Hey guys -- some comments:
I consider myself being a little bit earlier in the process than easyrider (that is to say easy is slightly more advanced)... and I think I am a bit farther ahead than Mak.
However - Mak is much sharper than me -- quicker to pick up this stuff -- and he may skip the step I'm on completely (the bastard!
).
Icarus is an old hand and probably in a place where he is deciding how far he wants to take this... or not. Nice place to be.
If I could go back in time and tell myself something it would be this: Trend lines - PV relation - 5 minute chart. This is all you need. As a set you get direction, risk and timing -- for some coarse level of consideration. This is GOOD ENOUGH to make a lot of money on 10 contracts.
When you add finer details you get direction risk and timing for a finer level of consideration... and you improve your timing for the coarse level of consideration. But this is just the way to get close to maximum capital extraction. The maximum is worlds away from what you need.
If you can't do part 2 very well -- then just use a stop and make it wide. It's called being sloppy and this is perhaps the only point where I diverge from the gospel. Sloppy, simple and patient will get the job done.
If you can't do part 1 - drop part 2 and figure out why part 1 is busted. Hint: start with your belief system and your decision making process.
Why would you ever even want max extraction? Because when you forget about money you think only about time! Wealthy people think about time - and it is comlpetely opposite in nature than money. Money is a resource that you have the power to take and time is a resource that you only lose. Ever. You are losing it right now.
Who thinks about time? The elderly and the rich. (although I have found that there is a subset of rich who operate as if they are "poor" to avoid the emotional punch of the reality of time).
What happens when you think about time? You start to use your time in ways that make the biggest impact on your world. Of course there is a transitional period when you euphorically spend for pleasure. It won't last as long as the rest of your life.
So think about this -- what a chain of events!!! Logical - predictable - simple - but not obvious. Who is left at the end of the chain... expert trader who is concerned about the use of his or her time. What does that person do with their life?
1-5 is probably a generous estimate of those who get past the first hurdle. And there is probably another small number for those who go all the way to expert... and another small number for those who go from selfish hedonist or money hoarder to change affector.
I know there is at least one guy who made it all the way.
Mak has shown the most potential to go all the way to change affector -- I mean he is already operating that way here and now. Ditto for spydertrader - but his wealth path is somewhat limiting at this point.
Stalker did not develop his decision making process to the point where emotions are insulated. Emotion can short circuit even the brightest mind... and I'm not just talking about learnig to trade.
Personally - I am spending most of my time working with a guy who is building a software product that has the potential to make a big change in how businesses operate - by formalizing accountability and making workflows more efficient. He got his beliefs straight and made something that harmonizes with how things work in reality.
