It's not a question of "emotional discipline" but of emotional maturity. But the losing trader will either not acknowledge that this is a problem or will acknowledge that it's a problem not be able to do anything about it. He not only does not have the trader's mindset but probably doesn't even know what it is.
Is day trading worth it?
- Thread starter Laissez Faire
- Start date
It's not a question of "emotional discipline" but of emotional maturity. But the losing trader will either not acknowledge that this is a problem or will acknowledge that it's a problem not be able to do anything about it. He not only does not have the trader's mindset but probably doesn't even know what it is.
One would think so, and that's what's advanced in forums like this. But one must still implement, and even with a "proper edge", the emotionally immature trader can't do that correctly.
I'm sorry but I think you have me mixed up with someone else. Both your statements are wrong.
I'm sorry but I think you have me mixed up with someone else. Both your statements are wrong.
You can look it up if you like. But it really doesn't matter. As I said, if you've found something else, then go with that.
Most traders don't even get to the stage when emotional discipline (which is a derivative of emotional maturity) is needed. Why? Because it's easy to follow the rules if you mathematically and objectively see they "work" for real.
For most trading approaches though, it's not easy to experience for a newbie, because edges are fuzzy and even watching another successful trader applying them is not much of help.
A minimum level of emotional maturity is required, however, to "objectively see" that they work. In fact, a minimum level of emotional maturity is required to be objective in the first place. Again, it's the trader's mindset. You have it. You saw that what you had been doing wasn't working as well as it had so you altered your approach. Someone without that mindset would have kept hammering away at losing tactics and even a losing strategy, finding fault and placing blame with anything and/or anyone else but himself.
NoDoji posted something in another thread that is key to a discretionary approach, from Douglas:
So when I get a signal from my methodology, at the most fundamental level what this is telling me is that the odds are in my favor that somebody is going to come into the market (this is what the pattern means) and bid it higher than here if I bought or offer it lower than here if I sold. Thatâs all that itâs saying. Now theyâre either gonna come or theyâre not, and so as a result I donât look at this as being a ârightâ or a âwrongâ; I look at this as âHow much distance am I going to give the market to move away from my entry point to tell me that theyâre either going to come or theyâre not, and any further is not worth the cost of finding out.â
Yet the losing discretionary trader won't have the least idea what this means.
One can seek refuge in automation and a mechanical approach and can even find success with that, but, again, he has to have the emotional maturity to leave it alone. Otherwise he runs the risk of trodding the same path as a discretionary trader.
My goodness. So much negative energy expended on such a subjective topic.
If one has the mental fortitude and is consistently profitable Day Trading, then it is.
If one doesn't, than it isn't.
TA is a tool. For those that have developed an effective methodology, it has value.
For those that haven't, it doesn't.
Feeding your family Day Trading? Then it is worth it.
Not able to pay the bills? Then it is just a hobby or a dream...
But this continual diatribe and aggression is a futile endeavor.
Time is much better spent improving one's own abilities.
For those who have developed successful methodologies, go outside smell the flowers, enjoy your family and live life... ignore the trolls and naysayers... Life is just too short...
If one has the mental fortitude and is consistently profitable Day Trading, then it is.
If one doesn't, than it isn't.
TA is a tool. For those that have developed an effective methodology, it has value.
For those that haven't, it doesn't.
Feeding your family Day Trading? Then it is worth it.
Not able to pay the bills? Then it is just a hobby or a dream...
But this continual diatribe and aggression is a futile endeavor.
Time is much better spent improving one's own abilities.
For those who have developed successful methodologies, go outside smell the flowers, enjoy your family and live life... ignore the trolls and naysayers... Life is just too short...
I have a method and system that is easily implemented and low risk. I personally use it to make 5 k a day! Ask yourself what you could do with an extra 1 million dollars per year with a system that practically runs itself, all you have to do is push a button. I am providing a mentorship and educational program for only 999!
After reading some posts in this thread it seems that people on here are vendors and sell systems. People think about how ridiculous it would be, if I was actually making a million dollars a year so easily to sell my secrets and make them public for a fools ransom. Why would anyone put a successful method worth millions into the public domain effectively diluting it and negating its value for thousands?
After reading some posts in this thread it seems that people on here are vendors and sell systems. People think about how ridiculous it would be, if I was actually making a million dollars a year so easily to sell my secrets and make them public for a fools ransom. Why would anyone put a successful method worth millions into the public domain effectively diluting it and negating its value for thousands?
Hm. Are you trolling? You're stating things you can't possibly know anything about.
For the record, I did study "the material" (you say I didn't) and I had a very clear idea on what the SLA was even before I joined the once active "SLA chat" or started my now defunct journal.
I was fully aware of what mean regression is in the SLA context (you say I wasn't) and the auction market theory as you explain it in the PDF you shared.
All I've said is I find the SLA rules a bit fuzzy which explains why so many that have tried to apply them - including me - have failed. I don't think the error is on the student in this case. Not necessarily on the teacher, either.
In any case I'm grateful that you once decided to share the SLA method. I'm still working on it (despite you saying that one should "get it" within 6 months or go do something else).
