Would you rather Trade or Be Rich?

Quote from KZ Trading:

well for an 80% certainty there is an optimal bet size as a percent of your stack.

It's important to understand the formula before you start using it.

kztd
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that's the first thing I learned about Martingale. If you started with an atom there was no way to lose if you had an infinite stack size. Then they invented dark matter and that messed me up.

But thanks KZ, I'll google it. Sounds interesting.
 
Quote from J.Joseph:

That advice might be best given to the mirror. I don't have this yet because it takes time to grow. My current path doesn't have me breaking even $1 million until 2015. And when it happens, I would like to be able to enjoy it on 3 trades per month and tons of free time. How I trade to get there is probably how I'm going to trade when I'm there so I'm trying to change habits now and find a way to teach myself to pass on moderately appealing trades in favor of just the very appealing trades. In all honesty, I don't have many similarities to a gambler, but do I have a theory of what's really going on.
Don't get discouraged by personal atacks by some unceivleized people, you have a good point. I remember Warren Buffett sitting with 38 billion waiting for the right investment, sure enough he found it in the right time.
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Quote from J.Joseph:

I'm sure everyone on here, no matter how unskilled at trading, has been able to identify at least 5 day trades per year that were just so outrageously obvious that they couldn't possibly lose. If those trades were placed with options to leverage the win, anyone could double their account size in a year with only those 5 day-trades. Knowing this, why aren't more inexperienced traders sitting out 99.9% of the time and taking the 1 trade out of every 50 or so that screams "Easy Target!"

I think it's because most traders want to be traders more than they want to be rich. They have a need to feel smart or exert their dominance over the market. If this was really about the money, there's no reason more traders couldn't be well off. I mean doubling every year for 10 years grows $10,000 into ten million. And that with only about 5 hours in the market PER YEAR while leveraging with options.
Have you ever really thought of your true motive for trading?
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I think this is a great post, and it addresses, in a roundabout way, a problem that MANY traders have had: overtrading.

The way I look at it, psychologically, is that overtrading is caused by a subtle change in thinking where we shift from the correct mindset (what the market is DOING) and change to the wrong mindset (what the market is ABOUT TO DO). (Note: Please don't lecture me that ALL trades depend on a prediction about what the market will do. I know that. But if you don't "get" what I'm talking about, you don't have a lot of experience trading)

I think you are right that having great discipline to wait for trades that really cry out to be taken is a great way to profit.

I think the rush of making and being in a good trade is the incentive to overtrading--and it's what makes trading very similar to gambling (with RESULTS for many similar to gambling).
 
"Would you rather trade or be rich"

Allowing retarded questions like this are yet another sign this site is going to the crapper. Its posts like this that needlessly take up space and time, and don't improve trading skills for the newbies that come in here. Where are the moderators at?
 
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