That's great you don't need anyone telling you about opportunity costs, but unfortunately that's a huge part of trading.
Oh really? Opportunity cost is the most misunderstood word I have ever seen. It assumes you could have made a better trade or additional trades in lieu of what you actually did. That assumption totally depends on whether your analysis was correct to begin with. I don't assume all of my trades will be good, to do so is even more arrogant. I don't play monday morning quarterback.
Yes I know his EDGE ALWAYS WORKS. All infallable systems are the cats meow all the way up until they fail.
It might not be the case in other businesses with little competition, but in trading the competition is fierce. You need to push it by definition.
Gee, what a concept. A business with competition that is not fierce. When you find that business please let me know and I will invest in it. Business and trading both have fierce competition. Whereever there is money to be made you better believe there is fierce competition. Neither is worse in that regard.
Think banking or agriculture, if you aren't leveraged to the maximum of what you're business model can take you go under.
Dang, you wouldn't happen to have any statistics on that would you? All these years in business while not being fully leveraged. I feel guilty having the money I earned now. I should have gone out of business, but I failed in that regard. I must be the luckiest guy on the face of the planet.
That's great you made your money, so this is a hobby for you... it isn't for a lot of us.
Yes it is my only profitable hobby. I'm sure there are many people on this board that don't trade for a living. I'm also sure there are many trying to trade for a living and failing. The person who started this thread IS NOT TRADING FOR A LIVING. She was looking for basic ideas on position sizing. I doubt she is prepared for Mike's plan at this time. This is about penis size, nothing else.
Btw, mschey's comments were totally appropriate for the attitude and content he got from london. All he did was try and point out what he thought wasn't a befit mindset for a winning trader to have. Since you feel anyone can express opinions on anything, I would think you wouldn't be so peversely annoyed at him giving some insight into a winning traders beliefs... seeing as how he is a winning trader.
All he had to say was "I am of the belief that if you trade this way you will ultimately lose" Instead he said he had a loser's mentality. In other words, there is no way you can be a good trader with that philosophy. How would good old Mike know this? Again, pure arrogance.
I said he was the real deal compared to someone like you yes. Someone who doesn't trade for a living but talks as if he does, that to me is being fake, phony, or disillusioned about one's own abilities. You call him arrogant, I'd say that's a pretty arrogant thing to do. Bringing up relativism is a pretty weak argument as well, but hey I guess we're all trading gods next to a monkey... if that justifies your arguments and gives you more confidence, then have at it. Personally, I think you and london owe him an apology, but I guess you could just change your nick as well. [/B]
There are many ways to make money in the market. I have never pretended to be a day trader in this forum. This forum is not a day trading only forum. I have never said I was an elite or self-proclaimed expert. I do have a reasonably good business sense. Business is business whether trading or not. I have been in my industry for 36 years. I know my stuff, but I am not arrogant enough to think I cannot learn something new. I learn something new every day.
I know when I want to teach something to someone, I don't call them a loser. I try to make them think. Some great ideas have come out of the mouth of babes who didn't have a clue. Sorry, but this wasn't a teaching lesson. This was more like I am woman, here me roar.
