The loneliness of success

Quote from Jreality:

Or just waste more of my friend's time and money and give him another reason to be angry? :D My friend already tried all that.
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IMO, any behavior can be changed if you put enough energy behind it. Your friend is being a victim to his circumstances. Poor me mode.

Been there, done that.

I think whats scares people the most is we truly can do/be anything we want. Some go for it, some stay stuck in fear.

As far as I know this is not a dress rehearsal.
 
how do i code that? its never going to look exactly like that again.
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discretionery trading can't be coded

Nodoji will discover this should she ever actually try and make her trading into an algo

the algo wont work, or if it does it will underform the human trader

I believe that the key to daytrading is intuition, a sixth sense, or whatever you want to call it

how could it be anything else?

how else can you explain the massive attrition ?

sure you have to have rules and statistics and all that...... but without the intuition it is all useless

there is no edge on the screen

the edge is between the ears

and even then you have no guarantee it will last
 
Here is an example of what I mean.

This was posted by a guy on a blog comment.....

have no idea if he is really profitable or not, or if so how much he is making,

but I think he is probably right

quote below:

The secret to my method is, there is none! If any, it would be my firm belief that the market is bigger than any one of us. Very few can influence prices significantly, so we must adapt to the market instead of "forcing" (or hoping) the market to move according to our analysis.

A very simple analogy could be seen in, say, Formula One racing. All circuits have twists and bends. Can the driver simply step on the pedal full throttle all the time? Likewise, the market has trending and consolidation phases which demand different methods. So the trader that can exercise the greatest discipline to not trade in "unfamiliar territories" wins! Correspondingly, he'll need courage and swift action to take positions when he identifies potential moves.

Ironically, I tried teaching my trading method free to some very learned friends. None succeeded, even though I held nothing back. After this episode, I have to agree that the trading method is the least important factor to anyone's success in trading.
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Quote from Ol' Yella:

discretionery trading can't be coded

Nodoji will discover this should she ever actually try and make her trading into an algo

the algo wont work, or if it does it will underform the human trader

I believe that the key to daytrading is intuition, a sixth sense, or whatever you want to call it

how could it be anything else?

how else can you explain the massive attrition ?

sure you have to have rules and statistics and all that...... but without the intuition it is all useless

there is no edge on the screen

the edge is between the ears

and even then you have no guarantee it will last
More...

I had my core strategy coded back in 2010 and it was consistently profitable. Watching it turn profits without hesitating or second guessing the signals was, in fact, the thing that convinced me to become more aggressive with my trading, to stop trying to cherry pick and to just trade the damn plan.

There are edges all over the screen in every imaginable trading time frame, but without the "courage and swift action to take positions when he identifies potential moves" the trader is unable to exploit them.

With enough experience, many traders develop "intuition", but I believe this is nothing more than the subconscious mind calling on a library of patterns (price, volume, context, indicators, etc.) and feeding buy/sell signals to the conscious mind.

I've not reached that point yet, though my "intuition" appears to have a decent edge if "faded". :D
 
Oh, I thought I remembered you saying that you hadn't tried to actually code it into a runnable algo.

so I dont know what to think now

still think there has to be something more to it than just the charts.....

this daytrading stuff is too much for me, as enticing as you may make it sound

I stick to long term....... my edge is buying dips in rising markets (and collecting dividends) using my own stupid simple way of identifying a market as 'rising'.

I havent had many losing trades the last couple of years...

sooner or later though, this market will roll over, and I'll be wrong..... that's something I've been thinking about lately.
 
Quote from Ol' Yella:

Oh, I thought I remembered you saying that you hadn't tried to actually code it into a runnable algo.

this daytrading stuff is too much for me, as enticing as you may make it sound

I stick to long term....... my edge is buying dips in rising markets (and collecting dividends) using my own stupid simple way of identifying a market as 'rising'.
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The original core plan was automated. What I do now has grown significantly out of that core plan, and is not automated.

Day trading is the most difficult trading to master, IMHO, so I wouldn't say the trading itself is enticing, but the opportunity for significant returns if a profitable strategy is mastered is enticing.

I also buy dips regularly in a rising market (and short rallies in a falling market), but I do this in a very short time frame (5min/1min).
 
ok, so I was sort of right....

but edges all over the screen?

well if you say so...:p

I dont know what to believe in regards to that

seems overly optimistic

I think edges are very small and are primarily intuitive in nature

but who knows.... I could be wrong.... unfortunately trading is a secretive business

if I want to be an athlete I can find other highly successful athletes to compare myself against

their great feats are performed in public and their stats readily available in the public domain

but in trading everything is smoke and mirrors

I hear some ppl say a profit factor of 2 with 40-50% wins is holy grail quality

some guy on another site put up stats for March that give 63% win rate and a PF of 3

some guy on BMT said he had an 80% win rate with a PF of 7....... but later on starts a website selling education (LOL)

so answers are all over the place
 
Quote from Ol' Yella:



if I want to be an athlete I can find other highly successful athletes to compare myself against

their great feats are performed in public and their stats readily available in the public domain

but in trading everything is smoke and mirrors
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the secretive nature of trading is the most frustrating part of the entire business. and im not talking about trading strategies, im simply talking about performance. i dont care what coca colas recipe is but i can clearly see that they are selling a ton of soda.


for example, al brooks often states that he goes many days without losing but will never tell how many pts he makes or how much money he makes, or how many contracts he is trading or anything else. yes, smoke, mirrors and a lot of talking behind the curtain.
 
Quote from ChkitOut:

the secretive nature of trading is the most frustrating part of the entire business. and im not talking about trading strategies, im simply talking about performance. i dont care what coca colas recipe is but i can clearly see that they are selling a ton of soda.


for example, al brooks often states that he goes many days without losing but will never tell how many pts he makes or how much money he makes, or how many contracts he is trading or anything else. yes, smoke, mirrors and a lot of talking behind the curtain.
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I don't think anything I do is secretive, it's pure price action concepts available from Brooks, Volman, Suri, Anek, several current ET posters, and probably hundreds of others.

I ignored everything successful traders told me, screwed up again, started reading some Brooks, got some ideas, got an answer to a question from Redneck once, got some ideas, watched a video AustinP posted on ET once, got yet more ideas, started working really hard to develop a plan with rules and came up with a very profitable way of day trading.

The precise way I enter and manage my trades might be different from the precise way Cornix or Xspurt or anyone else enters and manages their trades, but to be able to trade a method you have to make it your own so you can trust it.

Why would you care how many points someone makes or how many contracts they trade? How would that help you learn to trade based on probabilities in your favor?

As for the loneliness of success, that's a crock o' crap. If you're successful and feeling lonely because you can't talk "shop" with your friends and family, then do some informal mentoring and help guide a frustrated soul toward discovering their own Holy Grail of success.
 
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