Difference between amateurs and professionals

This is a discussion on Difference between amateurs and professionals within the First Steps forums, part of the Reception category; Originally Posted by Dn1977 Yes I agree. Trading is boring as **** most of the time.Waiting for the right setup. ...

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Old May 1, 2017, 8:47am   #16
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Yes I agree. Trading is boring as **** most of the time.Waiting for the right setup. Sometimes a whole day doing nothing. Then pouncing on the right setup. Snooze and lose.
Fear and greed are potent influences on trading, but the greatest trading problems, I find, are addictive in nature. Successful traders really want to trade; they have a passion for trading. Addictive traders need to trade; they have a passion for action and excitement.

An addictive trader will not manage his risk. That is because risk is part of the high.

Advice/opinion from a phd doctor (real doctor)
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Old Jul 22, 2017, 11:12am   #17
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Professional trader:Good trading is boring , I have nothing to do all week except wait wait wait patiently , for the right entry


Bill Lipschutz summed it up when he said, "Out of 250 trades in a year, it comes down to five, three of those will be wrong and you will lose a fortune and two will be right and you will make a fortune; for the other 245 trades-you should have been sitting on your hands."


I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.

Jim Rogers
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Old Jul 22, 2017, 11:53am   #18
 
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I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.

Jim Rogers
For me, that just about sums up my experience with trend trading. Most of the time is spent watching and waiting – exceedingly boring but very profitable. Apart from "walking over to the corner and picking it up" the most strenuous thing is to summon up the mental strength to get rid of a trade that is not working.

Learning to be patient and wait, and being decisive about failed trades are probably the two things that took me longest to learn but paid the highest dividends.
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Old Jul 22, 2017, 12:09pm   #19
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I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.

Jim Rogers
On youtube videos, Jim Rogers said he's the worst timer in the world. How is he able to time the money laying in the corner that perfectly ? What kind of magic is this ?
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Old Jul 22, 2017, 12:20pm   #20
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On youtube videos, Jim Rogers said he's the worst timer in the world. How is he able to time the money laying in the corner that perfectly ? What kind of magic is this ?
He picks entries that are fundamentally robust , then sits patiently for a few years after entry.The entries are the ones he can't lose on .

The market timing of the entry is not important , we can't time the markets , we don't know what is going to happen next , it is the exit or the patience which pays .

Take an example of Apple shares or coca cola shares , Warren Buffet was patient in the entries and patient in exits.
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Old Jul 22, 2017, 12:36pm   #21
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He picks entries that are fundamentally robust , then sits patiently for a few years after entry.The entries are the ones he can't lose on .

The market timing of the entry is not important , we can't time the markets , we don't know what is going to happen next , it is the exit or the patience which pays .

Take an example of Apple shares or coca cola shares , Warren Buffet was patient in the entries and patient in exits.
If what you say is true, then where does your obsession with psychology come from ? If something has value, you pick it up, simple economics. Where does psychology fit into that ?
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Old Jul 22, 2017, 12:44pm   #22
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If what you say is true, then where does your obsession with psychology come from ? If something has value, you pick it up, simple economics. Where does psychology fit into that ?
when you pick it up , you need psyche discipline of being patient.

Most like Big John are loss averse and close trades very quickly.

http://www.businessinsider.com/colin...nt-2013-9?IR=T
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Old Jul 22, 2017, 1:06pm   #23
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when you pick it up , you need psyche discipline of being patient.

Most like Big John are loss averse and close trades very quickly.

http://www.businessinsider.com/colin...nt-2013-9?IR=T
The economic "genius" in your link is an idiot. If he traded, not only would he have lost his shirt, he would have lost his pants as well.

Traders (pro's and not the internet traders) do what they do for good reasons. This is why they are traders and economists are not.

When you pick up something valuable, only an idiot would then protect it using psychology. You protect it with your ar*e by sitting on it. What kind of people would have a psychology growth on their ar*e ? This could be fatal. I'd see a doctor.
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Old Jul 22, 2017, 1:24pm   #24
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Take a look at this monkey , observe the little monkey , see what he does.Where and how did he learn these subconscious skills? .He was no born with them.In his early learning years , the little monkey learned how do specific things , he does them subconsciously on the goat,

Now take a look at yourself and examine ,why you do the things you do.It is a study of behavioral science.Equally humans are born with certain types of subconscious behavior ,when traders pick it up very cheap or pick up a really good trade ,their behavioral antics take over , as a result they screw up good trades.

