What is wrong with this way of thinking?

Quote from NoDoji:

In a word, there are many ways to profit from the markets and every successful trader believes their way is the best way. The reality is: without a plan that we personally are able to follow, every potentially profitable strategy fails.

I played with quite a few profitable strategies during my journey, some much “safer” than others, yet every one of them failed when I failed to follow the rules.

clm, you have some rough terrain ahead of you day trading CL, because it has an uncanny way of getting you to violate your plan
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This is interesting. It is a big part of why I am not rushing to develop appropriate strategies. I discovered as prop trader a couple of psychological issues I needed to master first. "Pulling the trigger", and "sticking to my guns" were the big issues. The reality is we can waste hours and hours and hours developing wonderful plans, but in most cases we will drop a good plan believing there is an issue with the plan when in reality there is an issue with our psychology. So, any plan will do, just learn how to stick to it!

Also, I believe strongly that you can trade with fake money until you're blue in the face. You won't master anything really. The psychology of real money is very different from the psychology of play money. You might master the mechanics of your strategy. You won't master its implementation.

Master your mind first then develop a wonderful strategy with that strong psychology as a foundation.
 
Quote from bhardy307:

This is interesting. It is a big part of why I am not rushing to develop appropriate strategies. I discovered as prop trader a couple of psychological issues I needed to master first. "Pulling the trigger", and "sticking to my guns" were the big issues. The reality is we can waste hours and hours and hours developing wonderful plans, but in most cases we will drop a good plan believing there is an issue with the plan when in reality there is an issue with our psychology. So, any plan will do, just learn how to stick to it!
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Not rushing to develop appropriate strategies = not possessing a winning strategy and not being in a hurry to (fail to) develop one. I see you have the prop shop affliction of thinking that news (resignations etc) drive the market.

Pulling the trigger and sticking to your guns? Either your strategy doesn't work, in which case you ought not to be trading with any expectation of making money - or your strategy is a big winner but your personality is so weak that you wouldn't have the confidence to expect the sun to rise tomorrow. Bottom line go and do something else.

You haven't done the work to know whether there is an issue with the plan or yourself, so you just assume it is with yourself and dick around with token trading so you can avoid doing what is required, which is first to develop a strategy. Then again you have plenty of money to afford your losses so there is no rush.

Quote from bhardy307:
Master your mind first then develop a wonderful strategy with that strong psychology as a foundation. [/B]
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By all means go and master your mind and come back to trading when you have done so. How dicking about with haphazard guesswork in a live trading account helps you "master your mind" I do not know. Do you get strong psychology from gambling, or do you run the risk of a gambling problem through gambling?

You already have weak psychology when it comes to trading. I would genuinely be interested in discussions about how you or any other trader could improve his personality / personal psychology / motivation / discipline etc. That is productive. Provided that it is carried out for its own sake (about self improvement generally) and not a shallow discussion punctuated with trading cliches about sticking to your plan.
 
Quote from Blotto:

Not rushing to develop appropriate strategies = not possessing a winning strategy and not being in a hurry to (fail to) develop one. I see you have the prop shop affliction of thinking that news (resignations etc) drive the market.

Pulling the trigger and sticking to your guns? Either your strategy doesn't work, in which case you ought not to be trading with any expectation of making money - or your strategy is a big winner but your personality is so weak that you wouldn't have the confidence to expect the sun to rise tomorrow. Bottom line go and do something else.

You haven't done the work to know whether there is an issue with the plan or yourself, so you just assume it is with yourself and dick around with token trading so you can avoid doing what is required, which is first to develop a strategy. Then again you have plenty of money to afford your losses so there is no rush.



By all means go and master your mind and come back to trading when you have done so. How dicking about with haphazard guesswork in a live trading account helps you "master your mind" I do not know. Do you get strong psychology from gambling, or do you run the risk of a gambling problem through gambling?

You already have weak psychology when it comes to trading. I would genuinely be interested in discussions about how you or any other trader could improve his personality / personal psychology / motivation / discipline etc. That is productive. Provided that it is carried out for its own sake (about self improvement generally) and not a shallow discussion punctuated with trading cliches about sticking to your plan.
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Blotto, put up, or shut up! Until I see you showing some real numbers, and proving yourself as a real trader, you're just a mouthpiece with too much time on his hands.
 
Quote from bhardy307:Blotto, put up, or shut up! Until I see you showing some real numbers, and proving yourself as a real trader, you're just a mouthpiece with too much time on his hands.
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Boring ad hominem again.

