Your going to hate this brutal post

Quote from gnome:



And I'm throwing you this bone....

FORGET "PMA"
FORGET CONFIDENCE
FORGET thinking you can "figure it out"

"Trading Discipline" will make you money and save your bacon in a crisis.

If I were to run OPM again, I'd have a fund named "Mr. Spock"... (1) What would Spock do, and (2) why?

That's how you should trade.

If you think otherwise, you're "fishin' in a dry hole".

You're welcome!!
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don't you need to have some strategy "figured out" before you can have "trading discipline"
 
Quote from lumberjack:

don't you need to have some strategy "figured out" before you can have "trading discipline"
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I totally agree with Gnome. Trading discipline ( or psychology of self control ) is everything. If you really have the discipline, any decent technical analysis book will provide you with enough weapons on the way to multi-millionare.
 
Quote from Spectra:

Trading IS a serious job. Its a fact that 90% of traders fail, so we must work even harder to make sure we are at the top of our game.
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If it is a fact that 90% of "traders" fail, then there should be some empirical evidence of such. Where is the evidence than 90% of "traders" fail?
 
segv

There have been stuides done and also know a few brokers who will confirm this. After watching our chat room for many months. I can belive it with no doubts.

Wish it was a higher % :)
 
Quote from Spectra:

You got in to trading for more freedom?

Let the truth be known. Trading IS a serious job. Its a fact that 90% of traders fail, so we must work even harder to make sure we are at the top of our game. If you got in to this profession for freedom or to be able to set your own work hours, you may be in for a rude awakening. I put in more hours preparing for trading , studying and learning then I did at any job I’ve ever had. I’ve seen traders log on to their trading accounts late or miss out on good trades because they were playing games or chatting on the phone. It’s the disciplined people who start their day on time with a routine who will ultimately make it. Imagine what would happen at a job if you showed up 30 minutes late every other day. You’d be fired in an expeditious fashion. You are your own boss and as your own boss you should be strict on yourself. After your earning consistently and followed a plan, reward yourself with some time off.

We need good trading plans as well as lifestyle planning. I don’t trade as well when I party the night before and don’t work out. It’s time to step back, take a look and get serious.

CajunSniper
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I don't hate this post and don't consider it brutal either. You scare-advertisement tactic just doesn't work :) . Rather I think it pretty stupid. It's very true trading need tremendous discipline, but it's not the discipline you described in your post. Keeping a strict routine is the kind of outer-discipline enforced on you by outside. What's really important is the inner-discipline which control your fear and greed to keep your inner-mind in perfect tune with the market. So I don't see why it's important to log onto account at the same time everyday. If you don't feel good today then don't trade. If you like playing game or chatting then do them. You shouldn't be afraid of missing a good trade because there will be a lot more later. Not-trading is also part of trading. What's important is to keep a relax and calm mind status.
 
you are selling picks and shovels when one can get a "smart pig"to smell the truffle (or the oil, gold etc)
when you portrait that trading is such a hard work you are infact lying or have no frigging clue. Most traders I know trade longer time frame and spend only minutes. an hour max daily, have no overhead (only end of day quotes) and have no headaches most wanna be's on this board grapple with.

P.S. there are only two requirements to trading (and most people lack both or at least one)
1) MONEY
2) DISCIPLINE

Quote from Spectra:

You got in to trading for more freedom?

Let the truth be known. Trading IS a serious job. Its a fact that 90% of traders fail, so we must work even harder to make sure we are at the top of our game. If you got in to this profession for freedom or to be able to set your own work hours, you may be in for a rude awakening. I put in more hours preparing for trading , studying and learning then I did at any job I’ve ever had. I’ve seen traders log on to their trading accounts late or miss out on good trades because they were playing games or chatting on the phone. It’s the disciplined people who start their day on time with a routine who will ultimately make it. Imagine what would happen at a job if you showed up 30 minutes late every other day. You’d be fired in an expeditious fashion. You are your own boss and as your own boss you should be strict on yourself. After your earning consistently and followed a plan, reward yourself with some time off.

We need good trading plans as well as lifestyle planning. I don’t trade as well when I party the night before and don’t work out. It’s time to step back, take a look and get serious.

CajunSniper
More...
 
Quote from poohbear:

Not-trading is also part of trading. What's important is to keep a relax and calm mind status.
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Quote from andrasnm:

P.S. there are only two requirements to trading (and most people lack both or at least one)
1) MONEY
2) DISCIPLINE
More...

If you guys keep it up, the readers of this thread might actually learn something.

... now if we could just get someone to come over and school'em on the money mangement ...

Oh yeah, that was already done someplace else by you-know-who. Well, I hope somebody has some ...

Good trading,

Jimmy Jam
 
Perhaps we can have someone with a psychology degree come in here who has dealt with traders and get their view (denise from talking traders comes to mind). If I think back at reasons traders I've known has failed, most of them have come from being pressure from being under capitalized.

Even when I started day trading stocks with $26,000. I was always in danger of not making that 'patterned day trader' $25,000 limit which was a huge source of stress for me.

Hopefully someone will read this tread and pick up a few tid bits of knowledge. Trading is not as easy as books and magazine ads make it. Thats the bottom line.

I flipped open my futures magazine yesterday and saw a full page ad for eSignal. It simply said "I switched to eSignal and turned $10,000 in to $20,000 in one week". They didn't listed any benefits or features of their platform (sorry esignal marketing guys). This ad outraged me. I felt disgusted for being an eSignal customer myself.


CajunSniper / Puretick.com Administrator-Trader
 
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