We are the product of our environment .We behave and expect to behave , as we have always done in the past.You can't teach an old dog new tricks .

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Old Jul 22, 2017, 1:44pm   #25
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Where and how did he learn these subconscious skills? .He was no born with them.
If you can't see what is plainly obvious, I can see why psychology would play a part. You may wish to add in some religious faith for enhanced protection from things you can't see.

The monkey was born to find economic value in forms of tastey fleas to eat. When it finds value, it sits on it with its ar*e. From the video, there's no evidence of a psychology growth on it's ar*e. So it's in good health to find more value.

I haven't looked into it, but perhaps you can help. Being a fan of Jim Rogers, you show some signs of appreciating what he does. Can you point me to a place where he said trading/investing involves psychology ? If you can't find any, be prepared to answer: why not.
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Old Jul 22, 2017, 5:43pm   #26
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If you can't see what is plainly obvious, I can see why psychology would play a part. You may wish to add in some religious faith for enhanced protection from things you can't see.

The monkey was born to find economic value in forms of tastey fleas to eat. When it finds value, it sits on it with its ar*e. From the video, there's no evidence of a psychology growth on it's ar*e. So it's in good health to find more value.

I haven't looked into it, but perhaps you can help. Being a fan of Jim Rogers, you show some signs of appreciating what he does. Can you point me to a place where he said trading/investing involves psychology ? If you can't find any, be prepared to answer: why not.
“Never act upon wishful thinking. Act without checking the facts, and chances are that you will be swept away along with the mob.”

“If anybody laughs at your idea, view it as a sign of potential success!”
Do not worry about failure, I would tell them. Do not worry about making mistakes in life. It is good to lose money, to go broke at least once, and preferably twice"

― Jim Rogers
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Old Jul 22, 2017, 6:02pm   #27
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“Never act upon wishful thinking. Act without checking the facts, and chances are that you will be swept away along with the mob.”

“If anybody laughs at your idea, view it as a sign of potential success!”
Do not worry about failure, I would tell them. Do not worry about making mistakes in life. It is good to lose money, to go broke at least once, and preferably twice"

― Jim Rogers
Which bit of this quote includes psychology, or are we changing the subject ?
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Old Jul 22, 2017, 6:08pm   #28
 
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The economic "genius" in your link is an idiot. If he traded, not only would he have lost his shirt, he would have lost his pants as well.

Traders (pro's and not the internet traders) do what they do for good reasons. This is why they are traders and economists are not.

When you pick up something valuable, only an idiot would then protect it using psychology. You protect it with your ar*e by sitting on it. What kind of people would have a psychology growth on their ar*e ? This could be fatal. I'd see a doctor.
A5se can be great and sometimes sitting on it comes great things. If a duck didn't use its a5se to sit on the egg. It would seldom hatch. Hence the term 'sit on your nest egg'.
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Old Jul 22, 2017, 6:17pm   #29
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Which bit of this quote includes psychology, or are we changing the subject ?
Psychology can only be understood by the person doing the psychoanalysis .If you do your analysis on the Jim rogers quotes and the psychology involved in those quotes , you will understand.

Most traders have no clue about psychology , people who have been trading for 30 years appear not to show any clues , how do I expect you to understand psychology?You are asking in the first steps section.

If traders post threads in the psychology and risk section , and it does not include any psychology discussion at all , a reader could rationally say there is lack of knowledge about it , maybe most people don't understand it.

Here is the original professionals versus amateurs , in the psychology section.It had no psychology discussions.

http://www.trade2win.com/boards/psyc...-amateurs.html

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Old Jul 22, 2017, 6:23pm   #30
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“Never act upon wishful thinking. Act without checking the facts, and chances are that you will be swept away along with the mob.” Never trader your emotions


“If anybody laughs at your idea, view it as a sign of potential success!”
Be mentally strong as not be influenced by what others believe.


Do not worry about failure, I would tell them. Do not worry about making mistakes in life. It is good to lose money, to go broke at least once, and preferably twice"
Once you lose real money , you mind will feel the emotions of loss and it will put fear in you , to be cautious and careful in trading .Those who can learn to lose well can make money.

― Jim Rogers
There I have tried to explain
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