My "Disciplined Daytrader" story

Fireplace · May 18, 2011

I'm sorry, we are just going to have to wholeheartedly disagree with each other.

I know I treat my trading as a real serious business and the money I have generated for myself comes as a direct result of consistent implementation of a sound trading plan.
Going on for over a decade now.....I must be doing something right!

Quote from marketsurfer:

Once again, trading has absolutely no simulaties to business or how success is gained in other areas of life.

In business, the more calls you make the closer you are to success, the harder you work the closer to success---

anyone who equates the two has ZERO knowledge of either--

xiaodre · May 18, 2011

Hood, have you looked at Neke's journals? He seems to be very successful, and yet, some of the crazy stuff he has pulled off absolutely goes against what conventional market wisdom calls "discipline."

Juxtapose your story with Neke's journals, and I must admit it makes for a very interesting take on how to trade properly, or with what market mavens call discipline.

Millionaire · May 18, 2011

Quote from Fireplace:

I'm sorry, we are just going to have to wholeheartedly disagree with each other.

I doubt if Marketsurfer is a profitable trader, let alone someone who trades for a living, to pay the bills and put food on the table.. he not worth listening too.

wrbtrader · May 18, 2011

Quote from Zr1Trader:

NYHOOD, no need to beat a dead horse, move on with your life and forget about it. It's only money, and i'd suggest trying to keep what you do have left at this point. (family, new ventures ect.) no need to focus on the negative things that happened in the past but look towards the positive things in the future.

Regards

ZR1

Strongly agree but it may take a little while for him to get it out of his system sort'uv speak...such is normal.

Revealing his failure and why may be his way of coming to terms with the loss of day trading. Yet, I'm a little confused about why he ended his message post in this thread via comparing a self-employ trader to those that works for someone or a company. Starting to seem like to me based on his message posts...he has a problem with dealing with stress and emotions of trading as self-employed and only has comfort from such via working for someone else.

Mark

ElCubano · May 18, 2011

Quote from marketsurfer:

Once again, trading has absolutely no simulaties to business or how success is gained in other areas of life.

for example: In business, the more calls you make the closer you are to success, the harder you work the closer to success--- are you closer to success by making more trades or working harder in trading?

anyone who equates the two has ZERO knowledge of either--

the biggest money I have ever personally seen made in the market was by people who didnt know squat about a stock and couldnt tell the diferrence between a chart and an EKG.......im just saying meng...

I know I know you wont show us fireplace and I also know you dont need to show us, but until we see your money line you saying you are consistent is as good as bonds saying he didnt do steriods...cmon meng. If you are going to brag at least put out...

Dalmation · May 18, 2011

Quote from ElCubano:

the biggest money I have ever personally seen made in the market was by people who didnt know squat about a stock and couldnt tell the diferrence between a chart and an EKG.......im just saying meng...

I know I know you wont show us fireplace, but until we see the money you saying you are consistent is as good as bonds saying he didnt do steriods...cmon meng

Yes, I have had the same experience. I think we are dealing with old retired dreamers and woodie type trading cultists in this e trader. No real traders left on the site.

Fireplace · May 18, 2011

Brag? I've purposely never thrown any figures out there for that very reason. My point is not to brag but to encourage those, who have a clear plan and the discipline to execute that plan, that they can achieve success in trading. Will they make 100's of millions, probably not! But they can do very well.

Quote from ElCubano:

I know I know you wont show us fireplace and I also know you dont need to show us, but until we see your money line you saying you are consistent is as good as bonds saying he didnt do steriods...cmon meng. If you are going to brag at least put out...

cvds16 · May 18, 2011

Quote from marketsurfer:

for example: In business, the harder you work the closer to success ?

Really ? I know a few people that worked their ass off and still went bankrupt ... there is a lot more to the equasion, just like in trading ...

hoodooman · May 18, 2011

I started trading out of necessity in 1992 when I became disabled and couldn't work any more and I'm better now but back then, I couldn't even get out of bed.

I've traded nothing but stocks and treasury bonds with many different strategies and the ones that worked I continued to trade and the ones that didn't, I discarded. There is no such thing as draw down and double down in my book. Moreover, I never made a nickel using the strategy that you were talking about.

Find a strategy that works with statistical analysis. Then find a technical indicator that works best with it and then start trading it. When it goes sour find another one.

You need a strategy with a win/loss percentage of between 80% and up.

I now have five strategies that I'm investigating at the moment. Here are the win/loss percentages of these.

1. 92%
2. 84%
3. 79%
4. 79%
5. 77%
6. 76%

I only trade 1. and 2. now.
Good luck.

marketsurfer · May 18, 2011

Quote from cvds16:

Really ? I know a few people that worked their ass off and still went bankrupt ... there is a lot more to the equasion, just like in trading ...

I am talking in generalities. Many hard workers go broke or never make it. However, hard work in the right business at the right time will spell success.

This is not the case in trading.

surf