but you can take over Jack@ entertainment guru role and make us happy.
What is the traditional course of study for a career trader?
- Thread starter kmiklas
- Start date
but you can take over Jack@ entertainment guru role and make us happy.
Percentages are only one side of the equation, you also have to look at what sort of number makes up 100%.
So even with a 95% failure rate that still means there are hundreds of thousands of traders around the world making good money, some of them excellent money.
Anyway, the failure rate of traders is no different to the failure rate of most businesses. Correct me if wrong but I think the stat is something like 90% go broke/close down within 5 years. But again, that still leaves hundreds of thousands of successful businesses, and that's just in the US.
I therefore say to everyone, forget about the 95% and instead realise that many have and are making it. Use the 7th Law as your foundation, concentrate, find areas on the chart where everyone wants it, use a small stop, be patient, and chances are you'll do fine at worst and pretty good to excellent at best.
As for my entrainment value TEB, happy to help. Hopefully I put a smile on your face, every smile early in the morning will probably add a day to your life. You therefore owe me
So even with a 95% failure rate that still means there are hundreds of thousands of traders around the world making good money, some of them excellent money.
Anyway, the failure rate of traders is no different to the failure rate of most businesses. Correct me if wrong but I think the stat is something like 90% go broke/close down within 5 years. But again, that still leaves hundreds of thousands of successful businesses, and that's just in the US.
I therefore say to everyone, forget about the 95% and instead realise that many have and are making it. Use the 7th Law as your foundation, concentrate, find areas on the chart where everyone wants it, use a small stop, be patient, and chances are you'll do fine at worst and pretty good to excellent at best.
As for my entrainment value TEB, happy to help. Hopefully I put a smile on your face, every smile early in the morning will probably add a day to your life. You therefore owe me
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Abbot
What is your annual returns from trading ?
Maybe You should start writing as forex writer , it pays better than trading and you area good writer
Maybe write like Shakespeare of traders
“To-morrow, and to-morrow, and to-morrow I will make money,
Creeps in this petty pace from day to day,
To the last syllable of recorded time;
And all our yesterdays have lighted fools
The way to dusty death. Out, out, brief trading candle!
Life's but a walking shadow, a poor player ,
That struts and frets his hour upon the stage,
And then is heard no more.son of a Doji , It is a tale
Told by an idiot, full of sound and fury,
Signifying nothing.”
― William Shakespeare, Macbeth
What is your annual returns from trading ?
Maybe You should start writing as forex writer , it pays better than trading and you area good writer
Maybe write like Shakespeare of traders
“To-morrow, and to-morrow, and to-morrow I will make money,
Creeps in this petty pace from day to day,
To the last syllable of recorded time;
And all our yesterdays have lighted fools
The way to dusty death. Out, out, brief trading candle!
Life's but a walking shadow, a poor player ,
That struts and frets his hour upon the stage,
And then is heard no more.son of a Doji , It is a tale
Told by an idiot, full of sound and fury,
Signifying nothing.”
― William Shakespeare, Macbeth
1) None of your business.
2) Not interested. Why work for someone when you can work for yourself. Having said that there are disadvantage to working for yourself as well as advantages of working in a business. Both come with associated advantage/disadvantages.
3) Studying Shakespeare at school put me off his work for life. I'm a philistine when it comes to the arts. And as far as art goes, nothing is as beautiful to me as a price chart. Others can have the Monet's, I'll have a long term chart of Corn or Gold on my wall. With that I can see the emotion, the pain, the pleasure, the evil of the markets, the delight, the traps, and of course the perversity. Remember, until computers can decipher perversity and hence use it, don't worry about them.
4) Your posts aren't helpful. Mine I believe are even if people don't agree with them. I reckon I've given at least a point or two for people to think about. So with the greatest respect, either shut up or try to help via giving us all something of value or something to think about rather than ranting, raving, whinging and whining.
Would you say all those likes are given by intelligent , successful traders from the 2% club?
I haven't a clue who the likes are from, maybe many of them are from you?
I'm not trying to sell anything, not asking for anyone to believe what I say, that's up to them, you have to sort the wheat out from the chaff and no doubt I have some chaff, as well as wheat.
You obviously think I'm more chaff than wheat (or all hat and no cattle in Texas, I love that saying). Fine. Others perhaps don't, great, happy to have helped. But one thing I do know is this - if anyone uses the 7th Law as a foundation for their trading plan, they'll do fine as long as they can successfully implement that plan.
So why not do yourself a favour over the weekend TEB.
Go through the last 50-100 of your trades and see if before the big winners there was strong evidence of the 7th Law. Then go look at all your losers, assuming you do actually have any that is, and see if there was no evidence of the 7th Law before the trades. Who knows, you might even build the 7th Law into your trading plan. Then you'll double owe me, 1) for helping you live a few more days via making you smile in the morning (although your wife/girlfriend might not be too happy ), and 2) I'll have increased your overall profitability, perhaps to 4 figures (%) rather than 3.
I'm not trying to sell anything, not asking for anyone to believe what I say, that's up to them, you have to sort the wheat out from the chaff and no doubt I have some chaff, as well as wheat.