I have tried to point you in the right direction but it appears you are not interested in what I might have to say, so why are you interested in what I have done? The bottom line is that knowledge of what I have achieved is not going to make you successful, so what is the point? I am not a performing monkey placed here for your amusement. It is clear you are not interested in learning the logical order in which to do things or some of the questions to ask in trading.

You start a thread asking what is wrong with your way of thinking, yet you cannot tolerate anyone actually answering your question. I know how much you know, where you are, and where you will end up in your trading. You know that I know where you are. You are somebody who has not succeeded in carrying off a great load of money from the market - in part due to lack of a sufficiently successful strategy and in part due to the lack of the appropriate character to execute consistently.

If you choose not to believe that any of my contributions are of value, or choose not to evaluate them as you do not know for sure whether I am a successful trader, fine. Please stop reading what I post. Go back to your own beliefs. Just stay where you are - it is the safe thing for you to do. It will bring you more of the same which is of course what you are comfortable with.

I owe you nothing. Do not ask me for favours. I am not asking you to do anything for me. Stop asking me to do something for you.

For the rest of you, believe whatever you want to believe. I certainly hope your belief system is getting you where you want to go. Continued success to you all.
 
For the rest of you, believe whatever you want to believe. I certainly hope your belief system is getting you where you want to go. Continued success to you all.
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Starting balance for 2010: $10,000

+2076 USD
(converted to USD and net of costs)

Attachment: fills.png
This has been downloaded 1659 time(s).
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http://www.elitetrader.com/vb/showthread.php?s=&postid=2690025#post2690025


You lost it all, didn't you; you arrogant, narcississtic, mouthpiece! A few bad days in a row, and it was gone, right?

Very open about your big numbers at first. Then you started commenting about less good days. Then you stopped commenting at all. Must admit I stopped scrolling through that thread after February 8, 2010. So you lost it, right? But you still think you're a grand expert that is entitled to lecture and chastise the newer, less experienced trader.

You've become a master of copying and pasting, haven't you. Littered throughout every lecture you give are paragraphs that you've copied from lectures you've given others.

Piss off, little man. The sun coming out of your ass is blinding.
 
Quote from bhardy307:

We all see arguments about how you need large amounts of capital to really generate a living from trading.

What if my goal is $150/day? Is this an unrealistic goal?

I trade with FXCM. I like to trade CFDs.
http://www.fxcm.co.uk/cfd-product-details.jsp

1. I start with $3000.
2. $2000 is set aside to purchase the contracts.
3. $1000 is used as a monthly stop loss.
4. $100 daily stop loss.
5. I have the ability to replace the monthly losses indefinately.
6. Profits are withdrawn at the end of the day if there are profits.

3% rule on $2000 is $60. $2 refundable deposit buys me the right to trade one ounce of gold, for example, at cost of 50 cents. 60/2 = 30 ounces of gold is my maximum exposure. In most cases my actual exposure will be much less than this. Actually, on average I trade 3 ounces of gold at a time. So, change in equity is $3 for every $1 change in the price of gold.

Is it really unrealistic to create $150/day out of this?

Confession: Lost $102 today on the usdollar (not really a CFD, or is it - not sure.)
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1) If you have to ask, then no, you absolutely positively can't do it.

2) Having a mindset to win "x amount" every day is practically an impossible psychological burden. A better goal to start: Try to WIN every day (but really trade--don't just stop after one small lucky win.

3) You can't make the market do what you want it to do. Some days it's virtually impossible to make anything; other days (if you know how to trade) the money can come POURING in. A goal that doesn't take those facts into account is a fantasy, not a trading plan.
 
Quote from bhardy307:

How about today, before 5pm EST. I'm almost willing to offer my right ball. :D
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hey,

everyone is betting their trading balls and getting them blown off........

i see no women putting jewels on the line.

just more balless bodies with a trading needle stuck in their arm strewn along the path.

cheers,

s

:cool:
 
Quote from shopster:

hey,

everyone is betting their trading balls and getting them blown off........

i see no women putting jewels on the line.

just more balless bodies with a trading needle stuck in their arm strewn along the path.

cheers,

s

:cool:
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HateTheRisk got it right. He didn't lose his left ball. I missed by a day, but only "almost" lost a right ball. Of course, gold has since gone way back down again.

So balls offered, but none lost.

:D
 
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