Something wrong...

This is a discussion on Something wrong... within the General Trading Chat forums, part of the Reception category; Originally Posted by megamuel Which threads in particular helped you? He charges for that information....

Reply
 
LinkBack Thread Tools Search this Thread
Old Jun 4, 2011, 6:26pm   #43
 
new_trader's Avatar
Joined Jan 2006
Re: Something wrong...

Quote:
Originally Posted by megamuel View Post
Which threads in particular helped you?
He charges for that information.
__________________
"It always pays a man to be right at the right time."
-Jesse Livermore


CLICK - My Trading Journal | SEARCH: soundmoneyproject.org |
new_trader is offline   Reply With Quote
Old Jun 4, 2011, 10:28pm   #44
Joined Jun 2011
Re: Something wrong...

Hi all
the word Gambling can mean different things to different people.

For example buying Car Insurance is a Gamble -- you are placing your "Stake" with an Insurance company and "betting" on the premise that you won't have an accident. If you are a careful driver you probably won't have one so maybe the word "Sensible Risk management" might be a better term.

The same with Stock market investing -- you take a (hopefully) considered risk -- and depending on what you consider a reasonable Risk to Reward ratio you "place your bet" .

Those who just try to "ride out their losses" etc or go for "double or quit" type of strategy will just end up like 95% of the suckers who visit casinos and end up losing.

Newish investors - or even seasoned ones's should at least do some "paper trading" before trying out new methodolgies.

"Paper Trading" won't make you money - but what it WILL do is help you to LOSE money MORE SLOWLY.

Believe me there is NO 100% winning trading system -- most of the trading systems being peddled are a load of junk -- if people are making LOADS of money from their trading why on earth would they want all the hassle of developing, flogging and in particular maintaining the software.

The ONLY reasonably successful system is what you yourself feel happy with and its usually by "seat of pants". You can't really learn it -- it's instinct.

Technical Analysis and other tools can certainly help but none of these is a substitute for "Base Gut reaction".

All these systems just help you unload your cash more quickly.

For basic analysis and data collection - there's a whole slew of FREE stuff out there and if you have things like EXCEL and know how to get data from the web then don't waste your money on any of these "expensive systems".

You CAN make a lot of money trading -- but it's not a Get Rich quick activity --especially for part time / home / "Hobbyist" type trading.


I'd rather drip feed 500 - 700 USD a week into my account until I've built up decent capital than the roller cost ride of making a large profit every so often followed by a lot of losses.


Cheers
jimbo
jimbo45 is offline   Reply With Quote
Thanks! The following members like this post: Doomberg
Old Jun 5, 2011, 12:03am   #45
Joined Apr 2010
Re: Something wrong...

kimo'sabby started this thread
Quote:
Originally Posted by megamuel View Post
Ah ok, so your teachings are based on what you have learnt here? Which threads in particular helped you?

What? You're not the sharpest knife...r u.
kimo'sabby is offline   Reply With Quote
Thanks! The following members like this post: hoodoo man
Old Jun 5, 2011, 1:52am   #46
 
megamuel's Avatar
Joined Aug 2008
Re: Something wrong...

Quote:
Originally Posted by kimo'sabby View Post
What? You're not the sharpest knife...r u.
No, I'm almost certainly the bluntest but I'm not going to apologize for that. I can't help it. Perhaps it would help if you explained things a bit better? I'm only trying to inquire about your vendor badge. Maybe you think I'm one of those vendor bashers that want all vendors to be hanged, drawn and quartered. I'm not. I'm genuinely interested in what you are.... vending. You seem to know your stuff and I'm trying to learn. That's all. All I've got so far is "Everything you need is on T2W". I don't know how that relates to what you are vending. Anyway, no worries. Good luck with it.

Sam.
__________________
"I have not failed. I've just found 10,000 ways that won't work."
Thomas A. Edison
megamuel is offline   Reply With Quote
Old Jun 6, 2011, 9:14am   #47
Joined Jul 2003
Re: Something wrong...

Apart from commenting on inappropriate use of font from one member, I haven’t got involved on this thread as I’ve been through the discussion before, probably more than once, with all the same POVs being aired and it’s all largely irrelevant anyway.

But the thing is, none of it is anything to do with the nature or the manner of the enterprise itself.

Take a punter. Horses, dogs, cards, whatever.

Take a retail trader.

Take a pro trader from one of the more successful (are there any?) financial houses.

Take an entrepreneur who has just spotted what he/she believes is the next big thing in on-line sales.

Take a business type who wants to develop an existing product/service with entry into new markets.

And to use an example from someone else’s post, take a new grad who believes their degree got them into the job they have just beaten 100 others to.

Is there a hierarchy of ‘value’ in this list? Is one more/less worthy than the other?

