The Daytrader Stigma

[marketsurfer]

ayn rand rules !

best,

surf

 

[daniel_m]

Originally posted by Molon Labe
With my Ayn Randist beliefs, I find it difficult to comprehend the mindset of someone who would hate someone just because he has a sucessful career. I'll leave that kind of thinking to the liberals.

well i'm with you there, but i don't think we can deny that jealousy is an observable phenomenon... which is what was basically what was being said...

 

[gordo]

Another cheers for Ayn Rand.

 

[Rogue Trader]

Rogue, this time you went too far for me...

There are two perspectives from which a trader can position themselves. The “Shorter Perspective” is seeing the market as it relates to oneself. The “Longer Perspective” is seeing the market as it relates to itself.

The degree by which a trader can detach them self from their opinion and the level of conviction they hold of that opinion, is as close or as far the trader is from finding cognitive analysis beyond the fundamental or technical variety.

The real conflict in having “Differing Opinions” stems from the inability to accept the opinions of others, not from the apparent efforts required to defend yours.

The trader who chooses not accept the “Consensus Of Perception”, (the market’s opinion), will forever struggle with the injustices done by perhaps the greatest pardonable looter of both time and money one shall ever meet.

 

[Instant Karma]

Originally posted by Corso482
My point was to discuss the psychological effects of the mass perception that daytrading is a losing gamble, or more specifically, how that perception influences your psychology when your are losing.

Other peoples uneducated opinion about daytrading has no impact on my mental state when i trade (even when losing).

because i never seek peoples approval when i do something.

because of an unshakeable belief in the validity of my trading strategy.

also because i find price action so interesting that i forget everything else.

 

[xianokie]

Saying that trading is “all about psychology” is like saying it’s all about Technical Analysis. Trading is not all about one particular thing. There are a s-load of guys out there who are wizards at TA that never trade. Why? Cause they suck as traders. Trading is more about getting up in the morning, perseverance, tenacity and learning that it is about psychology.
The fact is you will probably fail as a trader. When I say trader I mean someone who can make a living at this and a good living. That is a small percentage. So that fact is everyone telling you to not do this is correct. Your friends are correct, your neighbors are correct and all the articles that have been written are correct. You will in all probability fail at trading and lose all of your money.
Far too many people in here try and sell the “pie in the shy” trading dream. The dream will be a nightmare for most. Especially if they need the money they are losing.
So how do we deal with the fat that we are entering a profession that offers a low level of success? You know that before going in and accept that. You also decide what your level of pain is. When you reach that level you either get out or you raise your level.
I have started several businesses and I can tell you the pains most will have to endure to succeed are tremendous. The last business I started I went for an entire year with no pay. Don’t feel sorry for me. Ray Krock the founder of McDonalds went 10 years with no pay. I went into debt at a level that would make most people vomit. I almost gave up at one point. Three weeks after I almost quit is when my business turned around. It as easily could have failed and if it would have, then I would be in debt up to my eyeballs and working on a way to pay it off. The point here is you must decide this is what you want to do and do it. But you also need to decide when you have had enough and move on.
Failing is not the worst thing that can happen. We have a tendency to view failure as the end of the line. When in fact it can be a beginning for many. A good book to read about dealing with failure and making the most of it is: Failing Forward: How to Make the Most of Your Mistakes by John C. Maxwell.
The truth is you will in mostly likelihood fail at trading. But that does not mean you wont gain a tremendous amount of benefit from the experience. Just make sure your willing to lose thousands for the lesson.

 

[cpo]

Originally posted by Rogue Trader
The real conflict in having “Differing Opinions” stems from the inability to accept the opinions of others, not from the apparent efforts required to defend yours.

The trader who chooses not accept the “Consensus Of Perception”, (the market’s opinion), will forever struggle with the injustices done by perhaps the greatest pardonable looter of both time and money one shall ever meet.

Thanks, Rogue. Now it's clear-cut.

From a functional level, it's also required not to be concerned about what the "Consensus of Perception" is like. It's required to be trading, instead. We put the trade on, then the market will tell us its opinion about it.

I mean, there are two experiences: the experience of trading and the experience of no trading. "Trade or not to trade", that's the perpetual choice.

cpo

 

[murray t turtle]

If they want to know more,usually mention it's computer related,home office.

Swing trading some helps.

When my equity trend is flat or downtrend;
Trade smaller,
Trade less.
Read more.
----------------------------------------------------

Some one asked William o' Neill [IBD] if he was a daytrader?????
He is an honest grandad,so he wouldn't answer



Then gave her a cryptic sort of answer about a weekly chart.

 

[prox]

Tell them it's better than being a Mime.

 

[cpo]

Originally posted by darkhorse



"The trader's esoteric reality is the perception of other's introspection"


I think he's saying that when someone criticizes you as a trader (and/or idolizes you as a trader), it is because they are dealing with jealousy or fear or weakness in their own lives, and to see or hear of maverick success in a tough endeavor usually highlights that feeling of personal inadequacy, thus leading to a response of either base subservience or lashing out, depending on the person's emotional defense strategy.

Dark:

I think that you came out with that whole new meaning yourself.

I actually though it had to do more with something like this:

The trader is the one who is able to perceive other's introspection.

cpo