The treacherous path to $200k a year

BUD 42.48

Seriously,

Yes I do have a time machine,

With my sniper trading, I have the lowest risk, with my time machine I always pick the best stocks to do my damage even if the market is down or up.

From this point on , all newbie posters/ scalper posters will be ignored.


They offer no benefit to my trading obviously and I have already put them down enough to feel bad for them hehe. I feel its time for me to keep on posting my brilliant trades, and let the results speak for themselves :D
 
Quote from Democracyman:

Ozzy you said you blew out? Was this due to your ego causing
mistakes?


Barli, I do have a active interest in theory of all types, I love
theory, so maybe this interest can be actvated in the trading
game?

Of course the focus of theory is finding a edge. This takes

1, Information the more special the better.

2, a new and better and novel way of looking at the information.

3, finding a profitable way of using the information.


For me as a theory person, just grinding away in front of
a screen day after day would be un interesting. Of course everyone would want to find the three points I named above.

Dan
More...

Dan. people who take trading as a BUSINESS never grind away in front of their screens, they look for the short term opporunities to catch, they never enter the trade when their set ups are not there, thats what distinguishing a losing and winning trader.
 
Quote from ozzy:

I made large sums of many at a very past pace. I became over confident, stopped caring about money etc. I lost 200K in a few weeks and it didn't really bother me. Stuff like that.

There were many other factors involved as well. But making large sums of money made me soft. Something that I will never let happen again.

ozz

P.S I'm really suffering financially now. But in a way its good for me. Its teaching me alot about the value of money as well as many other things. I feel more grounded nowadays.
More...


ozzy, thanks so much for sincerely sharing your experience!
did you read The Reminiscences of Stock Operator? Jesse Livermore got wiped out 4 times. i look up at this guy, the only thing i dont learn from him is his "hobby" not to learn from his mistakes. After he made 100 mil $ on 1929 crash of stock market he didnt stop "playing macho" with the market and was putting it all in his trades. Well, those who learn from their mistakes will make it in this business
 
OZZY

I often felt like every person has a chance to make a lot
of money at least once in their life, this in the USA.

So now do you think you lost your chance for good or
that you can get it back?

Or is totally dependent on self? Like you can make it all back,
or do you feel like your ship has passed you by?



I wonder are the rich, rich mostly due to hard work
or mostly due to circumstance. I do suppose that if someone
really busts their butt and trys hard to be rich, on average
most will make it at a price, but is this the exception as compaired
to the majority of well off people?

Well in any case, it should be obvious to all that if you destroy
your health to get rich and got cancer. And if that cancer is
going to take your life away, wouldn't you give all your money
to be happy and well again? So therefore money really is
not that important is it? The journey of the self may be more
important?

Ballance is key, if trading makes you happy on some level,
that is great.

Dan
 
I think circumstance has a great deal to do with a lot of peoples wealth. A bunch of smart and hardworking people made millions (even billions in some cases) cashing in on the internet boom. Being in the right place at the right time is hugely important. Also, my buddy has a friend who married the daughter of industrialist Lakshmir Mittal (the Steel giant) and he told me that Mittal has made his fortune 4X greater in the last two years thanks in large part to China and their heavy demand for Steel up to this point. Now he is the third richest man in the world (from what I've heard anyways).
I guess the bottom line is, you can bust your ass in any line of work, but some make it pay off much more than others :D



"I wonder are the rich, rich mostly due to hard work
or mostly due to circumstance. I do suppose that if someone
really busts their butt and trys hard to be rich, on average
most will make it at a price, but is this the exception as compaired
to the majority of well off people?"
 
Hello,

About the rich and lots of money being made.


You do need to work hard for your money.
All fortunes take lots of experience which take at least 3-5 years to acquire to build up to the level where you can spot opportunties that arise and captilize on them hugely.

A person with money but no experience can not bet big and make huge money when he does not have the eye for the opportunity which requires experience.
And experience takes hard work.

And as you said, yes luck plays a good part because thats where your opportunities come from.

So after working hard for quite a few years, gaining experience, then you can start spotting the opportuinties and put down large money on it.

Its like this in business, trading, even in life (when you see a good girl you know you have to chase, but you can't chase if don't know how)

It is the chicken and the egg.

And it never starts without busting ass.
 
I'm 29 and there will be many other opportunities in life to make "money". I enjoy trading but I'm not sure if I can make it back in this business (this time around).

I blew a very large amount of money. I fixed certain things in my life which were affecting me negatively and I'm very happy with my trading of late but I'm not sure if I'll be able to maneuver out of the hole I got myself into.

We'll see that's all I can say.

oz

P.S Yes money is not that important. You can have very little and still be very rich.
 
i loved these latest posts! thanks to everyone for their thoughts coming from experience... let me add my 0.02 $

i've been podering about money and happiness and how they are connected. Ozzy's right, you can have a little money and still be rich if your spiritual side is happy. Money just lets to live life more comfortably and help the ones who are around you. i'll never forget the words of one guy who introduced to the commodities trading:"There are many people who count on you". with these words in mind having money and not being of help towards relatives, friends etc doesnt really pay off. George Soros is a great example. Note guys, that George Soros came to NYC without any money and even hard problems getting a work visa to work for the brokerage firm. He was broke at his personal account while working for the firm. I suppose it took him at least 7-10 years to gain that experience and to form the concepts (philosophical) to manage successfully a hedge fund which he started afterwards with Jim Rogers. So YES, busting the ass of and doing a hard work IS the way to prosper financially.
i agree with coolweb and Steve.

Ozzy, Jesse Livermore was even in a taugher situation when he got broke 3-d time, cos he not only got broke he owned 1 million dollars and it was in 1916! he made it all back though when he became psychologically stable, here what he said in Rem. Of Stock Operator:

There I was, once more broke, which was bad, and dead wrong in my trading, which was a sight worse. I
was sick, nervous, upset and unable to reason calmly. That is, I was in the frame of mind in which no
speculator should be when he is trading."

Money losses have never worried me in the slightest. But other troubles could and did. I studied my
disaster in detail and of course found no difficulty in seeing just where I had been silly. I spotted the exact
time and place. A man must know himself thoroughly if he is going to make a good job out of trading in
the speculative markets"
More...

Also.the book that might help you psychologically is Trading to Win by Ari Kiev . it helps me dealing with the losing streak whenever i have one. This guy(Ari Kiev) coaches Steve Cohen's traders' team 3 days a week. one of the good techniques to forget that pain (of losing and having a fear to trade again) is to remember those great trades you made in the past, that helps you to gain more confidence.
 
N 44.08 LONG

Price watching:
I've been price watching almost everyday in between my swing watchings,

I almost learn something new everyday, and that scares me considering I have price action down to the T already.

What I am always thinking is :
If I was to move large amounts of money, how would you go about it. How would you envelope, How will you never miss a move but be 99% positive the move is broken.
I know now.

Considering , I am a very profitable trader now . The successful does not confuse confidence with his abilitiy to recognize improvements to his game.


- I feel somethings wrong with the tape @ 11:09 Most likely newbie cleanout.
 
You must log in or register to reply here.
Back
Top