To the Successful Traders
- Thread starter oddiduro
- Start date
Yes it's true for me since I said in other terms it is not the result but the process to achieve the result that one must care about 
I think one thing to remember is that if you're winning, people always want to know why. And how much. And more importantly, what would it take for them to do the same thing.
Most of the time it's simple experience that's at work when you're winning. You've been in enough situations to know when they're going bad and when to cut and run. And when you're in a good one just how long you can let it play before you drop the curtain.
There was this article in Time a few years ago about DNA computers and how they could do complex calculations in a half an hour that a Cray might take months or years to complete. The problem was, the DNA computers took a half an hour to do EVERY problem. Even something as easy as 2+2. So the DNA computers ended up being impractical for every day use.
As a trader you train your own mental DNA machine to understand certain movements, or patterns, and in a sense become a lightning rod for market signals that mean something to you. So success is built on your own learning algorithms and on your defeats as much as your successes. People want a quick fix. Or the results of all of your hard hours, months and years of programming (i.e. cash). They say that money is simply the Universal, or Universe's applause. And if you're doing it right, and for the right reasons, you'll make money at your profession. If you're an opera singer, applause rings through the auditorium -- and is gone. Applause as a trader moves into your bank account and has some utility. So the question is what do you do with it?
I was taught at a young age to give 10% to charity. Pay off your debt, if any, with 20%, put aside 10% and live on the other 60 (or 80% if you have no debt). It seems to work out well. And I've discovered that charity can be anything you want it to be -- but you have to learn how to pick your battles -- and your causes. Or people will try to pick them for you. And they're not always nice about it if they know you could lend them $40,000 without blinking. And you don't do it, and further aren't inclined to explain why. You could, but then, they'd still try to convince you, or go away mad. So what's the point?
We are all the same that way -- a little bit socialist in our thinking when we stand below our peers in wealth or accumulations. And when we stand above the line a little more likely to give. A good friend of mine always said when you play any game start with a plan. And having a plan for your success is as important as any other.
Personally, I drive a shitty car. I live in a small house. I dress modestly and spend money on things that really matter. Staying home with my kids. Taking trips. Exercising. Reading. The things you can look back on and say when you're lying on the hospital gurney and you know you're not going to make it out this time -- mine has been a life well lived.
Enough said.
Panther
Most of the time it's simple experience that's at work when you're winning. You've been in enough situations to know when they're going bad and when to cut and run. And when you're in a good one just how long you can let it play before you drop the curtain.
There was this article in Time a few years ago about DNA computers and how they could do complex calculations in a half an hour that a Cray might take months or years to complete. The problem was, the DNA computers took a half an hour to do EVERY problem. Even something as easy as 2+2. So the DNA computers ended up being impractical for every day use.
As a trader you train your own mental DNA machine to understand certain movements, or patterns, and in a sense become a lightning rod for market signals that mean something to you. So success is built on your own learning algorithms and on your defeats as much as your successes. People want a quick fix. Or the results of all of your hard hours, months and years of programming (i.e. cash). They say that money is simply the Universal, or Universe's applause. And if you're doing it right, and for the right reasons, you'll make money at your profession. If you're an opera singer, applause rings through the auditorium -- and is gone. Applause as a trader moves into your bank account and has some utility. So the question is what do you do with it?
I was taught at a young age to give 10% to charity. Pay off your debt, if any, with 20%, put aside 10% and live on the other 60 (or 80% if you have no debt). It seems to work out well. And I've discovered that charity can be anything you want it to be -- but you have to learn how to pick your battles -- and your causes. Or people will try to pick them for you. And they're not always nice about it if they know you could lend them $40,000 without blinking. And you don't do it, and further aren't inclined to explain why. You could, but then, they'd still try to convince you, or go away mad. So what's the point?
We are all the same that way -- a little bit socialist in our thinking when we stand below our peers in wealth or accumulations. And when we stand above the line a little more likely to give. A good friend of mine always said when you play any game start with a plan. And having a plan for your success is as important as any other.
Personally, I drive a shitty car. I live in a small house. I dress modestly and spend money on things that really matter. Staying home with my kids. Taking trips. Exercising. Reading. The things you can look back on and say when you're lying on the hospital gurney and you know you're not going to make it out this time -- mine has been a life well lived.
Enough said.
Panther
Definitely, but something always gets lost in the translation. I do try to tell anyone that asks. Most simply don't believe me.
Most of the time it's simple experience that's at work when you're winning. You've been in enough situations to know when they're going bad and when to cut and run. And when you're in a good one just how long you can let it play before you drop the curtain. [/QUOTE]
Yep, was lucky enough to buy TS2ki a couple of years ago. I had to learn all those indicators and strategies, and then find the correct combinations of indicators and settings. Pushing buttons until something works pretty much sums it up.
As a trader you train your own mental DNA machine to understand certain movements, or patterns, and in a sense become a lightning rod for market signals that mean something to you. So success is built on your own learning algorithms and on your defeats as much as your successes. People want a quick fix. Or the results of all of your hard hours, months and years.[/QUOTE]
Yep, I noticed that when people really begin to figure out just what it takes to trade, they stop asking to learn, and start asking for loans.
And I've discovered that charity can be anything you want it to be -- but you have to learn how to pick your battles -- and your causes. Or people will try to pick them for you. And they're not always nice about it if they know you could lend them $40,000 without blinking. And you don't do it, and further aren't inclined to explain why. You could, but then, they'd still try to convince you, or go away mad. So what's the point?[/QUOTE]
Learned this the hard way, still trying to deal with it. The more you give, the more some people want.
And having a plan for your success is as important as any other. [/QUOTE]
I found that I was unprepared for success.
Personally, I drive a shitty car. I live in a small house. I dress modestly and spend money on things that really matter. Staying home with my kids. Taking trips. Exercising. Reading. The things you can look back on and say when you're lying on the hospital gurney and you know you're not going to make it out this time -- mine has been a life well lived.[/QUOTE]
Almost the same, but my shitty car went to the Autozone in the sky. So I bought a new one. I made the mistake of saying that I bought it outright when asked about how I financed it. That's when the problems started.
That you for the insightful post. It was
and at the end of the day you can say that you succeeded... or not. If you did, that's great. If not, try once more and then yet another time. Trading is all about trying... and losing, but if you believe that you will succeed, never give up. Otherwise, stop as soon as possible. There are other ways to be successful too, and there is nothing wrong about it...
Best of luck,
Wally
Best of luck,
Wally