too much emphasis on defense in trading
- Thread starter marketsurfer
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Quote from darkhorse:
Yep -- but I wager it's not dependent on your belief either, but rather your talent / skill / knowledge / experience.
hey -- whatever it takes for a person to believe!
Quote from MacroEvent:
hey -- whatever it takes for a person to believe!
W. clement stone (My boss some 16 years ago) said it best;
Success is achieved by those who try and keep trying with P.M.A. (positive mental attitude). I live by those beautiful words every day and I will certainly die by them.
cool ---- "Think and Grow Rich", this was a great eye opening book that i read when i was younger.
thanks for the link!
thanks for the link!
Indeed, an awesome and a must read book.
I can't quote all of you folks and these other folks...
All I know is that if I can survive long enough and eek out the 19-30% per year for the next ten years I will get what I want...(actually 9 years, as year one is nearly over).
Is my cup half full or half empty?..I could give a .....
Michael B.
P.S When I die, who would like to take my handle over...
All I know is that if I can survive long enough and eek out the 19-30% per year for the next ten years I will get what I want...(actually 9 years, as year one is nearly over).
Is my cup half full or half empty?..I could give a .....
Michael B.
P.S When I die, who would like to take my handle over...
WOW, this will never end....
Just goes to show that the statement: "This is what makes a market" is true.
We all play the same game but in different ways, some trade only stocks, some only futures, some options etc. Everyone plays the game in different mindsets, different time frames, different strats and tactical maneuvers, etc.
But i would bet the farm that most follow the same road to becoming a winning trader, even with different definitions of what a winner might be.
We start out with visions of grandeur, open an account and get our butts whacked. Go back and read some more books, try a few wizard letters, etc, find out that is useless also. Go back and read more books, this time we start to realize we are our own worst enemies and we then begin to analyze ourselves and not the markets. the bulb starts to get brighter as we become more signal oriented rather than throwing darts at the mkts
Then the day comes "FINALLY" where we start to realize that we were over analyzing the mkts with esoteric useless indicators etc.
We decide the simple stuff indeed works if and only if we get intellectually honest with the use of "STOPS" and use setups that are understood as their true usefullness and reliability. With that comes the awful truth that "LOSSES" are a large part of the game, they will "NEVER" be avoided. Losses are part and parcel to winning. Taking losses is a hard lesson to get imprinted in a brain when your whole life we are taught that losses make you a loser, a nit-wit, a bum etc. Some never get to that point in their trading career and they become a statistic amoung the dead and ruined.
AM i CLOSE?....
Just goes to show that the statement: "This is what makes a market" is true.
We all play the same game but in different ways, some trade only stocks, some only futures, some options etc. Everyone plays the game in different mindsets, different time frames, different strats and tactical maneuvers, etc.
But i would bet the farm that most follow the same road to becoming a winning trader, even with different definitions of what a winner might be.
We start out with visions of grandeur, open an account and get our butts whacked. Go back and read some more books, try a few wizard letters, etc, find out that is useless also. Go back and read more books, this time we start to realize we are our own worst enemies and we then begin to analyze ourselves and not the markets. the bulb starts to get brighter as we become more signal oriented rather than throwing darts at the mkts
Then the day comes "FINALLY" where we start to realize that we were over analyzing the mkts with esoteric useless indicators etc.
We decide the simple stuff indeed works if and only if we get intellectually honest with the use of "STOPS" and use setups that are understood as their true usefullness and reliability. With that comes the awful truth that "LOSSES" are a large part of the game, they will "NEVER" be avoided. Losses are part and parcel to winning. Taking losses is a hard lesson to get imprinted in a brain when your whole life we are taught that losses make you a loser, a nit-wit, a bum etc. Some never get to that point in their trading career and they become a statistic amoung the dead and ruined.
AM i CLOSE?....
Sorry, wrong topic. meant for the defense and offence one....
See, i still make mistakes....
Off topic, but just a little note....A pass to ride the train to downtown Chicago from the burbs now costs $109.50 a month. probability still cheaper than driving a car to work but not cheap. Wonder what it costs from Connecticut to the Big Apple...YEA GADS!!!
See, i still make mistakes....
Off topic, but just a little note....A pass to ride the train to downtown Chicago from the burbs now costs $109.50 a month. probability still cheaper than driving a car to work but not cheap. Wonder what it costs from Connecticut to the Big Apple...YEA GADS!!!
A wise man once told me. If one is trying to achieve perfection then a loss may be seem as devastating for one's goals. That is frustrating.
if one is trying to achieve victory, then a loss may come simply as a natural part of the process. That is rewarding, as by facing failiure and learning from one's failiure. One comes closer to one's goal.