lol, stop thinking immediately
Oh gosh, i give up here.... I seriously can't help anymore, it's doomed for failure.
Is my career over?
- Thread starter TruthSeeker247
- Start date
Oh gosh, i give up here.... I seriously can't help anymore, it's doomed for failure.
I believe you learn poker by playing poker not by reading about poker.
Can I ask you a question? Have you ever traded? I know some pretty successful traders who started out with $25,000, and one $50,000. I don't care what money managers make. All I know is that year in year out, my trader friends make quite a bit more than $31 per day on average. If this defies what is "possible" in the investment world, then they both must be freaks of nature.
This is not to say you do not have a point. I'm sure the high leverage my friends trade with puts their accounts at more risk than the money managers' accounts. Money managers look for arbitrage opportunities and hedge their bets on market direction (hence the "hedge" in "hedge fund"). It is possible to make, on average, $1,000 per day trading a $40,000 account. That $40,000 is at much greater risk, however, than the money being held by hedge and mutual funds (mutual funds, moreso).
Do you honestly beleive that a trader trading a $200,000 account is making, on average, a little more than $150 per day?
Quote from JMowery1987:
lol, stop thinking immediately
Oh gosh, i give up here.... I seriously can't help anymore, it's doomed for failure.
Don't give up. When you say something that I find useful I'll start listening.
Watch the language....people might begin to think you're a trailer trash brit.
you may be right. I may lose my remaining cash. But in the end, I will survive.
hmmm...you have one post....sounds like you may be mr. Mowery in disguise. lol
Wow man, you got a serious attitude problem, no wonder you blew your account.
I tried to help you, but you just keep proving me that you can't control yourself, you are STILL talking about trading 6 lots... how much more stupid can a person get?
No, I dont' need multiple aliases, but this other guy is right.
You call this guy trailer trash... WTF is wrong with you? Fucking pissed me off. I feel bad for even helping you now. Screw you man. The guy with 1 post probably has a better chance of success than you do.
This is what you get when you help people who are going to fail, they throw it back in your face, they don't listen. I have told you to trade 1 lot, but YOU ARE TOO GOOD FOR THE MARKET.
You can make it all back eh?
Well, you go ahead.
I'm pissed off because I wasted my time here. Bunch of BS trying to help out a gambler.
See... all you care about is the money, you don't even see the trades, you just see dollar bills, you are addicted to gambling, you even brought up poker.
Save you and your future family a lot of pain and get away from gambling immediately.
===
At least you answered your question for me. YES your career as a trader, ... which was incorrectly asked.... Is your career as a gambler over? NOPE, not even close. You will gamble your life away. Cheese had it right back when he said it first.
You are not a trader, you are a gambler, you don't deserve to be called a trader.
Of course you can. In fact, I'd argue that being in for small size all the time is important - never allowing yourself to get shaken off. Then, when you're right pyramid your position and make everything (and then some) back.
Read Reminiscenes of a Stock Operator. The main lesson is that pyramiding is key.
In the interest of full disclosure, I've just really begun doing this myself and, frankly, I feel kinda dumb for taking so long to figure it out.
Lets not just throw away the context shall we???
Which is a better approach, to becoming a great poker player?? Lets assume you and I want to be pro poker players and we each start with $50K.
My approach
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Dont play poker until I fully understand the game
Read all the poker books
Start working on my "poker system" - my set of rules that give me a real edge
Play on simulators until I consistently win
Play against real opponents using play money on line
When im consistently winning, start playing online at a 50 cent table
Play until im consistently winning
Move up to a $1 table, if I continue to win, move to a $2 table
and so on until im playing on the big tables making big money
Your approach
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Dive straight into the big tourneys, clueless about poker, with my $50K against big time pro's
Prediction: I will make money and become a great poker player
Prediciton: You will lose all your $50K very quickly - you will blow out many 50K accounts before you start getting decent
This is what I mean by you dont learn to trade by trading.
You are not ready to trade. You dont even have the most basic understanding of trading.
Its time to study and develop systems that are statistically sound before putting real money on the table.
Yes I trade, and I have more than 200K sitting in my account. I had a crap day today and made 2 grand.
You cant compare returns using massive leverage to returns using no leverage. If you dont have a system with very small drawdowns, using massive leverage will blow you out faster than anything.
Again, do some simple math, and lets see how realistic this is.
$1000 a day on 40K is 2.5% a day.
That works out to 8.9 MILLION in just 1 year. Pure hogwash.
Using massive leverage and super short term scalping style techniques, it possible to pull $1000 a day, but thats not scalable. These edges will run out one day and then you are dead with no income. I use several systems that will scale up just fine.
A trader with a 200K account making 20% a year works out to be $363 a day, assuming 220 trading days a year.
What I honestly believe is that you will never make $1000 off a 40K account. You are on the road to blowing out your accounts over and over again.
TS...................
Listen to what people tell you. You are not better than the markets.
Your arrogance will come back to haunt you. You believe you can beat the market. You are comparing your failure to others, you already believe you need to make it back to impress your "friends", and you have hopes of making big $$$, and that is all you look at is the dollar value.
I'm sticking my neck out again and saying you failed at this.
I just hope you don't plan on having a family anytime soon, I don't want you to end up hurting anyone else, because you are going to ruin yourself.