Turning a new leaf from a life of failure to success.

This is a discussion on Turning a new leaf from a life of failure to success. within the Trading Journals forums, part of the Reception category; Originally Posted by Prestige Well what is the main ting that clubbing and women require? MONEY If they require money, ...

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Old Jun 16, 2011, 11:42am   #16
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Re: Turning a new leaf from a life of failure to success.

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Originally Posted by Prestige View Post
Well what is the main ting that clubbing and women require? MONEY
If they require money, why did you throw so much of it away ? It's almost as if you don't like women.
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Old Jun 16, 2011, 11:51am   #17
 
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Re: Turning a new leaf from a life of failure to success.

Prestige started this thread Because I guess you could say I am inexperienced and became greedy I thought I knew the market and I didn't. It was my mistake and I have learnt from that.
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Old Jun 16, 2011, 12:05pm   #18
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Re: Turning a new leaf from a life of failure to success.

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Because I guess you could say I am inexperienced and became greedy I thought I knew the market and I didn't. It was my mistake and I have learnt from that.
So you have learned, and now you know the market ?
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Old Jun 16, 2011, 12:18pm   #19
 
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Re: Turning a new leaf from a life of failure to success.

Prestige started this thread
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Originally Posted by BeginnerJoe View Post
So you have learned, and now you know the market ?
I have not learn't the market, I have never said that I have

It's going to take years if im even lucky enough to learn part of it.

I learned how I lost the money and to stop it happening again with leverage.

BTW nice trolling

Last edited by Prestige; Jun 16, 2011 at 12:37pm. Reason: forgot to add somting
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Old Jun 16, 2011, 1:17pm   #20
 
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Re: Turning a new leaf from a life of failure to success.

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Originally Posted by Prestige View Post
Well what is the main ting that clubbing and women require? MONEY

However I am doing this for other reasons then just that of coarse
That's a very good point, or rather it's a bad point that seems to make sense, and that I was making, too, when I was in college. I felt that the prettier women, the ones I wanted, would only want me if I had money, or rather it would have been much easier to get them that way. So, I thought, like Tony Montana, let's first make the money, and then go after those women. And I discarded some of those women I could get (not all, but now I regret having discarded... "anything that moved", as they say).

But then, in the process of making money as an independent retail trader (unless you're the daugther of Larry Williams), you get so old that money, as an older rich guy, will get you women who are worse looking than those you would have gotten as a younger poor guy. Tony Montana said "in this country first you make the money, then you get the power, and then when you have the power then you get the women". But if you think about it, money got him Michelle Pfeiffer, who was pretty much playing a prostitute, and her womb was so polluted, that he couldn't even have a ****in' little baby with her.
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Old Jun 16, 2011, 1:23pm   #21
 
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Re: Turning a new leaf from a life of failure to success.

Prestige started this thread Hey now, forex is closed on the weekends so trust me when I say " I get out" or rather will be staying in tomorrow as two girls invited themselves over to my place for some champagne haha

Valid points tho, well written post travis
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Old Jun 16, 2011, 1:26pm   #22
 
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Re: Turning a new leaf from a life of failure to success.

Thanks. I like quoting movies. You're a great writer, too.
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Old Jun 16, 2011, 1:41pm   #23
 
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Re: Turning a new leaf from a life of failure to success.

Reading this is like watching watching a toddler climb a wall, you know eventually they are going to fall off and get hurt, it's just a matter of when not if.

I have only one question for you Prestige - can you afford to lose the money in you trading account? If the answer is no then take it out now. By all means trade it if you CAN afford to lose it. But if you trade with the intention of getting enough money to splash on females every week you will put undue pressure on yourself and trade badly.

You need a clear head to trade and you mustn't put expectations or profit targets on yourself.

I'm sure trading sounds like the ideal young mans job, it really is the dream job for the lazy - click a few mouse buttons and hey presto - profit. Doesn't work like that and boldly stating you've learned your lesson now is laughable. There's plenty more mistakes to come and you'll make the same one more than once. Trading with real money from the start means those mistakes will be expensive.

Oh and my advice is steer clear of the women who require money. They may be pretty, but they are usually spoilt, moody and demanding bitches, far more concerned with their own happiness than yours. They will be a constant drain on your bank account and make your life hell while you're trying to please them. Find someone more considerate who will appreciate you and not your possessions and you will be far happier in life.
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Old Jun 16, 2011, 2:08pm   #24
 
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Re: Turning a new leaf from a life of failure to success.

Oh to be young and foolish again

but then again perhaps once was enough

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Old Jun 16, 2011, 2:58pm   #25
 
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Re: Turning a new leaf from a life of failure to success.

Yes, the point many have made here and that I agree with is that the market is very good at creating delusions in the trader. It seems like the more you lose the more you learn, and that the more you lose the better a trader you become, but let me tell you from my experience that it's just an illusion. I lost money with discretionary trading for 14 years in a row, blowing out my account month after month.

