What's the Biggest Reason Why Traders Fail?

[Aisone]

I think you’re scaring me with all these good rules, solid money management and psychology. I watch the price, options volume, social media and close my eyes and hit buy or bail. Not a charts guy, nobody taught me because it interferes with my perception of being a video game.








Did the old pit traders have charts in their heads in the 60s-80s while standing-screaming or price recognition? Around 87-90, I gambled off a pay phone. Standing by a phone for a hour or two, police asked “Are you a dealer, desperate boyfriend or pimp?”

You would have loved access to a quotron in the 80's then.

 

[ironchef]

That’s what I use, DOM and TS, nothing more.

If you could find a way to automate that, you can go fishing and let your computer print money. Better than using your computer to mine Bitcoin.

 

[themickey]

If you could find a way to automate that, you can go fishing and let your computer print money. Better than using your computer to mine Bitcoin.

I see a problem with DOM following as a trading system, although its following the crowd following momentum, it doesnt see the whale who appears out of the blue to swallow the swarm of fish.

 

[schizo]

Did the old pit traders have charts in their heads in the 60s-80s while standing-screaming or price recognition? Around 87-90, I gambled off a pay phone. Standing by a phone for a hour or two, police asked “Are you a dealer, desperate boyfriend or pimp?”

No officer, I'm only trying to pimp my stocks to those who are dumber than me. Thanks god, you ain't on the west coast. Imagine standing in a phone booth at 6:30 in the morning trying to jerk everyone's chain.

87 BID!!! 87 1/4!! OH FU*K WAS THAT 89??!!!

This is why I can't figure out how to trade the DOM to this day. I can't hold down all them numbers in my head. On the chart, even though still tricky, I can kinda visualize the patterns.

 

[deaddog]

This is why I can't figure out how to trade the DOM to this day. I can't hold down all them numbers in my head. On the chart, even though still tricky, I can kinda visualize the patterns.

I as under the impression that back in the day the floor traders used point and figure charts.

 

[schizo]

I as under the impression that back in the day the floor traders used point and figure charts.

Back in the 60s and 70s, they were drawing charts manually by hand. But then again, the volume was pretty insignificant by today's standard so they (or their hired hand) could probably do that while trading.

 

[newwurldmn]

You know I would give anything to feel the euphoric gamblers rush of making a good trade like those days! It’s been decades since I felt anything, dead inside and robotic.

you don’t feel the misery when you lose money?

while I have gotten used to the drawdowns they still sting at my ego.

 

[TrailerParkTed]

you don’t feel the misery when you lose money?

while I have gotten used to the drawdowns they still sting at my ego.

Discomfort if the loss was outside the risk parameters. I don’t size up like you, Dustin or Dest so my losses are negligible to you guys. It’s the not letting the trades expand that kind agitate me. DWAC & SMCI calls today.

 

[newwurldmn]

Discomfort if the loss was outside the risk parameters. I don’t size up like you, Dustin or Dest so my losses are negligible to you guys. It’s the not letting the trades expand that kind agitate me. DWAC & SMCI calls today.

I think Dustin and des are on another level.

I think you turnover a lot more than I do.

 

[SimpleMeLike]

hey @SimpleMeLike thanks for the response,
yes time is a constraint...where i live one has to stay up very late for the opening to meet the open of the futures session.
Oh you mentioned look beyond ES to someone on here, these are ways to look beyond...maybe you meant something else...or not ..
if you look at only price then fair enough...so whats your fav time frame or tick frame or kase bar etc ? thanks @SimpleMeLike ... keep making the $
best
John

Good Evening beginner66,

It does not matter what time frame or what bar I use.

It makes no difference at all @beginner66

The ONLY think you need to do in the ES futures market is 1 simple thing and one simple thing ONLY and that is

1. Make money either everyday, everyweek, or every month for the rest of your life. PERIOD. That is it.

It not rocket science. But to be an ES Master like me, it all starts with how you think, not what you think you know. What you think you know is a lie. Just take money from the ES futures market everyday.

It is ALL about the money.