What exactly is "Open Mind"?

[OddTrader]

" The more trading experience you have in conventional trading makes it more difficult to accept and apply his methodology. "

Equally, Jack's followers could no longer accept and apply any other methods! Very interesting!

Jack has always said that it is very difficult to get rid of the baggage of conventional thinking.The more trading experience you have in conventional trading makes it more difficult to accept and apply his methodology. It is hard to break old habits. The more ingrained they are the more difficult they are to change.For example I am having a time adjusting to traversing my rocky/hilly property with a leg that has suddenly lost 90 percent of its strength (pinched nerve). Getting there but have lapses called falls.

 

[Fractals 'R Us]

Then there was the guy that was so open minded for so long that he had to close for repairs

 

[OddTrader]

Relatively speaking, open mind to one thing can be close mind to something else; whereas close mind to one thing can be open mind to something else!

 

[ExperiencedJoe]

" Any person can start with an open mind and in ten months make 1 million a day " http://www.elitetrader.com/et/index...nd-in-ten-months-make-1-million-a-day.287083/

Now I really really want to be an open minded trader!

Sometimes I think I am an open mind person (I do - Sometimes!) - LOL.

But what exactly is an "Open Mind" in trading?

http://www.elitetrader.com/et/index.php?threads/is-day-trading-worth-it.275680/page-100

An open mind will cause you to believe anything and everything. It is best to have a closed mind and believe just 1 thing: ultimately, the market is determined solely by supply and demand. Although the price rising is not always indicative of demand, nor the price falling always indicative of supply.

 

[OddTrader]

It is best to have a closed mind and believe just 1 thing: ...

Actually I am open mind to your closed mind theory.

 

[BobbiDigital]

To me an open mind is nothing more than the ability to process information before coming to a conclusion or judging... then once you have come to a conclusion or judged, the ability to understand what factors brought you there and if they change the ability to reassess and start the process over. I stay away from such topics as politics and religion with most people because I am not that into hearing myself talk. These are very deeply embedded in many belief systems for whatever reason.

 

[theiguana]

An "open mind" means having no ego and not being convinced you are right. Trading is difficult when you have pre-conceived ideas and have biases. True trading means you will buy in strength/sell in weakness and that's it.

 

[Redneck]

An "open mind" means having no ego and not being convinced you are right. Trading is difficult when you have pre-conceived ideas and have biases.

Agree

True trading means you will buy in strength/sell in weakness and that's it.

Sometimes..., but more often - the exact opposite is the correct course of action

Believe it or not

RN

 

[NoDoji]

ultimately, the market is determined solely by supply and demand. Although the price rising is not always indicative of demand, nor the price falling always indicative of supply.

I believe the market is determined solely by at least two parties willing to negotiate a deal.

Price movement in a given market is determined solely by an imbalance between supply and demand at certain prices at a given moment in time.

I don't understand how price rising would not be indicative of more demand than supply at certain prices at a given moment in time (and vice versa for price falling). Why else would price rise or fall?

 

[ExperiencedJoe]

I believe the market is determined solely by at least two parties willing to negotiate a deal.

Price movement in a given market is determined solely by an imbalance between supply and demand at certain prices at a given moment in time.

I don't understand how price rising would not be indicative of more demand than supply at certain prices at a given moment in time (and vice versa for price falling). Why else would price rise or fall?

One thing is for sure, no one on these forums negotiates a deal. They have to accept whatever they are given, even if fictitious.

Price rise and fall because it is profitable for the party with either the ability or the funds to move the price. Since practically no one who use the internet forums have the ability or the funds, this is the reason they always lose. For a very tiny few who can see what those with the ability or the funds are doing, they can usually extract a profit by coat-tailing those with the ability or funds.