thousands do. Whether they stick to it or move on to other things like Marty Schwartz (race horses) or Louis Borsellino, I do not know since I myself am very closed mouthed about specifics concerning my trading. As the number approaches 10 or beyond, you must have a valid system -not guessing or feeling market moves.
If you risk 4 pts to make 2, eventually you'll blow out since the odds are against you (you need 4 to 1 minimum). So how do you make 16 pts consistantly with a 4 pt stop?
Then you have to pull the trigger with real money on the line. Anybody can call tops and bottoms with nothing at stake except minor embarrassment as an anonymous individual. I can tell you about embarrassment;when you call the broker and you know he's thinking, this guy is ALWAYS wrong and thinking to yourself, I wonder if they actually put the orders in or do they just keep all the money for themselves since betting against you is a sure thing.
You have to ask yourself, since it is "impossible but doable," why would anybody who does do it reveal one iota about how they do do it, UNLESS, it doesn't really work for real? (Like when people write legitimate trading books with their systems that can't seem to work anymore). I've read hundreds of them in the past. Now, all of them are thrown away and I never even look at new ones anymore.
I think people won't invest the time and money necessary to be successful since after all, trading is a get rich scheme. So they back test with a thousand different permutations, like all before them who use similar tools, and then wonder, why isn't this working? That recent H&S called in the news is a perfect example. When H&S was first written about in Playboy Magazine, of all places, hardly anybody knew what it was. Now I don't even have to spell it out it is so widely recognized and understood. On a monthly chart (Gold, Crude, etc.) I could conceivably commit a large sum given the proper circumstances, but wouldn't risk a dollar on ES. When's the last time you saw a H&S on a monthly chart?
The truth is your chances of finding out how the market works and being successful are astronomical. It is arrogant to believe you are the one who can do it against the likes of GS! Good luck trying though...
Quote from JWF215:
"I'm sure they'd agree with the fact that they don't know the outcome of every individual trade, they just know that with experience, they'll have a high probability to gain 10pt+ a day when executing perfectly on every trade."
Not necessary to execute perfectly. That's what stops are for. Being right only half the time is more than sufficient to get it done with a good system. In fact if the system is too good, I'd bet my life it doesn't really work.
That's why people develop systems in the first place. It replaces greed and fear. You have permission to blame the system not yourself and keep on going.
I have a plaque on my wall in my office where I trade, reminding me to follow the system and hope it doesn't fail. On my keyboard is a reminder to follow the rules and just what they are lest I forget.
But my motto that has stood me in good stead all these years: "The profit that a man may find, in the ignorance of others." (see, you have to be arrogant to be a successful trader imo).
"I'm sure they'd agree with the fact that they don't know the outcome of every individual trade, they just know that with experience, they'll have a high probability to gain 10pt+ a day when executing perfectly on every trade."
Not necessary to execute perfectly. That's what stops are for. Being right only half the time is more than sufficient to get it done with a good system. In fact if the system is too good, I'd bet my life it doesn't really work.
That's why people develop systems in the first place. It replaces greed and fear. You have permission to blame the system not yourself and keep on going.
I have a plaque on my wall in my office where I trade, reminding me to follow the system and hope it doesn't fail. On my keyboard is a reminder to follow the rules and just what they are lest I forget.
But my motto that has stood me in good stead all these years: "The profit that a man may find, in the ignorance of others." (see, you have to be arrogant to be a successful trader imo).
I am mostly just a lurker, and typically refrain from posting due to the behavior displayed on most ET threads, thus the low post count. I in no way meant to intimate that I am you or that you are I, hope it didn't come across that way. Just didn't understand why so many people seemed to be appalled at the idea of day in/day out consistency.
No, that's how they think- always suspicious and back-biting! God forbid someone should say something nice! They're only nice to individuals they think they can use. In that case they can't kiss enough ass! It's disgusting actually. Not a critical or original thinker in the bunch.
I think this will be my last post as well. I'll go back to lurking too.
I meant to repond to your last PM and will tomorrow. I've had some personal things take up my slack time but I want you to know I don't intend to ignore you. We can keep in touch via PM.
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