My high school summer job: trading the NQ
- Thread starter zdawg164
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good advice jon, until one reaches consistency in trading (and hence, can actually look at trading as an income earning vehicle) you shouldn't look at each days results in terms of making and losing money. But rather lessons you either paid for or were fortunate to get paid for. Each one you can learn from and build your knowledge base from there. Just like being in school, you are here to learn now and earn later.
Thanks, Jon + Swordsman... you are right I shouldn't be depressed, I should have learned today that when I see choppiness like this, my system can't handle it well, so I have the hardest time trying to just sit down and stay out, and that is probably something a lot of guys have trouble with
Hmmm hey may go deeper than some people would care to, but its by no means un-readable. I mean I don't think so, but i suppose if the most difficult thing you ever read was "The little engine that could"..but you seem like a smart guy, I doubt you will have a problem. I would understand if he were a psychologist, but he was trained in the only way the matters: actual trading.
He starts off the book with his losses. He owned some kind of successful insurance firm in NY and always wanted to trade futures. He sold his company bought a few houses in chicago drove his brand new porsche out there and got started. Of course (a year later) he lost everything, his houses(s), car(s), credit...everything. Of course he then went on to amass a fortune trading futures, so he's a guy who's been there.
The book has nothing to do with methods or T/A or anything. Not that those aren't important, but they are just a PART of becoming a great trader. The reason he wrote the book is that he found a common denominator in the 5% that succeed at futures trading and the book is explaining what the 5% all have in common.
When you think about it futures is a zero sum game so all the money that the 95% lose is being taken by the 5% (in general). I'm not talking about your average trader who can do it, I'm talking about a trader who TAKES the money from 95% of the rest of the guys. I'm talking fucking lucrative, not just getting by. anyways like I said he made a boat load and a knew a few people who made boatloads so he found out what they all had in common and wrote a book about it. Its pretty interesting to me.
when your system senses choppiness, avoid trading but also start to learn how choppiness works. What is price doing while its being choppy? Within chop there are patterns. And the more you understand all modes of market patterns, the more opportunities you will find. Your "system" will become more robust as you learn.
In that case, I can download this book online in like a minute, and try and get through it. I mean, it can't hurt me in any way, just help.
well well well, today was a "meh" kind of day. I ignored some signals, and entered on signals where I shouldn't have entered in the first place, I've got my trusty chart here of course to show you all what I did and what I did NOT do. And for all of you who wonder why I don't post PL, I just trust you to believe my words, but here's some proof that I'm loosing real $
well well well, today was a "meh" kind of day. I ignored some signals, and entered on signals where I shouldn't have entered in the first place, I've got my trusty chart here of course to show you all what I did and what I did NOT do. And for all of you who wonder why I don't post PL, I just trust you to believe my words, but here's some proof that I'm loosing real $
http://isohunt.com/torrent_details/27192350/disciplined+trader?tab=summary
you have to download a program called Utorrent, but after that any of these books can be yours in a minute, just choose which ones you want. (Btw, I JUST bothered to look for this link, and no, you most likely won't get a virus, I've never got one on Utorent.)
you have to download a program called Utorrent, but after that any of these books can be yours in a minute, just choose which ones you want. (Btw, I JUST bothered to look for this link, and no, you most likely won't get a virus, I've never got one on Utorent.)
