My "Disciplined Daytrader" story

Quote from NY_HOOD:

its not that simple..discipline, hard work, looking at charts, keeping on top of the markets are all good things to do but no way that can come close to guaranteeing a successful trading career.. however, it does in any other industry.
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'looking at charts' is too qualitative and subjective.. some of us use more quantifiable methods, this allows to have a higher degree of confidence and consistency in our methods. So we can treat trading like any other business.

Looking and trading from charts can still be profitable (for those who can trade that way!), but can also feel too close to guess work & gambling!

Of course there is no guarantee our quantifiable style of trading will continue to work in the future.. but we presume it will and our trading is operated like a business.. if it doesnt turn out like expected we need to reassess our business/trading plan in case market conditions have changed way beyond what is expected, just like any other business would.
 
i never understood why people are so preconditioned to perceive gambling as something bad. Life it self is one huge gamble. Everything we do is gambling.

If people like the wright brothers did not gamble with their lives where would we be today?
 
Quote from Razorsharp:

i never understood why people are so preconditioned to perceive gambling as something bad. Life it self is one huge gamble. Everything we do is gambling.

If people like the right brothers did not gamble with their lives where would we be today?
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What you are describing is calculated/careful risk taking.. gambling includes that but the term also includes betting when the odds are not in your favor, like on roullete.
 
trying to make a plane when no one has done it before, and facing the possibility of crashing into the ground head first, you call that calculated risk?
 
Quote from NY_HOOD:

its not that simple..discipline, hard work, looking at charts, keeping on top of the markets are all good things to do but no way that can come close to guaranteeing a successful trading career.. however, it does in any other industry.
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Once again you fail to mention some of the most important variables that determines if someone fails or succeeds (the below is in a random order).

* Market Experience
* Money Management
* Position Size Management
* Discipline
* Stress Management
* Trade Management
* Proper Capitalization
* Proper Trading Environment
* Proper Equipment
* Good Trade Method

On any given trading day, any of the above will have more impact on your trading results than the other variables involved in ones trading plan. Yet, they must all work well together as a team. My point with the above is that you yourself have mention several of the above throughout the years you've been here at ET as a problem in your trading because you lacked that above.

Therefore, I agree with you via a sports analogy. It doesn't matter how good the quarterback is...if those on the defense and offense aren't working well together or absent...you got a losing football team.

Simply, your right...discipline, hard work, looking at charts, keeping on top of the markets are all good things to do but no way that can come close to guaranteeing a successful trading career.

Yet, you're wrong whey you "implied" its all that's needed to succeed in other professions because as you know about the construction business...you won't succeed if many of the above variables I mentioned aren't in place. I can say that because I have an uncle that owns his own business in making custom Italian kitchens & bathrooms and I have a child hood friend that owns a small construction business...

We often talk about the same variables I mentioned above as needed to succeed even though we're all in different professions. I even have a buddy that owns his own florist shop...no difference...same or similar variables needed.

Last of all, you failed as a day trader and I do understand it will take time for you to get it out of your system which is why you're still hanging out at a trader forum while having a new successful career in construction...

Just be careful not to get sucked back into the game by the "just change your method" crowd because in reality they need guys like you on the other side of their trades.

Mark
 
Actually, he is right. Degrees of useful talent are acquired through lots of practice, which is, of course, hard work.

Even if it is something that is fun that you can spend hours upon hours doing without thinking it is hard work - you must put in the million touches to become proficient.

Trading takes a different mindset than what brings success in many other areas of proficiency in working life.
 
This thread just shows that "discipline" and "psych" are almost irrelevant, contrary to the ET wisdom that trading is "90% psych". The things you need are 1) vast experience, and 2) a winning strategy.

Execute a losing strategy with the iron discipline of a robot, and you'll still lose.
 
Quote from ElCubano:

this is not true...Talent plays a huge role and in some cases it is very effortless.

You can be a hooker and work day and nigh, but if you dont have the wares and the talent to s**k the golf ball through a hose you may not get as far as someone who tries 1/15th as hard...Just look at Athletes, Celebs and Highly succesful Sales people. This is also true for trading... I understand what you are trying to imply though and I agree to some extent..

Not to mention the thousand other factors that have nothing to do with hard work.
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But where does trading talent come from ?


With sports you can be born with good genetics but you still have to develop it over years of practice.


Trading skill is developed over time by PUTTING IN THE WORK to make it happen. 95% fail because they want instant gratification without putting in the work. If I offered you a job that for the first 10,000 hours paid nothing or could even cost you thousands of dollars just to do it would you be willing to give up that amount of time and money in pursuit of success ?
 
sorry but I am afraid you may not get my point. As mentioned, for each profession a lot of specific talents and traits are necessary. But without hard work success is almost impossible. This goes for hookers, the LinkedIn CEO, Jeff Bezos, traders, various other entrepreneurs, sports athletes, pretty much anyone. Show me any professional at the top of their game who claimed his success came effortless. I have, not a single time, heard of such case. It simply does not exist.

cheers.


Quote from ElCubano:

this is not true...Talent plays a huge role and in some cases it is very effortless.

You can be a hooker and work day and nigh, but if you dont have the wares and the talent to s**k the golf ball through a hose you may not get as far as someone who tries 1/15th as hard...Just look at Athletes, Celebs and Highly succesful Sales people. This is also true for trading... I understand what you are trying to imply though and I agree to some extent..

Not to mention the thousand other factors that have nothing to do with hard work.
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