Successful Trading
- Thread starter rs7
- Start date
on a more serious (less sarcastic?) note outlaw, can't speak for the others but i'm just a 26 year old dude sharing ideas and having a good time most of the time. i like beer and snowboarding and video games, i'm not some swami with a long beard. sometimes serious, sometimes goofing around, sometimes acting responsibly, sometimes acting like a kid.
i don't think there was any set rationale for this site other than 'hey, why not set up a place for traders to bs and talk shop and earn some money from advertisements on the side.' no hidden plan here that i can see. it is what it is.
just hack through the jungle. advice is well and good, encouragement is valuable, sharing is great- but as far as becoming a successful trader you have just got to get in there and lose money and take your beatdown and learn from your firsthand mistakes.
plan and be rational and read the market wizards books and suck up all the info you can, yeah yeah yeah. then throw your fear to the wind and dive in like a bungee jumper. beat your chest and yell at the top of your lungs and take the plunge, face the live fire. lose. lose again. and again. after you get the crap beat out of you a few times you'll be learning the real lessons in the real way- from the inside out.
i don't think there was any set rationale for this site other than 'hey, why not set up a place for traders to bs and talk shop and earn some money from advertisements on the side.' no hidden plan here that i can see. it is what it is.
just hack through the jungle. advice is well and good, encouragement is valuable, sharing is great- but as far as becoming a successful trader you have just got to get in there and lose money and take your beatdown and learn from your firsthand mistakes.
plan and be rational and read the market wizards books and suck up all the info you can, yeah yeah yeah. then throw your fear to the wind and dive in like a bungee jumper. beat your chest and yell at the top of your lungs and take the plunge, face the live fire. lose. lose again. and again. after you get the crap beat out of you a few times you'll be learning the real lessons in the real way- from the inside out.
Outlaw
"Commisso too seems like some kind of guy that would have been on one of those 1950's quiz shows (like the movie). How come you guys don't go on jeopardy?"
Not for anything BUT I am anti-knowledge
I feel it blocks wisdom...
Seriously Outlaw... my suggestion would be to filter out the noise and go straight to the signal... There are some really solid traders on here tntneo, babak, magna, dark, rtharp, rs7, threei, tripack etc just to name a few... absorb as much as you can from these people... but ultimately if you are using this site as a short-cut you are wasting your time... The way will befound through action and experience not the chit chat...
PEACE and good trading,
Commisso
"Commisso too seems like some kind of guy that would have been on one of those 1950's quiz shows (like the movie). How come you guys don't go on jeopardy?"
Not for anything BUT I am anti-knowledge
I feel it blocks wisdom...Seriously Outlaw... my suggestion would be to filter out the noise and go straight to the signal... There are some really solid traders on here tntneo, babak, magna, dark, rtharp, rs7, threei, tripack etc just to name a few... absorb as much as you can from these people... but ultimately if you are using this site as a short-cut you are wasting your time... The way will befound through action and experience not the chit chat...
PEACE and good trading,
Commisso
<B>Great</b> post rs7. I printed it as well. I used to do exactly that - give great advice but never follow it.
I have a folder of trading gems I pick up from various bulletin boards (there are very few good ones, believe me) and yours is in there now.
Very well said - thanks for your insight.
I have a folder of trading gems I pick up from various bulletin boards (there are very few good ones, believe me) and yours is in there now.
Very well said - thanks for your insight.
my take is that one can't just wish away a psychological problem with a psychological solution; what I mean is, just saying that I will be 'accountable' or assuming I will be, by pretending it is my grandmother's money or some other mental trick won't work except in the short term because it is still you trading with all your usual emotional baggage. You need to hard wire a fix with a real world solution such as actually having your grandmother present in the trading room. The reason I feel rs7 was successful with other people's funds was because there was always someone in charge marking his account to market each day who could pull the plug if things went downhill, and this kept rs7 in control. We all have emotional baggage that we bring to the table each day, it is what makes us distinct and I believe we will always have these individual trading characteristics no matter how hard we may try to hide them; good traders learn early how to keep these under control recognizing that they are always just beneath the surface ready to rear their ugly head if we get sloppy. So basically I posit that to really improve we need to set up a real system to overide these tendencies. An example might be to limit our maximum daily losses to X% before we must quit for the day or just watch; this will instill discipline for the desire to trade is greater than the need to incur a large loss hence we will honor our stops; you get the picture. I would love to hear Allen & rtharp comments here. So in summary thanks to rs7 for a fine post and thread, but if anyone wants toincorporate his ideas in their trading program they will need to do more than just thinking it.
The hard truth is that regardless of desire, some people have what it takes but most people just don't. You'll never know for sure until you give it your best shot, and in the meantime listening to seasoned veterans like rs7 sure can't hurt.
Words of wisdom can go in one ear and right out the other for months or years on end, until finally one day the thick skull is penetrated and a chorus of angels sings.
Words of wisdom can go in one ear and right out the other for months or years on end, until finally one day the thick skull is penetrated and a chorus of angels sings.