The Million $$$ Quest 2006

Ripley,

Thanks for your journal efforts. I have only recently discovered this site and been here for a couple of weeks, but your journal is good. I respect your discipline and commitment to your cause and encourage you to keep at it. I have been an investor/trader/speculator for about the last 15 years or so and can attest that if you are serous about making the commitment, and learning through doing, you can make it. Be hungry for knowledge and even more interested into turning that knowledge that is gained into wisdom. One of the best investors ever, Peter Lynch, was successful not because of any system he was able to devise, but rather he was honest with himself and adjusted his risk profile accordingly. Rules and systems are good, but only really serve as reference points for different avenues of self discovery. Through disciplined learning and exercise we become decisive which makes us take action. Through decisive actions we learn to become successful. Through our success we learn to trust in ourselves. Become trusted by your self.

Keep it up, I look forward to your further postings.
 
Much rather preferred when you were posting your 'disasters', otherwise these postings sound trite.

So far just platitudes.

Platitude: an idea (a) that is admitted to be true by everyone, and (b) that is not true.
H. L. Mencken
 
Weekly Thoughts:

Living in this shitty apartment isn't helping my trading. I need to make enough money to pay for a NEW house, and thats where I will be moving to when my lease expires on this apartment. No more apartments for me. I need to pay cash for it, and take out home equity loan to trade off of. Eventhough you get a mortgage interest deduction on your taxes etc, I would just feel so much better if I could keep my monthly expenses down and not having that pressure to make money every month.

My goal is to make as much $$$ as soon as possible so that I can be the very best trader that I can really be.

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That looks like a nice place! But you're right, having no bills is a wonderfull feeling. Thats what i did before i started trading..... I paid off EVERYTHING!! I have no presures. In a way its an edge.
 
Its hard to watch someone with the <b> drive</b> few people posess naturally , drive down the wrong path and expect in his mind to reach his destination.

I hope you will change your direction 180 or 540 , if you expect different results for the better.

The difference between the insane and the elite is,
the insane expects different results while repeating the same things over and over again.

Be an elite.
Lets start the innovation engine and you will get your house.

There is no shame from re-starting over your trading plan, The only shame is the Law or dwarnism, he who does not adapt and improve will die off.

Adapt, Change, Improve, until you are on top.

Don't be a wallflower, Never stand around thinking things will be different. Hunt for your bitches.




Good luck.
 
Quote from Ripley:

Day 3

I need a CHECKLIST

I need to pay more attention to take as well as to protect profits. It is one thing letting profits run, but it is also important to take and protect profits at those critical turning points.

I need to trail my profits, and especially when it does look like a range day, I need to give an extra emphasize on keeping my profits so that I can stay above the water.

I also need to put together a checklist of things to do before the market open, and also one for after the market close so that I can do homework for the next market day. Stay on top of everything. I also need to finish reading couple more books fast. I need to stay on top of everything, and I need to start out with a fresh slate everyday.
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Ripley,

just read your Journal, and have a suggestion for you...

.... from this day forward try to never say "I NEED to or I MUST do" with respect to trading goals! Rather -- say "I WILL do... " !

Believe it or not there is a difference in how you talk to yourself each day regarding trading the markets (and living life).

Further I have a book to recommend to you or anyone starting to trade. I don't read many "self-help" books although I do have 2-3 that have been re-read over many years. But recently I came across a special one that had a huge impact on me (and I am a lot older than you). I highly recommend it. It is called "Maximum Achievement", by Brian Tracy. No it is not a 'trading book'. Rather it is about dreaming, planing, creating and living a successful life in the true meaning of that concept. Yes many books deal with similar subjects but I found this to offer concrete, sincere and frank thoughts on how to reach one's goals - and create a fulfilling life. Not merely a bunch of trite platitudes.

Further it is definitely applicable to trading as it is about constructing a quality and balanced life, something that is a MUST for successful trading of the markets over the long haul. Trust me! As someone once told me many years ago when she heard I was getting into trading (a female CBOT trader, actually):

(to paraphrase)

"Trading IS life. If you are willing you will learn more about yourself from trading than in most anything you might do in your life. You will get close to discovering a lot about your true actual character and values; you will not be able to make excuses or slide by. You will be accountable more so than in most areas of life wherein you are able to go years without ever taking responsibility for actions. You will come to know yourself well... whatever the outcome."

I was much younger at that time and thus thought "what the F* is she talking about... COME ON now, sounds like some sermon".

But she was right.

So... anything a trader does to gain greater insight, learn and reinforce what is really important in life and develop and create positive habits... will only inure to their benefit should they decide to stay in the trading profession.

Brian Tracy is a much gentler taskmaster than the market!

http://www.amazon.com/gp/product/06...103-0053841-2519040?s=books&v=glance&n=283155



bonne chance


Ice
:cool:
 
Quote from Ripley:

Day 6

Work Hard

I still got a long ways to go.
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Quote from Ripley:

Day 8

need to BET BIG soon...
More...
If you still have a long way to go, are you sure about the betting big "soon" part? If I had to guess, I would say that there are probably a lot of people who might have become successful traders had they given themselves enough time. And by enough time, I mean years rather than months. Instead, they were in a hurry, and I would surmise that a disproportionately small number of those in a hurry to bet big ever reach their trading goals as compared to those who pace themselves based on incremental ability and account size. Admittedly, though, pacing one's self is not nearly as glamorous as becoming an "overnight" sensation. Either way, good luck to you.
 
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