There's no escape. No one is profitable from the start (unless you're buying stocks and holding them for months), and most people quit before becoming profitable. Let's even be clearer. No day traders are profitable from the start (unless of course you're the daughter of Larry Williams or if someone profitable is teaching you his secrets), and most people quit after being wiped out several times. How many times have you been wiped out? Just once or twice? It's going to happen again.

So, if you're learning this by yourself, you better start with paper trading, and keep doing it until you've found a way to be profitable. But I would suggest an even better approach. Do not get started at all with discretionary trading, and go straight into developing totally automated trading systems. Those will make money, provided, once again, that you're not betting everything on the next trade.
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Old Jun 16, 2011, 3:42pm   #26
 
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Re: Turning a new leaf from a life of failure to success.

Excellent post !

Quote:
Originally Posted by hoggums View Post
reading this is like watching watching a toddler climb a wall, you know eventually they are going to fall off and get hurt, it's just a matter of when not if.

I have only one question for you prestige - can you afford to lose the money in you trading account? If the answer is no then take it out now. By all means trade it if you can afford to lose it. But if you trade with the intention of getting enough money to splash on females every week you will put undue pressure on yourself and trade badly.

You need a clear head to trade and you mustn't put expectations or profit targets on yourself.

I'm sure trading sounds like the ideal young mans job, it really is the dream job for the lazy - click a few mouse buttons and hey presto - profit. Doesn't work like that and boldly stating you've learned your lesson now is laughable. There's plenty more mistakes to come and you'll make the same one more than once. Trading with real money from the start means those mistakes will be expensive.

Oh and my advice is steer clear of the women who require money. They may be pretty, but they are usually spoilt, moody and demanding bitches, far more concerned with their own happiness than yours. They will be a constant drain on your bank account and make your life hell while you're trying to please them. Find someone more considerate who will appreciate you and not your possessions and you will be far happier in life.
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Old Jun 16, 2011, 4:10pm   #27
 
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Re: Turning a new leaf from a life of failure to success.

Taking losses you cannot afford to lose is important. A big shock is necessary to learn humility in the market.

If you waste 99% of your time managing and keeping losses less instead of being wrong or right in the market, you would be better than many traders all around. There is learning time that is needed and everyone goes through that.

I have not heard of a single trader or investor who has made millions just starting out. Dan Zanger, Larry Williams all have had their own share of bad luck.

Just stick with it and manage losses and become less greedy. If you just tell yourself that you would need to give yourself atleast 5 years before you make your first million dollars trading the markets, I bet that would solve atleast 90% of those urges to get rich quick and take big risks.

Increase risks as you learn more and increase your account and decrease risk as you lose more and decrease your account balance.

Here is a good starting video series for you

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Old Jun 16, 2011, 4:16pm   #28
 
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Re: Turning a new leaf from a life of failure to success.

and also try to keep away from public forums and such stuff while you are working on building your trading career. The less noise you have around you initially the better it would be for you. New ideas and brain storming is negative for your account balance. Simplicity and patience is the key.
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Old Jun 19, 2011, 6:09pm   #29
 
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Re: Turning a new leaf from a life of failure to success.

Prestige... you seem like a good guy and i understand your motives, but you are going to make many more mistakes, i'm not going to slate you or tell you "don't bother trading" but what i will say is that from an outsider i'd say that you'll probably blow your account, end up getting more money and then blow it again and being in a Łucked up situation.. i've been there and done it and learned from it.

You have already learned a valuable mistake by losing 6k in one trade or whatever it was, from that you need to brand in to your head "money management" it really is the biggest factor when wanting to survive in the trading world, apart from the obvious of being a good trader. I'd say that you are going the right way risking about $45 per trade as that is exactly 3% of $1500... of course if you are on a winning trade let it run past $45 profit if all is looking good but still set targets to take profits because its upsetting to be 60 points up and then when you next check you notice that you have been stopped out.

Good luck with this, i'll be watching this journal as it seems interesting

I hope it works out well, and don't neglect your Uni work for trading
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Old Jun 19, 2011, 11:23pm   #30
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Re: Turning a new leaf from a life of failure to success.

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Prestige... you seem like a good guy and i understand your motives, but you are going to make many more mistakes, i'm not going to slate you or tell you "don't bother trading" but what i will say is that from an outsider i'd say that you'll probably blow your account, end up getting more money and then blow it again and being in a Łucked up situation.. i've been there and done it and learned from it.

You have already learned a valuable mistake by losing 6k in one trade or whatever it was, from that you need to brand in to your head "money management" it really is the biggest factor when wanting to survive in the trading world, apart from the obvious of being a good trader. I'd say that you are going the right way risking about $45 per trade as that is exactly 3% of $1500... of course if you are on a winning trade let it run past $45 profit if all is looking good but still set targets to take profits because its upsetting to be 60 points up and then when you next check you notice that you have been stopped out.

Good luck with this, i'll be watching this journal as it seems interesting

I hope it works out well, and don't neglect your Uni work for trading
This is the best piece of advice on the thread.
The markets were here years before your college course and will conitinue to be here years after too.
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