You obviously think I'm more chaff than wheat (or all hat and no cattle in Texas, I love that saying). Fine. Others perhaps don't, great, happy to have helped. But one thing I do know is this - if anyone uses the 7th Law as a foundation for their trading plan, they'll do fine as long as they can successfully implement that plan.
So why not do yourself a favour over the weekend TEB.
Go through the last 50-100 of your trades and see if before the big winners there was strong evidence of the 7th Law. Then go look at all your losers, assuming you do actually have any that is, and see if there was no evidence of the 7th Law before the trades. Who knows, you might even build the 7th Law into your trading plan. Then you'll double owe me, 1) for helping you live a few more days via making you smile in the morning (although your wife/girlfriend might not be too happy
), and 2) I'll have increased your overall profitability, perhaps to 4 figures (%) rather than 3.So why not do yourself a favour over the weekend TEB.
Go through the last 50-100 of your trades and see if before the big winners there was strong evidence of the 7th Law. Then go look at all your losers, assuming you do actually have any that is, and see if there was no evidence of the 7th Law before the trades. Who knows, you might even build the 7th Law into your trading plan. Then you'll double owe me, 1) for helping you live a few more days via making you smile in the morning (although your wife/girlfriend might not be too happy
All my tight stops get taken out , then market goes in orignal direction , if I had kept a wide stop , market does not touch me , it does not screw me like the 95% club get screwed
Seems like you are sent here to post , by a forex bucket shop broker .Every time trader loses stop outs , bucket shop takes money.The bucket shop brokers hired you to sell this snake oil , like they sell these binary options , everything goes in their pockets.
Also these tight stops trigger stress , emotions and a can of phsychological worms .
In the following sequence traders were betting with cigarettes , if they were betting with money , traders end up shouting "I WANT MY MONEY BACK stop loss hit , I WANT MY MONEY BACK ,I WANT MY MONEY BACK instead of I want my cigarettes"
How do we know , you are not fibbing like this trader and giving us snake oil?
http://www.dailymail.co.uk/news/art...g-pushed-pushed-reporter-finally-gave-in.html
If your tight stops are getting taken out and then the market moves in your favour you're falling victim to the perversity of the markets and as I always say perversity will dog ALL traders ALL the time. That means it dogs me as well but if you understand that, you can try to use it to your advantage.
One way to do this is to concentrate on the fabled '2nd trade'. Don't take the first setup, wait for them to get stopped out, then take the second. The problem with this is that some of the first setup trades will work out great so you will miss profits by waiting for the 2nd but you'll also cut down on many losses. Hard in this game, if not impossible, to get given an advantage without it coming with an associated disadvantage.
Nope, not sent here to post although if you think I am, fine. Yes, you're right about bucket shops, the more the clients lose the more they win. Personally if I was a bucket shop owner I wouldn't do anything, I'd just sit back and let 95% of my clients lose all their money without any help. These people don't need encouragement to lose, they just need to given time and then their money will be mine (minus costs). Bucket Shops must be a great business to be in if you're a total cunt.
Tight stops in my mind actually help massively with the psychological problems and worms of trading because a tight stop means if right, excellent profits can be earned, 3:1, 4:1 maybe even 10:1 become the norm. Try getting 10:1 if you use a 50 tick stop in a market than might only move 300 ticks (Hi-Lo) over a month. Then try to get 10:1 using a 10 tick stop. One very possible, the other impossible. I do admit though that 10:1 trades aren't that common to me because I'm always an aggressive seller into strength. If I held on, always looking for larger profits at the expense of potentially giving open profits back, then I'd get more than a few 10:1. See, when you get given an advantage, more than a few potential 10:1 trades it comes with a disadvantage, more potential profit has to give back if price suddenly reverses.
Granted, using a tight stop everywhere is a recipe for disaster so you have to use them in the right place at the right time and that is when everyone wants it. Don't forget if everyone wants it you also very effectively neutralise the bogey-man Algos but far more importantly the boys. The boys not the Algos are the real threat to most traders but I never hear this much, if at all, all I hear about is the threat of the Algos. The Algos got me! They're after me! It always reminds me of War of the Worlds by HG Wells. That made for a great story and so do the Algos. How we humans love to be scared by the rise of the machines.
The thing is, many of the Algos get foxed every day by good traders, but those same traders don't try to fox the boys, they know you can't normally take them on as we're talking about the cream of the crop in any market with major muscle at their disposal. So the only way to play with the boys is to join them and guess what the boys use as their favourite weapon (although they probably won't realise it), the 7th Law! The boys know how to set the market up, they know how to force people into doing the wrong thing at the wrong time, and as said, they have the smarts and muscle (money) to do this on a regular basis. So next time anyone has a nightmare about the Algos, laugh and pray you don't get a nightmare about the boys because they're the ones traders should really fear. In my trading I'm always thinking about the boys, always on the lookout for their tricks and games. They leave footprints, nobody with any size or muscle can operate in this game without leaving footprints. TEB, from now on I'll also be looking for your footprints.
Used to love cigarettes, but switched over the electronic a few years back. Beautiful invention, gave up smoking within 10 secs of trying one.
You don't know if I'm fibbing, I could be for sure. Anyone could be. So if people like what I say, try to use some of it, if you think I'm a bullshit artist, disregard my comments.
In real trading my son, prices can go up and down 40 ticks several times within minutes , knocking your stops and wiping your ass boy