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The treacherous path to $200k a year
- Thread starter coolweb
- Start date
Few thoughts I hope this may help the newcomers:
1) Trading is like boxing
Do you expect to fight mike tyson stepping in the ring for the 2nd month and win?
If you answered no, why do you expect to beat the professionals on wall street so quickly.
To win against a PROFESSIONAL, you will need to take as many hits and come back fighting as fast as possible,
the more you go down, the faster you come back up and learn from your mistakes, the faster you will beat that PROFESSIONAL one day and become one.
2) Keep on cycling in your mind, what is predictable, what are predictable movements, how can I predict a movement.
Everybody who's read 'trading in the zone' tells you you don't have to predict movements in the market, thats bullshit, or else you will be stopped out 8 out of 10 times and go home.
To become a SUCCESSFUL million dollar trader,
You need an EXTREME EDGE.
a) have the money/risk management techniques (for random movements)
money/risk management is not an edge, its only part of the system.
b) AND predict movements CORRECTLY. This is the true EDGE.
HOw else do you think big traders put on 1000 contracts?
They sure aren't relying on random movements.
3) Keep statistics. backtest manually.
Just for past 50 days intraday is fine, if its predictable it will be shown in the past 50 days.
Thats it for now,
I will add on more ideas in the future.
If any profitable traders can comment on the thread or see disrepencys , feel free to do so. I will comment back.
1) Trading is like boxing
Do you expect to fight mike tyson stepping in the ring for the 2nd month and win?
If you answered no, why do you expect to beat the professionals on wall street so quickly.
To win against a PROFESSIONAL, you will need to take as many hits and come back fighting as fast as possible,
the more you go down, the faster you come back up and learn from your mistakes, the faster you will beat that PROFESSIONAL one day and become one.
2) Keep on cycling in your mind, what is predictable, what are predictable movements, how can I predict a movement.
Everybody who's read 'trading in the zone' tells you you don't have to predict movements in the market, thats bullshit, or else you will be stopped out 8 out of 10 times and go home.
To become a SUCCESSFUL million dollar trader,
You need an EXTREME EDGE.
a) have the money/risk management techniques (for random movements)
money/risk management is not an edge, its only part of the system.
b) AND predict movements CORRECTLY. This is the true EDGE.
HOw else do you think big traders put on 1000 contracts?
They sure aren't relying on random movements.
3) Keep statistics. backtest manually.
Just for past 50 days intraday is fine, if its predictable it will be shown in the past 50 days.
Thats it for now,
I will add on more ideas in the future.
If any profitable traders can comment on the thread or see disrepencys , feel free to do so. I will comment back.
Quote from coolweb:
I will add on more tips in the future.
If any profitable traders can comment on the thread or see disrepencys , feel free to do so. I will comment back.
With all due respect, I strongly feel that "tips" should be given by more experienced and profitable traders. New traders can easily be misled by what you post, and it will be akin to one blind trader leading another.
Do not take this personally, but I feel that you do not have enough experience yet to be sharing any trading ideas or tips with anyone. Spend your time figuring out your edge before giving out any advise.
reg,
I don't agree,
Unless you find the IDEAS are wrong, then the tips are correct and can be given out, Correct it..
Not to mention these are all successful training ideas, not trading tips.
All ideas, ideas make the mind think of ways to exploit the idea.
Trading tips are exact tips: Do this and you will make money, Do that. I don't give out TIPS, they are for the studious traders to find out themselves.
I should rephrase, these are IDEAS , not tips.
I don't agree,
Unless you find the IDEAS are wrong, then the tips are correct and can be given out, Correct it..
Not to mention these are all successful training ideas, not trading tips.
All ideas, ideas make the mind think of ways to exploit the idea.
Trading tips are exact tips: Do this and you will make money, Do that. I don't give out TIPS, they are for the studious traders to find out themselves.
I should rephrase, these are IDEAS , not tips.
Quote from coolweb:
reg,
I don't agree,
Unless you find the IDEAS are wrong, then the tips are correct and can be given out, Correct it..
Not to mention these are all successful training ideas, not trading tips.
