Tell that to the one-hit wonders in the music industry. There are many hacks in this world, but few can summon inspiration at will.
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What happened to Mercenary Trader?
- Thread starter qlai
- Start date
I was also thinking along those lines yesterday when I was posting in this thread but didn't pursue the angle. However, I'm glad you did because it's important. In what other business do people offer full disclosure of their working strategies and tactics to their competitors? I can't think of any.
In 2009 I was at a local sushi store and they now have a book for sale with how they make everything including naming the locations where they get their ingrediants & supplies.
I can now make my own sushi but a few things I can not do on my own which is why I still buy my sushi from this sushi store.
This is also done in sports maybe because they know their competition will apply it differently or may not have the personel to do it as successful or is not in the same league ?
wrbtrader
A restaurant's food, while important, is only part of the equation. There is location, ambiance, staff, etc. And it may depend on the type of restaurant, itself. In any event, I don't think running a restaurant is a particularly good analog for trading. I think a better example would be chess or poker. Would you tell your opponents/competitors exactly what you will be doing next and what your overall strategy will be to defeat them? I'm guessing no.
As for sports, I'm not much of a team sport follower. But I'm guessing that, say, football teams don't share their playbook with the team they're going to play against.
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Although I somewhat agree but chess may not be a good example in comparison to trading. For example, we as traders aren't competing with just one person sittting across from us...
We as traders are competing often against those (individuals, firms, algorithms) we do not know but fully aware they are there.
Actually, in sports...they do share their playbook...just not directly. Its done via former coaches, former assistants and former players on the other teams that use to have access to the playbook. I've personally experience such...it happens every day.
In fact, the smart teams will hire away important personel from the competiton to gain access to the knowledge. Businesses and universities do the same too in academics via job offers (hiring away key people from the competition).
Yet, they are fully aware of such and realize that it boils down to the personel using the information. Simply, two traders with the same playbook will have "different results" because the traders think differently and have different issues impacting their trade decisions. Therefore, in reality as traders...there's no fear of the competition if that competition has the same playbook especially when the ones that truly impact the markets do not use the same playbook (hint: algorithms)
Your safe with your hard work if shared assuming your not someone or firm that can move the markets. Yet, understandable to not share with someone you dislike or do not trust.
wrbtrader
We as traders are competing often against those (individuals, firms, algorithms) we do not know but fully aware they are there.
Actually, in sports...they do share their playbook...just not directly. Its done via former coaches, former assistants and former players on the other teams that use to have access to the playbook. I've personally experience such...it happens every day.
In fact, the smart teams will hire away important personel from the competiton to gain access to the knowledge. Businesses and universities do the same too in academics via job offers (hiring away key people from the competition).
Yet, they are fully aware of such and realize that it boils down to the personel using the information. Simply, two traders with the same playbook will have "different results" because the traders think differently and have different issues impacting their trade decisions. Therefore, in reality as traders...there's no fear of the competition if that competition has the same playbook especially when the ones that truly impact the markets do not use the same playbook (hint: algorithms)
Your safe with your hard work if shared assuming your not someone or firm that can move the markets. Yet, understandable to not share with someone you dislike or do not trust.
wrbtrader
I disagree. But please feel free to share your trading method in full detail with us since you believe there will be no personal cost to you in doing so.Although I somewhat agree but chess may not be a good example in comparison to trading. For example, we as traders aren't competing with just one person sittting across from us...
We as traders are competing often against those (individuals, firms, algorithms) we do not know but fully aware they are there.
Actually, in sports...they do share their playbook...just not directly. Its done via former coaches, former assistants and former players on the other teams that use to have access to the playbook. I've personally experience such...it happens every day.
In fact, the smart teams will hire away important personel from the competiton to gain access to the knowledge. Businesses and universities do the same too in academics via job offers (hiring away key people from the competition).
Yet, they are fully aware of such and realize that it boils down to the personel using the information. Simply, two traders with the same playbook will have "different results" because the traders think differently and have different issues impacting their trade decisions. Therefore, in reality as traders...there's no fear of the competition if that competition has the same playbook especially when the ones that truly impact the markets do not use the same playbook (hint: algorithms)
Your safe with your hard work if shared assuming your not someone or firm that can move the markets. Yet, understandable to not share with someone you dislike or do not trust.
wrbtrader
That's why I mention the "personal issue"...share with those you like or trust. I've had a distrust of this forum as I do others involving privacy issues.
Simply, other ways to share to minimize the personal cost such as to share with those you personally know or to share with those you know equal personal information and many other situations.
Regardless, two traders will not use the same method the same way (too many journal threads here at this forum as proof). For example, someone fully share their method of trading via price moving average crossovers. Almost every reply involved someone applying it differently, trading something differently, different time frames, different trading hours, different days off from trading...
Too many different variations/situations that the person you share with is not the competiton. In fact, there's been threads here that show even if your competiton takes the opposite trade...the actions of those that move the markets will determine the results...you both can lose...you both can profit...your losses are different...your profits are different, one lose while the other win and so on.
Yet, in other situations like algorithm trading systems, automated trading systems, black boxes...I think sharing such would be more of a problem.
Another issue involving sharing of information that the public does not have access too like maybe a CEO for a company is about to sign a multi-million deal and he tells his buddy and that buddy then makes trades on the info or tell other that makes trades on the same info...
You get caught...that's legal issue involving insider trading. Obviously sharing in situations like that will have personal costs.
P.S. If you had a twin that did exactly what you did in the markets...that twin is not competition. That twin is someone taking the same trades in the same direction. The twin doing what you do is an ally, supporter, partner or collaborator. In contrast, the competition are those on the opposite side of your trades unless I've missed the point.
wrbtrader
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Well, it appears I may have been one of few "suckers" paying for their stuff, but I got no regerts 
This should probably be in the psychology section, but I wanted to share one of their articles which made a big impact(mind-shift) on me at the time.
https://www.businessinsider.com/ditch-the-hedonic-treadmill-2013-9
This should probably be in the psychology section, but I wanted to share one of their articles which made a big impact(mind-shift) on me at the time.
https://www.businessinsider.com/ditch-the-hedonic-treadmill-2013-9
Good article; well-written and thought-provoking. The author was an ET member in earlier days whose posts were always worth reading.
The article somewhat dovetails the message in the book The Happiness Advantage, which posits that happiness precedes success rather than follows it, as most people believe.