Follow your own trades

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Old Dec 30, 2003, 5:46pm   #1
 
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Follow your own trades

That would be a novelty!
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Old Dec 30, 2003, 5:55pm   #2
 
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That's the only way forward for me - As I have been following others for too long and it certainly hasn't got me anywhere.

Now that I am in the driving seat things are looking up.
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Old Dec 30, 2003, 6:07pm   #3
 
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Airthrey Capital started this thread RRG,

Although we all like to make money, surely the biggest kick you can get is when you have made your own decisions and you come up with a winner.....

Piggy-backing on other people's ideas, even if you do win,...Where's the fun / satisfaction in that?

And I would be even more pissed off if I lost money following someone else's recommendation
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Old Dec 30, 2003, 6:19pm   #4
 
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I have already lost a lot of money following other people.

Using other peoples ideas is good. But you have to adapt it to your way of thinking.

I cannot knock the ideas of others as it has help me to develop my system.

But you are right- you do get a buzz when you have put something together that churns out the cash!!.

Some people believe that you can get something for nothing but this is not exactly true.

There are alot of things that are free especially on this web site but people have to take the information and do something with it.

It requires time and effort- so in effect nothing is free their is a cost to be paid somewhere.

This should stir up some good debate!!
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Old Dec 30, 2003, 6:50pm   #5
 
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Airthrey Capital started this thread As you say, its fair enough to listen to others, take some serious consideration, and make your own decisions.

Paying other people (Mug2k will remain nameless), is sheer stupidity and takes all the satisfaction out of trading your own ideas and using your own skill / knowledge / instinct / analysis or whatever.
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Old Dec 30, 2003, 7:02pm   #6
 
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You have to admit though- he has started a real soap opera on this BB for those traders that are just board with making money all the time.

I won't comment anymore on that thread as those that are wise will be able to read between the lines - whichever thread they may be reading!!
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Last edited by rglenn; Dec 30, 2003 at 7:31pm.
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Old Dec 30, 2003, 7:21pm   #7
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Hi, yeah you are right that it is very satifying designing your own system to trade with that churns out the cash (which ive done)

You must understand that you guys are probably experienced traders (not the type of people im aiming at obviously) but there are newbies around that will benefit from what i have on offer.

I just cannot understand what ive done to deserve all this crap from you guys

Mug2k
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Old Dec 30, 2003, 7:38pm   #8
 
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Hi Mug2

I am pleased for you if you have created a profitable system- that is great.

Trade it for real first. If it is that good you don't need to sell it.

Get together with some of your friends - if you say you have no money.

Or if you are so confident enough that it works you could even take out a small loan.

I have done it!! but that's where you need confidence and overall -complete trust in yourself.

Don't depend on other people to get you where you want to go - you will never make it.

Don't give up hope trust in yourself and God and you will make it!!

Guaranteed!!
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Old Dec 30, 2003, 8:13pm   #9
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Mug2

I think it's OK to use other peoples trading to make you money, while agreeing that there is more satisfaction in doing it yourself.

In answer to your statement that you cannot understand what you've done to deserve this crap, just read the comments today.
I have and they are very clear to me. If you answer their questions you will stop them carping. If you don't answer them you only have yourself to blame.

I hope you have success with your system but you must show it works, in real time, or you will be wasting your time getting anyone to believe you.
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Old Dec 31, 2003, 9:37am   #10
 
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Hi All

This isn't aimed at Mug2K, this goes for following anyones system.

My problem with following other peoples trades, is that if you make money then you feel great, on top of the world - until that person is no longer around. Your then left high and dry, feeling frustrated and annoyed. Remember:
Quote:
Don't expect anyone else to support you. Maybe you'll have a trust fund, maybe you'll have a wealth spouse - but you never know when either one might run out
On the flip side, if the trades don't work, then you will have the greatest opportunity to blame someone else, and therefore not accept the responsibility for your actions - which is one of the key things in trading.

Just my thoughts
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Old Dec 31, 2003, 11:44am   #11
 
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Great point FTSEBeater

It reminds me of the saying "Give a man a fish and he will eat for a day-Teach him how to fish and he will eat for a lifetime"

Rather know what I am doing rather than guessing what someone else is doing!

Happy trading to all
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Old Dec 31, 2003, 1:42pm   #12
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If you follow someone else's system you are not really a trader but an investor of that particular system. You then rely heavily on that individual providing you with the full service. Not just entry but exit and risk management and so on. I know many that backed tipsters during the bull run who failed badly when the bear market descended. The tipstser worked off of fundamental analysis and kept saying buy when the chart was saying SELL.

The benefit of understanding other traders set-ups is to see for yourself how it works, the confidence you can get from it but ultimately you find a part of it that may work for you and in the end you develop your own set-up that you are comfortable and confident with. This covers all aspects of the trading game so all avenues are covered not just the entry position.

That is why this site others such good service to traders where the few who are prepared to post there charts and explain the system they follow are so useful to the development of others. Just do not make the mistake of thinking when you see such a post you will be able to copy it and trade well, trading is more than that as I find to my own cost when given a specific set-up from a trader who had used it for years. The system was sound but I could not cover it with discipline. It did not cover all market behaviour so missed opportunities to trade. In the end I went back to the drawing board and looked at systems and what I liked myself. In the end I developed a set-up that worked for me and resolved emotional trading.
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Old Dec 31, 2003, 5:35pm   #13
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Mugsy-DEAL WITH IT!
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Old Jan 18, 2004, 11:00pm   #14
 
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Kevin, tell us more about the system that you use! Which you say resolves the emotional element of trading "as we all know emotions alone can make or break any trader".

Mug2k
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