If you’re a crass, superficial hedonist like me, you’ll say ‘No’. What really sways you is/are the one(s) who have a shed load of dosh and know how to spend it, lots of toys, nice clothes, houses, cars, boats whatever and have that ineffable charisma that tells you they’ve got it, and they will always have it, whatever they do. They are normally great people to be around and they know how to party, and perhaps surprisingly, are really nice people.

So, it’s not the nature or the manner of the enterprise itself, but the success they are able to achieve in that enterprise. Whatever it may be. That determines their percieved 'worth' to those around them.
TheBramble is offline   Reply With Quote
Old Jun 6, 2011, 10:43am   #48
 
donaldduke's Avatar
Joined Jan 2004
Re: Something wrong...

And this is supposed to be traders forum?

Speculative trading is like no other business, except one..

As a trader you are supposed to be 'The Casino'.

The Casino owns the roulette table and it is trivial to show the
black or double black provides the casino with a mathematical edge and
so the casino is definitely not gambling. Even though the outcome of a single
spin of the roulette wheel is uncertain for the casino (i.e. even the casino is gambling based on the strict dictionary definition quoted in a previous post) the long term outcome, over hundreds of spins, becomes less and less uncertain.

Now as a trader you are supposed to have an edge that exploits supply and demand imbalances in the market.
While you can never 'prove' in a mathematical sense that you have an edge you might be able to back test it (either with a computer or by paper trading).

And if your real forward trading profits matches your back tested expectancy then i would accept that during your profitable forward trading (this has to be over hundreds or thousands of trades) then you *were* 'The Casino'.

You could of just of been lucky, but over hundreds of trades this is very unlikely and even more so given the transaction costs and slippage you incur as a trader.

You would also need to show your edge isn't about dodging big bullets (eg selling potentially explosive Options), that you were making lots of small trades.

Of course there is no guarantee your edge will continue,
and if it permanently breaks down and you continue to trade long after that point,
you are no longer the casino and you now just another gambler.
But even casinos will stop using roulette tables that might have developed a negative bias in them.

Basically if you have been long term profitable (over 100s or 1000s of small risk trades) you were not gambling. You might become a gambler in the future, but you can either stop or you can find another better strategy. And if you continue to be profitable you can continue to claim that you haven't been gambling.

And if you are profitable for long enough other people might actually accept you are not a gambling.

Last edited by donaldduke; Jun 6, 2011 at 10:51am.
donaldduke is online now   Reply With Quote
Old Jun 6, 2011, 11:01am   #49
Joined Apr 2010
Re: Something wrong...

kimo'sabby started this thread
Quote:
Originally Posted by donaldduke View Post
And this is supposed to be traders forum?

Speculative trading is like no other business, except one..

As a trader you are supposed to be 'The Casino'.

The Casino owns the roulette table and it is trivial to show the
black or double black provides the casino with a mathematical edge and
so the casino is definitely not gambling. Even though the outcome of a single
spin of the roulette wheel is uncertain for the casino (i.e. even the casino is gambling based on the strict dictionary definition quoted in a previous post) the long term outcome, over hundreds of spins, becomes less and less uncertain.

Now as a trader you are supposed to have an edge that exploits supply and demand imbalances in the market.
While you can never 'prove' in a mathematical sense that you have an edge you might be able to back test it (either with a computer or by paper trading).

And if your real forward trading profits matches your back tested expectancy then i would accept that during your profitable forward trading (this has to be over hundreds or thousands of trades) then you *were* 'The Casino'.

You could of just of been lucky, but over hundreds of trades this is very unlikely and even more so given the transaction costs and slippage you incur as a trader.

You would also need to show your edge isn't about dodging big bullets (eg selling potentially explosive Options), that you were making lots of small trades.

Of course there is no guarantee your edge will continue,
and if it permanently breaks down and you continue to trade long after that point,
you are no longer the casino and you now just another gambler.
But even casinos will stop using roulette tables that might have developed a negative bias in them.

Basically if you have been long term profitable (over 100s or 1000s of small risk trades) you were not gambling. You might become a gambler in the future, but you can either stop or you can find another better strategy. And if you continue to be profitable you can continue to claim that you haven't been gambling.

And if you are profitable for long enough other people might actually accept you are not a gambling.


Is a professional gambler a gambler, or not?
kimo'sabby is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
What went wrong? topcat500 Forex 61 Oct 28, 2010 10:00pm
I think there is something wrong..do you think so?? VingTsunKuen Forex 15 Nov 17, 2008 5:48pm
Did I do something wrong? MikeEarner T2W Feedback & Announcements 9 Oct 5, 2008 8:47pm
What's Wrong? mauzj General Trading Chat 7 Jun 30, 2008 6:41pm
Where am I going wrong? new_trader Trading Journals 60 Mar 30, 2007 8:34am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)