All ideas, ideas make the mind think of ways to exploit the idea.
Trading tips are exact tips: Do this and you will make money, Do that. I don't give out TIPS, they are for the studious traders to find out themselves.
I should rephrase, these are IDEAS , not tips.
I won't bother with the semantics of "ideas" vs. "tips."
My point is - you do not have the experience and profitability yet to be sharing any trading ideas. With your limited experience, how can you be certain about the viability of a certain strategy or any strategies for that matter? Is a strategy or idea ineffective because you lost money on it a couple of times? Were you even trading that instrument or strategy correctly in the first place, given your very limited trading experience?
Going back to trading - you can have the last word.
reg,
I know its correct because I Don't lose money re-making the mistake.
thats how I know its correct.
Simple as that.
And exactly where do you see these strategies I'm posting?
I didn't know
a) Keeping a journal was a "strategy"
b) Make sure you have a very good edge was a "Strategy"
c) Getting up after making a fall is a "Strategy"
Obviously I see you like to post before READING the thread,
You call these STRATEGIES?
These are basic ideas.
If you have something to say about the ideas, please do so, if not, read the posts properly and don't just comment for the sake of commenting.
I Want comments on the IDEAS, refute the IDEAS if there is something wrong with it.
EXAMPLE #1:
reg: "You don't need an edge to make big money in this market, look at me I have no edge and I made millions"
^^^ THATS A REFUTE OF THE IDEA.
No disrepect, just making sure we are on the same page. Your logic is wrong.
I know its correct because I Don't lose money re-making the mistake.
thats how I know its correct.
Simple as that.
And exactly where do you see these strategies I'm posting?
I didn't know
a) Keeping a journal was a "strategy"
b) Make sure you have a very good edge was a "Strategy"
c) Getting up after making a fall is a "Strategy"
Obviously I see you like to post before READING the thread,
You call these STRATEGIES?
These are basic ideas.
If you have something to say about the ideas, please do so, if not, read the posts properly and don't just comment for the sake of commenting.
I Want comments on the IDEAS, refute the IDEAS if there is something wrong with it.
EXAMPLE #1:
reg: "You don't need an edge to make big money in this market, look at me I have no edge and I made millions"
^^^ THATS A REFUTE OF THE IDEA.
No disrepect, just making sure we are on the same page. Your logic is wrong.
Reason why I post ideas, is because I want to see if someone smart can refute them and make me look STUPID.
if not, Basically
I Am on the same page, same path, the correct path.
The path to millions/per year, I ain't even kidding.
refute the IDEAS I've posted.
MAKE ME LOOK STUPID pointing out holes in my ideas.
Don't comment on anything else please, thats just a waste of time.
if not, Basically
I Am on the same page, same path, the correct path.
The path to millions/per year, I ain't even kidding.
refute the IDEAS I've posted.
MAKE ME LOOK STUPID pointing out holes in my ideas.
Don't comment on anything else please, thats just a waste of time.
Quote from coolweb:
Reason why I post ideas, is because I want to see if someone smart can refute them and make me look STUPID.
if not, Basically
I Am on the same page, same path, the correct path.
The path to millions/per year, I ain't even kidding.
refute the IDEAS I've posted.
MAKE ME LOOK STUPID pointing out holes in my ideas.
Don't comment on anything else please, thats just a waste of time.
Keep on posting coolweb!!
lots of people can learn from your posts.....dont pay any attention to the "stuffy english butlers" in their high horses.... with their noses up in the air who frown on anyone with less experience than them.
I SAY ....we all can learn from each other in diffrent ways!
in trading: "Everyone is my master, in that i can learn from them"
thanks for your thoughts coolweb, you're right about fighting Tyson from the first or 2-nd month, no one can win. i been losing my first 6 months right after i said to my self: stop, go home and do more homework. so i did. i got the edge from others and did my own home work as well, i've become profitable right after. right after i realize that the best trades come from the minimum risk and great reward scenario ( how to determine these scenarioes its where the edge comes in). these are the words of Paul Tudor Jones:Maximize Size, Minimize Risk.