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 Lee Shepherd A5se can be great and sometimes sitting on it comes great things. If a duck ...

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Old Jul 22, 2017, 6:41pm   #31
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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'.
A duck that sits on its ar*s risks getting shot, hence the term "sitting duck".

That economist was an idiot to suggest traders should sit longer for more profit. If they did, they'd go the way of the duck.

My idea of the sitting is only in the context that it's the sitting that produces profit and not psychology. Nor is it useful to over-sit a profit, and there's no need. There's plenty more where that came from
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Old Jul 22, 2017, 6:43pm   #32
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There I have tried to explain
That's not explaining. That's putting words in Jim Roger's mouth.
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Old Jul 22, 2017, 6:47pm   #33
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That's not explaining. That's putting words in Jim Roger's mouth.
“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

A wish is a desire , desire is an emotion.

I don't expect you to understand this in the first steps.
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Old Jul 22, 2017, 6:51pm   #34
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Nor is it useful to over-sit a profit, and there's no need. There's plenty more where that came from
http://www.trade2win.com/boards/psyc...n-trading.html

The economist was showing facts and statistical data , he was incorrectly calling others idiots.He should have explained loss aversion theory.
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Old Jul 22, 2017, 6:51pm   #35
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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

A wish is a desire , desire is an emotion.

I don't expect you to understand this in the first steps.
Jim Rogers was saying don't go with the crowd because they are emotional. Therefore lack of emotion is the way to win.

How did you manage to translate that into psychology is the way to win ?
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Old Jul 22, 2017, 6:54pm   #36
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Jim Rogers was saying don't go with the crowd because they are emotional. Therefore lack of emotion is the way to win.

How did you manage to translate that into psychology is the way to win ?
The crowds are not emotional , the trader is emotional if he follows the crowd.

Never trader your emotions
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Old Jul 22, 2017, 6:56pm   #37
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http://www.trade2win.com/boards/psyc...n-trading.html

The economist was showing facts and statistical data , he was incorrectly calling others idiots.He should have explained loss aversion theory.
The economist was an idiot to believe past data can predict the future.

Haven't the bucketshops drummed it into your head that past performance is no guide on the future performance ? They do that for good reasons.
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Old Jul 22, 2017, 7:00pm   #38
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The crowds are not emotional , the trader is emotional if he follows the crowd.

Never trader your emotions
Yes trading needs no emotions and no psychology. Both of these will cause you to lose.
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Old Jul 22, 2017, 7:06pm   #39
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Yes trading needs no emotions and no psychology. Both of these will cause you to lose.
So if you are a professional in the 5% club (on rebates etc ) ,you would want to hide the "emotions and psychology "from the new trader , so they can lose and you can win.
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Old Jul 22, 2017, 7:40pm   #40
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So if you are a professional in the 5% club (on rebates etc ) ,you would want to hide the "emotions and psychology "from the new trader , so they can lose and you can win.
Don't know any pros at the moment. The only one I did know and worked for was a loser.

Trading doesn't involve psychology. Why would I hide it ? Trading is about economics and merchant business.

When I win, the money comes from the bucketshop. What I do has no connection to any new traders or old traders.

The reason I am in this thread is because I am curious why you are peddling psychology, something that will cause people to lose money.
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Old Jul 22, 2017, 9:58pm   #41
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Trading doesn't involve psychology. Why would I hide it ? Trading is about economics and merchant business.

The reason I am in this thread is because I am curious why you are peddling psychology, something that will cause people to lose money.
I ged it , either you are robot without emotions or the market is psychic and executes your trades automatically.
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Old Jul 22, 2017, 10:20pm   #42
 
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When it rains it pours
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Old Jul 22, 2017, 11:10pm   #43
 
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The subject is far more detailed and beyond the knowledge of most posters , the superior knowledge is obtained by listening to many webinars and reading articles /books by top trading psychologists and other non trading psychologists .These psychologists are Rande Howell , Dr Br Steenbarger , Dr Van tharp , Mark Douglas , Dr Andrew Menaker and a few others .The knowledge of the subject of psychology of these psychologists is way superior to the discussions by non psychologists on forums.These PSYCHOLOGISTS give a far superior understanding of the differences between professionals and amateurs .

The main differences are
1) Trading mindsets 80 % is pychology and 20 % the method .Professionals understand trading psychology
2)Professional's Methods incorporate psychology
3)Professional's Methods have an edge

Professionals trade because they have a trade , amateurs trade because they have to trade , when there is no trade.Professionals are very patient.
Very helpful, thank you
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Old Jul 23, 2017, 12:03am   #44
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I ged it , either you are robot without emotions or the market is psychic and executes your trades automatically.
Well, I do have a robot trader. But I don't use it often because the market would take advantage of it. Even though it hasn't lost any money, it's just too dumb for the market and often leave me some lose ends to sort out.

Trade should be executed when there is economic value. Economic value is not determined by psychology. Just like Jim Rogers said when the money is laying there in the corner, you go and pick it up. Psychology doesn't play a role.
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Old Jul 23, 2017, 12:05am   #45
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When it rains it pours
You and foroom lluzers are twins ?
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