lets be honest

[axeman]

Nice Bruce Lee quote Fruity.
Something similar...
From a Michael Jordan poster I saw
------------------------------------------------

I've missed more than 9000 shots in my career
I've lost almost 300 games
26 times, I've been trusted to take the game winning shot
........ and missed.

I've Failed
.... over and over again in my life.

And that is why I SUCCEED.

-------------------------------------------------


That's my attitude. Every failure is just another
step closer to success. Losing is just a part
of winning.

axeman

 

[downtickboy]

Quote from Banjo:

The best trader I've ever known I met on the net and it turned out he lived a couple blocks away in a penthouse. He came from a lot of money, family is big in commercial, residential real estate. He had no market experience, we were at the same level learning about the mkt, T A, etc. We became friends and hung out on the phone all day while we traded. I had a couple of laptops so we started trading from his place and learning from each other. I would watch him take 10,000 shares of SDLI when it moved 20-50 points in a day. After a while I realized he employed two things that I didn't. #1: He had no fear of the money, losing a little, he always cut loses,or winning huge, no impact either way. I didn't say he didn't respect or desire the money, it just wasn't what counted. The game and winning it is what counted. If you can get to this point the mkt is an entirely different animal. #2: He only looked for the flaws in the play where I was always looking for the things that were right, glossing over those small flaws. If there are no flaws then it must be right. Maybe that's what Paul Tudor Jones meant when he said " the most important rule of trading is to play great defense, not great offense"

One interesting aspect of the friend you are talking about is that he came from money. I would think that would totally change the psychology of a new trader starting out knowing that he would still eat, pay rent, and live comfortable despite trading success or failure. The problem with a lot of traders whether they are starting out or now going thru a rough patch in trading is that they are living off of what they make or don't make. This makes taking the proper risks to learn to trade and going thru the learning process of testing a new strategy very difficult. So then the common answer would be you are undercapitalized to trade, but for many people it will always be like that. I think very few people working regular jobs with a family make enough money to save up money for trading capital/buying power, money to pay the bills, and money that they can lose before having to stop.

 

[Nasdaq]

also nonsense, you are not trading 'against ' the market, but 'with' the market.....and your 'expertise' makes you money

 

[jack hershey]

Quote from downtickboy:



One interesting aspect of the friend you are talking about is that he came from money. I would think that would totally change the psychology of a new trader starting out knowing that he would still eat, pay rent, and live comfortable despite trading success or failure. The problem with a lot of traders whether they are starting out or now going thru a rough patch in trading is that they are living off of what they make or don't make. This makes taking the proper risks to learn to trade and going thru the learning process of testing a new strategy very difficult. So then the common answer would be you are undercapitalized to trade, but for many people it will always be like that. I think very few people working regular jobs with a family make enough money to save up money for trading capital/buying power, money to pay the bills, and money that they can lose before having to stop.

The two points banjo made are the best I've seen around.

The first point is valuable to any type person; rich or poor. The message is simple. Get to a place where you can't lose. I think that alone is what banjo's friend had going for himself. He couldn't lose.

I sense that some people here are in a place where they can still lose. At least they talk like it.

Point 2 was the best of all. The chicken and egg kind of talk is always Grail oriented. It is definitely humorous when people who haven't found it tell others it doesn't exist. The second point goes along the lines of the light house keeper who jumped out of bed one night and shouted "what wasn't that?". The fog horn had just broken and it failed to go off on time.

So many people here can't make money. They are always skipping out on a trade prematurely because of fear and chickenhood. They get out for What wasn't that? type things they are stuck with just like the drama you are creating for poor people who can't trade because of their fear.

There's never any reson to leave any trade that has no flaws. Flaws are the only reason to leave. If a trade isn't flawed it just keeps on ticking.

When you start a trade there are a multitude of possibilites for profits; flaws just shut down the alternatives one after another. This is a super way to keep focussed and making money. It's the opposite of fear driving the show.