The Noob's Delusion

[John Merchant]

If trading is like anything it is like a con game.

 

[firscall]

Quote from andrewbee:



Even if someone told a noob a profitable system, chances are they would mess up its execution, because they haven't developed the discipline, determination and sheer balls it takes to trade todays markets.

I totally agree. Developing the profitable system is the easy part.

 

[Thunderdog]

Quote from firscall:

I totally agree. Developing the profitable system is the easy part.

If so, then why not just automate it and sidestep the tricky part?

 

[firscall]

Quote from pneuma:

I suggest trading is like architecture - a blend of science and art, intuitive insight and technical skill.

pneuma

If you're trading well then trading should be like accountancy. When I was a noob trading was very exciting (another destabilising emotion) or rather the lust for money was exciting.

Now, I have conditioned myself to get excited about a well executed trade (regardless of the P&L). I praise myself more when I take a predefined loss then I do if I hit my profit limit (a limit NOT a target).

 

[DrEvil]

Everything you need to know is out there, it's been written over and over. If you survive in the game long enough to become consistently profitable, you will no doubt look back and realise that you had it all there in front of you. For most traders, you need to re-invent the wheels on your bike before you can trust it enough to get on and start peddeling. That's just the way it is. As on of the wizards said "if you stand around (he was talking about the pits) long enough you will get it".

 

[firscall]

Quote from Thunderdog:

If so, then why not just automate it and sidestep the tricky part?

I'm happy with my trading but automation doesn't automatically overcome the psychological pressures of trading. It certainly helps but it isn't the panacea that many profess it to be.

 

[milktruck]

If I bumped into Jennifer Aniston, I wouldnt really expect success but I would have my game on 10. You know, show her the goods or something.

 

[Thunderdog]

Quote from firscall:

I'm happy with my trading but automation doesn't automatically overcome the psychological pressures of trading. It certainly helps but it isn't the panacea that many profess it to be.

I know. Just checking.

 

[andrewbee]

Quote from Thunderdog:

If so, then why not just automate it and sidestep the tricky part?

Because letting an automated system just do its thing IS the tricky part.

 

[clacy]

All Noobs should reference this book and from there on out, you can make the market your own personal ATM.

http://www.amazon.com/Complete-Idiots-Guide-Market-Timing/dp/0028644980

This is all you need, so look no further.....