So its been a good 2 years since reading this thread. I participated in all the research the op mentioned. I shifted perspective, i asked questions i found answers. Were they the right or wrong answers,,, well your bank account will tell you this.
A big hint, The OP mentions that he was shown this. He was taught by someone else. Now there are many ways to skin a cat, many ways to trade. Some better than others, some will make more $ some less $. Whats important is to find a way that suits you. You got to get through all the crap thats out there though. Do your research and find someone who is making trading work for them, someone who is making $$$. Not many so called teachers and course sellers actually show you their bank account or what car they drive or what type of house they live in. Find someone who is a professional and ask them/pay them to mentor you.
It's easier to be taught and shown the way, it saves time and you learn from their years of experience. Don't just ask anyone. If i were you i would read Market wizards and ask one of the traders in those books to mentor you. Or if you find someone who you like their style, ask them. But make sure they are legit. I have been working with a mentor for almost 8 months now and i have seen why the obvious is not so obvious. He manages a 80 million dollar money management fund and has also introduced me to all his contacts. I design semi automated uncorrelated trading systems for the NYSE, AMEZ and NASDAQ. I would not be where i am today if i didnt find someone who is doing what i want to do and earning the type of money i want to earn AND ASKED them to help me.
Whats in it for him,,, He's passing it forward. I will do the same when I believe i am capable.
Just my 2 cents.
[/quoHi everyone, I can't believe that after 5/6 years this thread is still going without anyone calling it for what it is, an absolute crock of S--T. Having stated the obvious there are some really relevant posts, ie Rabbitone/Redneck and no doubt there are others but as bored as I was it wasn't worth wasting my time on, there goes an hour of my life I will never get back.lol I am an older (late 50s) successful full time professional retail trader with decades of experience under my belt, having said that I have most certainly had my ups and downs. The only reason I'm posting now is that after all these years I received an email from this forum at a time when I was feeling particularly bored. Here is the obvious fact hiding in plain sight. "Don't worry about whether you are on the long side or the short side, your job is simply to ensure that you are on the right side of the market" all other considerations are secondary, it is truly as simple as that. If you are on the right side of the market it won't matter where you enter, because you will be on the right side of the market, you won't need a stop loss as the worst that can happen is 1. You take a short term drawdown before the market continues in your direction this will happen because you are on the right side of the market or 2. the market turns and you reverse your position for a manageable loss, based on staying on the right side of the market, everything else is simply optimization, market action tells you which is the right side of the market, you need to pay close attention and respond appropriately. The market should always determine your entries and exits not some pre determined number where you are forcing your will on the market. In the early days I spent years floundering around with T/A Charting S/R and every imaginable theory that was thrown about, it's all Bullsh-t, the blind leading the blind, I lost so much money and time before I wised up and believe me I'm no dummy I left school at 12 and then did a business degree as a mature age student in my early 20s whilst supporting a family, yet whilst I was on the fools errand I still received the fools pay. I am a businessman, this is a business, don't let anyone convince you differently, Rabbitone outlines a very practicable approach which I endorse wholeheartedly, check thru his early posts on this thread. I should warn you, unless you get a good handle on the obvious fact, managing secondary issues will still leave you floundering around unsuccessfully, you will simply be trying to optimize a losing system, this will doom you to ultimate failure. You can still make money reliably if you don't have all your ducks in a row on secondary issues, I get it wrong all the time but still make money consistantly, just as over time at best you are gauranteed to lose your money if you don't have control of the "obvious fact". You can dream about finding a successful mentor but for most people that is all it will be, why would I or any other successful trader waste their time, we are not that philanthropic, having said that, I might do it for a close family member but as they have seen my trials and tribulations over the years they don't want to do what it takes, it requires very specific character traits that usually take years to develop thru exposure to harsh experiences, perhaps I have a self destructive personality.lol I wish you the very best of luck on your journey of discovery, in a perverse way I envy you, the joy of finding those aha moments that are turning points in your trading career.
Cheers John
P.S. I've had a copy of Reminiscences of a Stock Operator around for decades that I reread every few years upon reflection his experiences are as relevant today as they were 100 years ago, timeless wisdom that I can vouch for, often first hand.
Why Is The Obvious Not So Obvious?
- Thread starter nysestocks
- Start date
To be honest the only thing that I would suggest for deliberate short term trading by a retail trader is "The Bible". As I pointed out, the market is the boss, it dictates everything that a trader needs to do, it tells you what the trade timeframe will be, it tells you the direction to trade, anything else is you trying to force your will onto the market and is ultimately doomed to failure. At the bottom of my post I recommended a book, the answer to your question is in there, it's simply up to you to have the gumption to find your own truths.
Cheers John
old testament or new? I've never owned a bible so will have to get one on Amazon. Cheers.
You might get yourself a soft pillow for your knees as well because you can expect to spend a lot of time on them. lol Cheers John
Both short term and intermediate term trends are now down with long term trend waivering. We are now in a short term (at least) bear market. It remains to be seen if it will be full blown bear. Odds greater than 50%. Can you buy in a bear market? Yes. I will be keeping a shorter leash on longs.
It's amazing how we are able to stand in our way until something or someone gives us a little nudge in the right direction and suddenly everything is - exactly the same, but very different.
Thanks for the reminder, I loved the book the first time I read it, but I wasn't able to make the connection until your post made me read it once again a few weeks ago. I'm still shaking my head and I'm probably going to continue shaking it for a long time.
I have seen the light!
after almost one year with good gains followed by losses twice as big, I have finally figured out the Obvious not so obvious!
Now I will need to spend some time figuring out my way of using the obvious to trade profitably with consistency.
so here it goes my big, big thanks to some exceptional people that had me grinding my brains out for so long a time Thanks to Nysestocks, Redneck, The Oracle, The Expert, and from other threads, The General.
P.S. remember that Time=Money, nothing is as it seems and most of the information around (with the exclusion of Posts from the above cited ET members) is rubbish designed to lead the Retail trader money into some "Lazy and cunning bastards" pockets (and, shortly into mine as well)
after almost one year with good gains followed by losses twice as big, I have finally figured out the Obvious not so obvious!
Now I will need to spend some time figuring out my way of using the obvious to trade profitably with consistency.
so here it goes my big, big thanks to some exceptional people that had me grinding my brains out for so long a time Thanks to Nysestocks, Redneck, The Oracle, The Expert, and from other threads, The General.
P.S. remember that Time=Money, nothing is as it seems and most of the information around (with the exclusion of Posts from the above cited ET members) is rubbish designed to lead the Retail trader money into some "Lazy and cunning bastards" pockets (and, shortly into mine as well)
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I KNOW THE SECRET TOO, NOW!! SWEEEET!!