Young and ambitious

Quote from rmb623:

Maybe you should start listening to them. The fact of the matter is that the vast majority of newbies will fail in trading. If someone is really dedicated to being a good trader then it doesnt matter if someone tells them to quit before they start. They are not going to listen anyway. It is that attitude that will eventually make them successful. However, for those who think they want to trade but really are just young and ambitious and think trading is cool, then they should seriously consider some of the advice that has been given here. Inspirational stories are nice but they are often misguiding.
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thank you. I have tried to say this a couple of times, but it gets lost in his highly oversimplified viewpoint.
 
Quote from Sisboombah:

T666 used your own criteria and proved your method is unprofitable

You yourself cannot provide a track record

You entered a trading contest in 2002 and promptly lost 24% and left the contest early

In short you can't trade and have a losing method
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Jack's method works just fine for me....:)
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OP,

1.) Look deep within yourself and determine if you have the tenacity to get kicked in the balls over and over – and then be able to stand up tall and repeat “Thank You Sir may I have another”

2.) Take any ego you have and shove it up your ass – it will not serve you in trading…, and while your at it shove your opinion up there also

3.) Confidence is not ego – learn the difference

4.) Start a journal and a trading plan – these will be about the only books you “need”

5.) Determine the type of trader you want to be (hint profitable is not a choice at this point) and stick to it

6.) Trading ain’t rocket science – price going up – buy it… price going down – short it – figure out how to determine what price is doing with the least amount of crap on your charts

7.) No one knows what the hell the market or a stock will do today, tomorrow, in 5 minutes – so don’t ask, and don’t act like you know

8.) The more you learn from books, gurus, shills – the more you’ll have to unlearn later (your decision on how hard you want to make it on yourself)

9.) The more time frames – of the same stock you’re trading – the better – to a point

10.) Preserve capital FIRST, make money SECOND – ALWAYS

11.) Trading is not about being right, it is “ONLY” about making money

12.) Learn to shut off the voices in your head – they are of no help

13.) Everything you read, or are told – is not yours until you work to make it so (now figure out what the hell I just said)

14.) Trading is a lot of work – don’t kid yourself – many broke people have

15.) I’m giving you advice now – during market hours I’ll take your money – and not say a word

16.) Trading profitably is not the destination, it is only a journey

17.) You WILL trade EXACTLY who you are inside – you have no choice in the matter


Now I’ve shared a starting point – as with all matters – the decision on what to do with it – is yours


Successful Journey to You should you decide to pursue it – but don’t pursue it lightly

RN
 
And those backtests confirm your other failures such as:

1) Your September 1st prediction.
"As a trader for 53 years, this turning point tomorrow is the most significant I have seen in my life."
http://www.elitetrader.com/vb/showthread.php?s=&postid=2560747#post2560747

2) Your "cash cow."
Why hasn't ScottD posted an update since March when he said "Cash Cow" (as certified by you) isn't profitable?
http://www.elitetrader.com/vb/showthread.php?s=&postid=2462769&#post2462769

3) Your loss of 24% in the trading contest where you came in dead last.
http://groups.google.com/group/misc...a927db8ba840?hl=en&lnk=st&q=hershey+loses+24#

4) Your failed promise to your former IBD group to turn $10,000 into $1 Million in 100 days and document it on ET.
http://www.mediafire.com/?1gi2qygm3yh

5) Your proteges and "success stories."

a) nwbprop -- flamed out under your direct tutelage. Unfortunately, that thread was deleted but there are some who remember it.
http://www.elitetrader.com/vb/showthread.php?s=&postid=1109633&highlight=nwbprop#post1109633

b) Neoxx -- you said Neoxx was doubling his money every three days when he was actually losing money.

c) RoughTrader -- your claims about his trading deflated each time I called you on it and he hasn't posted since May.

04-23-09 01:26 PM
"For SCT like trading, rough trader takes 1500 dollars to 94,000 dollars"
http://www.elitetrader.com/vb/showthread.php?s=&postid=2399521&#post2399521

04-26-09 06:51 PM
"Bottom line: looks like roughtrader makes 20,000 a month on two contracts average while scaling out of entries on his ATS"
http://www.elitetrader.com/vb/showthread.php?s=&postid=2403231#post2403231

05-22-09 07:28 PM
"Rough trader is only making a couple thousand a month on a couple of contracts. He needs to make one adjustment to make 20,000 a month. He needs to add 18 contracts to his trading cars"
http://www.elitetrader.com/vb/showthread.php?s=&postid=2437715#post2437715

etc., etc., etc...


Quote from jack hershey:

Check out the backtest by trader666 which proves unequivacolly it is important to not trade the PVT using our approach.
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Quote from Redneck trader:

4.) Start a journal and a trading plan – these will be about the only books you “need”

6.) Trading ain’t rocket science – price going up – buy it… price going down – short it – figure out how to determine what price is doing with the least amount of crap on your charts
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on your own, with zero outside help? -100,000 cold cash and ten years of your life will be tuition cost
 
Quote from TraderZones:

thank you. I have tried to say this a couple of times, but it gets lost in his highly oversimplified viewpoint.
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couple times? is that what you call 10,000+ posts from this alias and rcanfiel combined?

btw... you => rcanfiel are resident expert on loser failures when it comes to systems and trading
 
I started trading in July and have found out there are many, many different ways to make money. I've decided to follow those that develop trading systems. I am working on the development of my first system. Hope to start paper trading on it in Feb. or so.

Some links I'm studying

https://www.bsp-capital.com/documents/turtlerules.pdf

http://www.investopedia.com/university/tradingsystems/default.asp

http://www.nasdaq.com/investing/due-diligence-10-easy-steps.stm

http://www.kaching.com/

http://www.collective2.com

http://www.elitetrader.com/vb/showthread.php?s=&threadid=33654&perpage=6&highlight=edge&pagenumber=1

http://www.elitetrader.com/vb/showthread.php?s=&threadid=181558&perpage=6&pagenumber=1

A couple of posters here that for me are worthy further study.

MAESTRO

acrary

I'm sure there are others, most here are full of crap. If you get the time reply with what you learn.
 
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