Trading Without Fear

Sniemiec · Jan 31, 2008

Quote from Duref Mudgins:

Sniemiec, thank you for posting. Is your handle pronounceable in English translation? The whole idea was to have an indicator which is a perfect, but bland, substitute for price. So that you don't even have to look at scary price. Trust me, this indicator very nearly perfectly represents essential price action.

Regarding my handle, S is just the first letter in my first name and Niemiec, my last. It's Polish, and pronounced nem-yets.

I see what you've done, but I'm not a fan of indicators. I only read price action (or try to). I think getting over the 'fear' of price action would be much more effective then any indicator.

Cool concept, though...

Duref Mudgins · Jan 31, 2008

Thanks for the Polski lesson. Hope my little blague didn't take too much of your precious time. I invent at least two useless indicators every day, and share the worst of them periodically with ET. However, occasionally I give away the good stuff. MonkeyTrader is what I actually use, which see in two related threads.

JaiSreeram · Jan 31, 2008

Quote from ammo:

everybody hates to be wrong,trading,money,arguments,your teacher, your boss,we learned as kids that if your wrong you will be punished,we replace our parents punishment with self chastising and the cycle repeats,so the trick is to not care if your right or wrong ,just trade,you will be right ,don't get excited,you'll be wrong ,don't implode,just try not to care,no emotion,when a waitress makes coffee,she just does it ,her job,no emotion needed to make coffee,no emotion needed to trade...the acct total is not you,it does not represent you,its just the acct,the coffee is not the waitress,its just coffee....simple,gets simpler every day if u make it a habit

Thank you, an en lighting comment!

, You are absolutely right. In other words we can say that You can make wrong decisions, but you are not wrong!

NY0BScalper · Jan 31, 2008

I didn't read the whole topic, just the first page, so maybe someone covered this. But...

TRADING WITHOUT FEAR IS HORRIBLE! YOU SHOULD BE FEARFUL! THE MARKET CAN MAKE YOU BROKE IF YOU FUCK UP AND DON'T RESPECT IT.

What next, driving without fear? Yes you shouldn't be absurdly fearful in the sense of constantly imaging worst case scenarios to the point where it affects your rational driving decisions, but you have to be fearful of the roads. IMO the markets are the same way.

On my best trading days I am scared shitless. I tend to do best after taking a large hit, because that instills the fear of how real the ease with which money can be lost is. When I go in really fearful, I only take the best setups where my edge in the trade is that I am sure if I am wrong I can exit with a minimal loss based on my assessment of the stock's liquidity characteristics. I book my profits and move on.

Fear is necessary to survive in this business. Fear the bad times. Fear the bad markets.

And most importantly: fear your own psychological demons.

twofacedjoker · Jan 31, 2008

Quote from NY0BScalper:

I didn't read the whole topic, just the first page, so maybe someone covered this. But...

TRADING WITHOUT FEAR IS HORRIBLE! YOU SHOULD BE FEARFUL! THE MARKET CAN MAKE YOU BROKE IF YOU FUCK UP AND DON'T RESPECT IT.

What next, driving without fear? Yes you shouldn't be absurdly fearful in the sense of constantly imaging worst case scenarios to the point where it affects your rational driving decisions, but you have to be fearful of the roads. IMO the markets are the same way.

On my best trading days I am scared shitless. I tend to do best after taking a large hit, because that instills the fear of how real the ease with which money can be lost is. When I go in really fearful, I only take the best setups where my edge in the trade is that I am sure if I am wrong I can exit with a minimal loss based on my assessment of the stock's liquidity characteristics. I book my profits and move on.

Fear is necessary to survive in this business. Fear the bad times. Fear the bad markets.

And most importantly: fear your own psychological demons.

Do let fear own you. See you on the other side mate.

stock777 · Feb 5, 2008

Old news.

There are already pro "trade without fear" practitioners.

They are called

HEDGE
FUNDS

They trade with YOUR money.

Fear. lol, you must be kidding.
Only fear is they run out of suckers.

nutmeg · Feb 6, 2008

Fear. lol, you must be kidding.
Only fear is they run out of suckers
------------------------------

Only fear is they run out of product to sell. Just keep reinventing the wheel.

Optionpro007 · Feb 6, 2008

Quote from nutmeg:

Fear. lol, you must be kidding.
Only fear is they run out of suckers

By my calculations, there is going to be more suckers coming into this game in the next few years than ever before...

ammo · Feb 6, 2008

u can have fear, u can b wrong,u will do both, just don't get emotional about it, qoute "Lighten up Francis"

Reaver · Feb 6, 2008

Quote from NY0BScalper:

I didn't read the whole topic, just the first page, so maybe someone covered this. But...

TRADING WITHOUT FEAR IS HORRIBLE! YOU SHOULD BE FEARFUL! THE MARKET CAN MAKE YOU BROKE IF YOU FUCK UP AND DON'T RESPECT IT.

What next, driving without fear? Yes you shouldn't be absurdly fearful in the sense of constantly imaging worst case scenarios to the point where it affects your rational driving decisions, but you have to be fearful of the roads. IMO the markets are the same way.

On my best trading days I am scared shitless. I tend to do best after taking a large hit, because that instills the fear of how real the ease with which money can be lost is. When I go in really fearful, I only take the best setups where my edge in the trade is that I am sure if I am wrong I can exit with a minimal loss based on my assessment of the stock's liquidity characteristics. I book my profits and move on.

Fear is necessary to survive in this business. Fear the bad times. Fear the bad markets.

And most importantly: fear your own psychological demons.

Yep, just like in anything else in life. It's about doing what needs to be done in spite of fear. Courage isn't the absence of fear, it's being scared shitless and still doing what needs to be done.

When I say fear, I am not referring to being a pussy and being controlled by it...but anything that has the potential to be as irrational as the market scares me when I put money on the line against it. I still take my profits and take my licks as they come, but I always do my damnedest to do the intelligent thing in any situation. I don't always succeed, but I work towards it every day. So there, that's fear as far as I'm concerned.