Yes. None of that surprises me. Were you in the military at some stage? Have you suffered some terrible trauma in your life? If you burn through shrinks then perhaps it is because they are telling you things that are too painful for you to bear. 30 seconds for self reflection sounds an excellent start. Well done you for making the effort.
Is Trading Itself a Bad Trade? I Analyzed the Industry- Prove Me Wrong
- Thread starter cityboy12
- Start date
I was helped out of a third story (floor to ceiling) window when stationed in Marseille and gravely injured from the fall. 25 broken bones and my achilles was nearly severed. A few reconstructions and lots of PT. It hurt, Bro! Thanks for the support!
No, you misunderstand. My exit shrink in Bethesda quit the profession after taking me on.
Well you are doing the right thing. I think you mentioned Swedish blood? I imagine that could well bring its problems? I think depression and trouble with alcohol can be a big problem for those of Scandinavian origin. But hopefully you suffer from neither.
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Catchy Title Citi12; Zen And The Art of Archery. Fred Bear, founder of Bear Archery Co , loved to shoot instinctive; but most championships are won with sights/complex sight systems. Good things about investing in stocks; dividends + can turn that investment into a trade much easier than; turning a trade into an investment.
Was in the military. No trauma, no PSTD or other issues. No 'shrinks' and no issues of any shape or form. Some of the hard training I went through meant I had to develop mental resilience and strength of character and I relied on things like the teaching of Marcus Aurelius/stoicism to get me through.
I would argue having a strong mind is essential. You do read a lot about trading psychology being crucial (and in most cases this pure charlatanry) but, from what I have seen on this forum (i.e. the emotional, envious and unbalanced posts) I cannot possibly see how any of the posters can handle the stress or risk required to be successful in trading or any other high pressure occupation for that matter.
I would argue that the absolute first step everyone should do before even opening an account or buying screens is to sit down (for weeks if necessary) and truly understand why they want to trade. Then write down a list.
When I was working with retail clients I would sometimes tell them before they opened an account to never place a trade unless they had a 'logical dispassionate reason' to do this . I was trying to save them from themselves (for ethical reasons- I actually made less money due to this).
The vast majority would go on to compulsively trade based on addictive behaviour, hunches, emotional highs and lows etc. If you can't control that part of you...then that part of you will control you.
I would argue having a strong mind is essential. You do read a lot about trading psychology being crucial (and in most cases this pure charlatanry) but, from what I have seen on this forum (i.e. the emotional, envious and unbalanced posts) I cannot possibly see how any of the posters can handle the stress or risk required to be successful in trading or any other high pressure occupation for that matter.
I would argue that the absolute first step everyone should do before even opening an account or buying screens is to sit down (for weeks if necessary) and truly understand why they want to trade. Then write down a list.
When I was working with retail clients I would sometimes tell them before they opened an account to never place a trade unless they had a 'logical dispassionate reason' to do this . I was trying to save them from themselves (for ethical reasons- I actually made less money due to this).
The vast majority would go on to compulsively trade based on addictive behaviour, hunches, emotional highs and lows etc. If you can't control that part of you...then that part of you will control you.
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I don't drink. Perhaps you should start?
Well done you. Very sensible. No I don't drink or smoke.
Last time I checked, Einstein didn't graduate from a top university in the US or Europe, he wasn't teaching at a top university when he published his theory of relativity. In fact he was working in the patent office as a patent clerk.As an example, look at the calibre of people hedge funds hire. You have to live in the real world.
https://www.efinancialcareers.com/jobs-Hedge_Funds.s015
Usually need advanced degrees in math, physics etc. Occasionally Phd degrees. Best is from a top tier university. Increasingly, programming skills.
Here is one where they require a track record of producing $2mil P&L. Minimum masters in a quantitative field.
https://www.efinancialcareers.com/j...DER_-_HFT_PROP_FIRM_NEW_YORK_BASED.id05515367
I wish the world was fair and a retail day trader with no qualifications could compete, but they have thousands of hungry candidates for these jobs. Only the best get through.
I am sure Desterio will send them his IRA account stats (with all the commas) and get the job
I forgot to add. The narrative from the 'feel-good' motivational speakers and gurus is that 'you too can be a millionaire' despite the empirical evidence. People essentially 'want to believe'. Unfortunately, if you do not fulfill requirements like
1 Elite qualifications
2 High level mathematical skills
3 Programming skills
4 Verifiable track record
5 Location issues- being based in a major financial centre
The odds will be so stacked against you then defacto it will be nearly impossible. That's the reality.
Equally, fund-raising for a hedge fund without the above PLUS
1 A team of similar people - including track records
2 CONNECTIONS and SALES SKILLS
3 Solid and risk-free structure (auditor, prime broker, operations, IT and licensing). This costs money.
is defacto impossible.
Now remember, a lot of people (in fact, the majority).. with all of the above...fail at their hedge funds.
Nobody likes to burst bubbles, and I am sure someone will sell you the dream that 'anyone can do it if they work hard' (for a fee of course) but you have to analyze the trade/game.
So the only way to win at the game is identify these factors and get them i.e. understand the trade/game and obtain the connections, qualifications etc. And that's only to get a seat at the table.
It was easier years back when HF were new...now with alpha being squeezed and a declining model, expect this trend to get worse.
Wrong. If you're fed the wrong information by a supposed authority, it will be very damaging intellectually -- not to mention the loss of money and time.
I still firmly believe no active trader spends time mentoring for pay, he shouldn't need the money and has better things to do with his time. I know of someone who was mentored but that was a friend doing the mentoring and I think no money exchanged hands. Very different.