Self taught? Impossible!

the hare said:
No we are not.

Spend 10,000 hours studying with James 16 or Trader Dante and see how far that gets you. I guarentee that if you where dumb enough to try it, you'd never recover from the damage.

We are talking about what you choose to do with those 10,000 hours.

There's an appropriate way to spent that time, and an inappropriate way. For example, lulzing on t2w isnt really appropriate for anyone who hasnt got a couple of good years under their belt already.
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he should hire someone to control his budget (damage control). so he wont spend it on world trading champions in selling courses to gullibles.
 

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the hare said:
No we are not.

Spend 10,000 hours studying with James 16 or Trader Dante and see how far that gets you. I guarentee that if you where dumb enough to try it, you'd never recover from the damage.
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You mean those guys aren't profitable traders? :-0
 
The Leopard said:
You mean those guys aren't profitable traders? :-0
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do you mean like this T2W best journal winner 2011. journal stopped in January 2012, must have got tired of coin flipping. :LOL:

29% in 59 days pfff. try 300% in a month, sagbooby personally mentored me. lol.
 

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The Leopard said:
Absolutely, I don't disagree.

Another thing is what does the 10,000 hours relate to? Not losing (loosing) any more? Making a small living? Mastering one's craft?

If it was 10,000 to get to the stage where one was more or less breaking even, that doesn't sound good. If it was 10,000 hours or so by the time one became expert (for want of a better word) that's not so bad I guess.
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Mastering one's craft.

I am done for the day, take care.
 
ChocolateDigestive said:
do you mean like this T2W best journal winner 2011. journal stopped in January 2012, must have got tired of coin flipping. :LOL:

29% in 59 days pfff. try 300% in a month, sagbooby personally mentored me. lol.
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another world of trading champion; but this time in t2w instead of germany :LOL:

let me predict; they will do a lizard experiment next.
 
ChocolateDigestive said:
I was taught by the worlds foremost expert on tape reading :whistling
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Tape reading? That's aloadacrap. What you want is the world's foremost expert on price behaviour. The one, the only, Mike Sniffcrackhy!

Ably assisted by his expert sidekicks Ben Tuckintoyourmoney and Malcolm Ballsofsteelbutsmallc0ckofjelly!
 
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The Leopard said:
Tape reading? That's aloadacrap. What you want is the world's foremost expert on price behaviour. The one, the only, Mike Sniffcrackhy!

Ably assisted by his expert sidekicks Ben Tuckintoyourmoney and Mike Ballsofsteelbutsmallc0ckofjelly!
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I reckon McDady can earn better money if he teaches these gullible *educators*. Throw some balls at them; and show them how it is done :clap::clap:
 
The Leopard said:
What would concern me - even if I was very successful at it for a long time - is that a single freak event could prove absolutely devastating.
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I saw this happen on a woman trader friends 5k account.
She was merrily scalping away with her usual wild abandon monitoring the dow's every twist and turn, most of the time she was very successful i might add.

So one day she is trading as usual and banking her 3 to 10 points unless she caught a flyer which was allowed to run until momentum died. One particular trade was a scalp short @ 15 quid a point and right out of nowhere there was a surprize interest rate cut announcement. The dow shot up 300 odd points in what seemed to be a blink of the eye. The first 200 never touched the sides and the final 100 odd, she just sat there and could'nt react (true rabbit in the headlights syndrome)
Account was at zero in less than 4 mins.
 
counter_violent said:
I saw this happen on a woman trader friends 5k account.
She was merrily scalping away with her usual wild abandon monitoring the dow's every twist and turn, most of the time she was very successful i might add.

So one day she is trading as usual and banking her 3 to 10 points unless she caught a flyer which was allowed to run until momentum died. One particular trade was a scalp short @ 15 quid a point and right out of nowhere there was a surprize interest rate cut announcement. The dow shot up 300 odd points in what seemed to be a blink of the eye. The first 200 never touched the sides and the final 100 odd, she just sat there and could'nt react (true rabbit in the headlights syndrome)
Account was at zero in less than 4 mins.
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She obviously used high leverage otherwise she would not be wiped out

as usual 95% of noobs blow out because of their greed

I get constant questions from friends about what is the expected return for trading the markets. I always reply; between -10% to 30% per year. that means on a $5000; the best you can get is $1500 profit per year. then they ponder; mmm stock market is not that good place to earn a living.. :)

Sadly this is the fact about many new traders; and especially those with micro accounts. unless you are testing a strategy with a micro account; there is no reason why you should spend the hours trading that account. you are better off working part time at the bakery next door.
 
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counter_violent said:
I saw this happen on a woman trader friends 5k account.
She was merrily scalping away with her usual wild abandon monitoring the dow's every twist and turn, most of the time she was very successful i might add.

So one day she is trading as usual and banking her 3 to 10 points unless she caught a flyer which was allowed to run until momentum died. One particular trade was a scalp short @ 15 quid a point and right out of nowhere there was a surprize interest rate cut announcement. The dow shot up 300 odd points in what seemed to be a blink of the eye. The first 200 never touched the sides and the final 100 odd, she just sat there and could'nt react (true rabbit in the headlights syndrome)
Account was at zero in less than 4 mins.
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So the real problem was she didn't react - when scalping or trading short term you must always react to price.
 
x4x said:
So the real problem was she didn't react - when scalping or trading short term you must always react to price.
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No not really....I wish i'd saved a chart of the action, it was brutal.
The thing almost gapped 200 so there was no market being made and stops in that type of situation are useless.
 
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