Professionals vs Amateurs

This is a discussion on Professionals vs Amateurs within the Psychology, Risk & Money Management forums, part of the Methods category; Originally Posted by EnlightenedJoe Since you continue to spread misinformation, you may not be a merchant, but you are connected ...

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Old Aug 13, 2017, 7:14pm   #17
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Originally Posted by EnlightenedJoe View Post
Since you continue to spread misinformation, you may not be a merchant, but you are connected with them.
NO they are the team is
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Old Aug 14, 2017, 6:42am   #18
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Originally Posted by barjon View Post
I thought it was worth repeating a quote (from John Carter maybe ?) in view of all the discussion lately on 100% and all that. Here it is:

Professionals focus on limiting risk and protecting their capital. Amateurs focus on how much money they can make. Professionals always take money from amateurs.

good trading

jon
amen
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Old Aug 14, 2017, 7:04am   #19
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“I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.” – Tom Basso
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Old Aug 15, 2017, 3:52pm   #20
 
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I do agree the psychology is an important part, but for me the only way not to panic or make other mistakes is to have a robust trading system - by developing it and by testing it, you are becoming 100% sure in it and this is giving you the confidence and takes care of the psychological aspect, the other is automating the system, with automated system, you cannot make any mistakes (provided no bugs in the program)
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"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Aug 15, 2017, 3:56pm   #21
 
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Well said Quantt!!!!!
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if you have a little volatility, half an idea where sh^t will turn, and a reasonable stop, I might be able to start making $ off this venture
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Old Aug 15, 2017, 4:07pm   #22
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I do agree the psychology is an important part, but for me the only way not to panic or make other mistakes is to have a robust trading system - by developing it and by testing it, you are becoming 100% sure in it and this is giving you the confidence and takes care of the psychological aspect, the other is automating the system, with automated system, you cannot make any mistakes (provided no bugs in the program)
That is what I am trading without automation.If automation has hiccups or disruptions , the lack of psychological skills will cost dearly.These will jeopardize the risk management.
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Old Oct 16, 2017, 1:12pm   #23
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I started a different thread , because I did not see this thread .After reading this thread there is not much qualitative information /discussion on this thread .

http://www.trade2win.com/boards/firs...essionals.html

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

This thread is in the psychology section , but it has hardly any pychology

http://www.trade2win.com/boards/psyc...sychology.html

Professionals trade because they have a trade , amateurs trade because they have to trade , when there is no trade.


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Old Oct 16, 2017, 1:15pm   #24
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Welcome back foroom. Missed you lots.
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