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 foroom lluzers Professional trader:Good trading is boring , I have nothing to do all week except wait ...

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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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