Types of traders here..... where do you stand??? Dare to find out?
- Thread starter lilduckling
- Start date
Honesty gives strength
The real problem from what I see on the P&L thread (which I've been following for awhile now). Most people who are somewhere between B-C aren't doing enough to "get it" - talking about equity, not futures, etc. What I mean by that is they're going to do a few hundred or couple thousand shares a day. Think of it like an engine. If an engine is only firing on 1 cylinder then it's not performing at it's peak. Think of an "A" trader as someone who's firing on all 12 cylinders at the same time. If one strategy isn't working that day/week/month, the others will more than make up for it. When they're all firing at the same time, it seems they can do no wrong.
Every 7 figure trader I know doesn't have one strategy and that's it. It's a culmination of strategies and ideas and understandings that have developed over their years of trading. The more they trade, the more they understand and the more they trade. It's an upward cycle.
I think with B-C it is also a complacency issue. How many times have people posted early that they're done for the day. I understand if you've got major other things to do but if you're taking off because: 1) you're happy/sad with your results for the day 2) afraid to give it back 3) think your system on works one time a day; then you'll never achieve A status. There is money to be made all times of the day and on all timeframes and when things are working is when you really have to push it.
Really what it comes down to is psychology combined with drive and being willing to push yourself to the next level.
Every 7 figure trader I know doesn't have one strategy and that's it. It's a culmination of strategies and ideas and understandings that have developed over their years of trading. The more they trade, the more they understand and the more they trade. It's an upward cycle.
I think with B-C it is also a complacency issue. How many times have people posted early that they're done for the day. I understand if you've got major other things to do but if you're taking off because: 1) you're happy/sad with your results for the day 2) afraid to give it back 3) think your system on works one time a day; then you'll never achieve A status. There is money to be made all times of the day and on all timeframes and when things are working is when you really have to push it.
Really what it comes down to is psychology combined with drive and being willing to push yourself to the next level.
This is one of the most intelligent responses I have ever read here on ET.
You hit on a couple of very interesting points.
The âcomfort zoneâ you brought up is something overlooked by many. Few realize that this works both ways. While everyone likes to gain, an unusual large gain in a short period may actually curl back a traderâ¦. I.E. make a trader temporarily âclose shopâ in fear of losing such gains. FEARâ¦. It comes in several varieties. It may be from constant or large loss⦠bringing the end of an account closer. Fear from the hour glassâ¦. Not losing or winning, but being stuck at neutral for of months or even years. And It can be from a large gain, fear of losing what has been gained . Either way, they are ALL a mental drag that will affect your trading.
Two men decide to get into trading full time. They both decide to open an account with 50% of their total assets. Trader A opens an account with $5000, Trader B with $50,000. Will their âfearâ be the same? Will trader A have more mental clarity, because if he fails, he is only losing 5K and not 50K? (Even though its both 50% of assets.)
Will trader B have the mental edge?â¦. Because he knows with 50K he can take early loses and still have enough left to survive.
What if trader A lives at home with mommy and daddy who pay all the bills, and has no time pressure? While trader B has a mortgage, kids to feed, and set aside enough money in the bank to live on for the next 2 years⦠PROVIDING no unforeseen expenses occur⦠like wife getting laid off⦠kids getting sick, etc.
How would trader A , after never having anything in life given to him, feel after 1.5 years, somehow miraculously have his account go from 5K to 20K in last 5 months⦠would he change his style, and not be as aggressive, tighten up his game⦠in fear of losing all that moneyâ¦(and thus possibly stopping his winning ways?)
How would trader B feel after 1 or 1.5 years have his account at 45K? Sureâ¦. Plenty of $ left to learn, but time is running out.
There are so many variables that can keep a trader from being in Group B, all from fear of loss, possible loss, fear of not knowing, fear of changeâ¦â¦. Etc.
I see a little of me in all those categories.
E: I've blown out twice. I have a cat and very few visitors. ET is a connection to the rest of the world for me.
D: I'm somewhat fearful, but I don't consistently lose money. I have quite a few books on trading.
C: I am well aware of the difficulties in speculating for profit.
B: I submit my cap gains and losses to the IRS, (thought this was an odd criteria and if it weren't for this criteria I would not be in this category), but I don't claim to make my living as a trader.
A: I'm a little religious about my trading. I religiously perform my rituals every day. In the last four years I have two winning years and two losing years, and one of those losing years was only by $400.
Anyhoo, I would say I'm an E who makes money sometimes. And cats can talk, you just have to learn their language.
E: I've blown out twice. I have a cat and very few visitors. ET is a connection to the rest of the world for me.
D: I'm somewhat fearful, but I don't consistently lose money. I have quite a few books on trading.
C: I am well aware of the difficulties in speculating for profit.
B: I submit my cap gains and losses to the IRS, (thought this was an odd criteria and if it weren't for this criteria I would not be in this category), but I don't claim to make my living as a trader.
A: I'm a little religious about my trading. I religiously perform my rituals every day. In the last four years I have two winning years and two losing years, and one of those losing years was only by $400.
Anyhoo, I would say I'm an E who makes money sometimes. And cats can talk, you just have to learn their language.
Quote from hughb:
Anyhoo, I would say I'm an E who makes money sometimes. And cats can talk, you just have to learn their language.
Then you can not be an E....... Es don't trade
Jack, why not come foward brother, and confess that you have been in Group E since the start of the internet!
You will feel much better afterwards. Let the waters of truth flow over you, and wash away this charade you carry on your shoulders.
You will feel much better afterwards. Let the waters of truth flow over you, and wash away this charade you carry on your shoulders.
Quote from eagle:
Those who made and supported the study were just trying to justify or console themselves for their failure. Sounds like "Look, I'm not that stupid or abnormal; I'm in the majority.". So I'm better in D.
I agree with eagle -- there is some truth to the original post, but there are many who are legitimately successful on ET; say, those consistently earning >$100k/yr solely from trading for their efforts (on a post-weighted basis, probably quite a bit higher than 1%). But it's almost certainly not others' ET posts that made them successful at trading.
A lot of the most successful on ET are the types who sign up for an account to make one point on these boards -- those who work inside well-known/successful firms hardly want to hang out here for long or reveal their true identities. It's also true that many of the most useless trolls use this tactic -- but these are not the same people (usually
).Also, the OP's grouping of the successful traders with those who want to market worthless, overpriced courses seems ridiculous to me. Almost never would you find the people who enjoy and succeed at trading wanting also to market a hard-sell "one weekend only at the Airport Hotel", "learn to trade" course costing $1000+. But maybe a memoir or something similar for posterity (think "Investment Biker"or "One Up on Wall Street").
But there were a few good observations by the OP as well.
Freud was an idiot and a sicko. Anyone who claims that every man, without exception, wants to have sex with his mother is a wacko. He holds no credibility.