Difference between amateurs and professionals

[mpups]

The weakness in my strategy was not being properly structured to do bidirectional trading. This will be the new improvement I will add to my trading.

hi joe, cheers for the update

is this another way of saying the you were short several major indices at the same and realized you were over exposed on the short side?

fancying some Hubble, Bubble, Toil and Trouble?

damn i just realized i bumped Forooms thread to the top again!

 

[EnlightenedJoe]

The merchants are having an early christmas rally. So took one more loss.

 

[EnlightenedJoe]

is this another way of saying the you were short several major indices at the same and realized you were over exposed on the short side?

I was going for a crash, but too early. Was too casual, it happens when the cash is easy. It doesn't matter, my strategy is now more complete.

 

[Dowser]

How much did the yields offset the trading losses?

 

[EnlightenedJoe]

The losses were offset by the wins. Yields are not necessary.

 

[mpups]

I was going for a crash, but too early. Was too casual, it happens when the cash is easy. It doesn't matter, my strategy is now more complete.

oh ok i thought you might be thinking about the long-short type of trading, especially as you like to trade with no stop. its not something i do currently but i thought the dow/nasdaq of @barjon was a cool idea. And its working well at the mo..

 

[EnlightenedJoe]

oh ok i thought you might be thinking about the long-short type of trading, especially as you like to trade with no stop. its not something i do currently but i thought the dow/nasdaq of @barjon was a cool idea. And its working well at the mo..

There are no correlations in the markets. When they happen, they are entirely random and coincidental, just like the rest of TA. Didn't you see how quickly he exited ? 40 years of experience taught him the lack of correlation.

I am not thinking of long short. I am thinking of going in the other direct when it becomes clear they are attacking my original direction. This happened so much recently that I could do nothing but watch because my positions where not correctly structured, and I had no capacity nor the facility to go in the reverse direction.

It cost some money to identify a strategy weakness. Overall I am better off. I did ok with half a strategy. Now I have a full one.

 

[mpups]

There are no correlations in the markets. When they happen, they are entirely random and coincidental.

i didn't mention correlation but it is something which can be calculated from price data, markets have a various levels of correlation its not made up, you can work it out for yourself - like a moving average. Markets being correlated doesn't mean they are 100% correlated or will always have the same amount of correlation.

Didn't you see how quickly he exited ?

no i though he might be still in it

btw to me if you look at a chart you are using TA, i have a loose definition of it.. dont you look at charts?

 

[EnlightenedJoe]

The barjon method you are going to use is about reverting to correlation. Although you didn't mention it, it's about correlation. He stated he was out for £60-odd, and what wood have been - foroom style. 40 years of experience taught him to be cautious. Maybe a few years more under your belt, you will be the same way. I don't believe TA works, therefore correlations don't. Sometimes they do, But overall they are big loosers if you add them all up. This is my general principle on TA.

My own definition of TA is what the shops tell you to focus on. I focus on things shops want you to avoid. Therefore, I don't use TA. Shops take their stuff directly out of the TA books, further proving I don't do TA. I look at what shops are doing and why they are doing it. So you might consider what I do as Shop-A.

 

[mpups]

The barjon method you are going to use is about reverting to correlation. Although you didn't mention it, it's about correlation. He stated he was out for £60-odd, and what wood have been - foroom style. 40 years of experience taught him to be cautious. Maybe a few years more under your belt, you will be the same way. I don't believe TA works, therefore correlations don't. Sometimes they do, But overall they are big loosers if you add them all up. This is my general principle on TA.

My own definition of TA is what the shops tell you to focus on. I focus on things shops want you to avoid. Therefore, I don't use TA. Shops take their stuff directly out of the TA books, further proving I don't do TA. I look at what shops are doing and why they are doing it. So you might consider what I do as Shop-A.

I'm not planning to do spreads no, i've dabbled in the past but I don't like the undefined risk for one. If a spread-trade stop was available then maybe.

Im not planning on being more cautious either! I need to be risking MORE as time goes by..

You look at shop charts then?

 

[DionysusToast]

Professional trader:Good trading is boring , I have nothing to do all week except wait wait wait patiently , for the righ entry

Professionals understand trading phsychology

Amateur :Good trading is exciting: being scalped 3 times a day , then taking small profits and large losses getting scalped.Stress is good ,Let's say you're walking down a path and a tiger jumps out at you. Instantly, you perceive a threat and adrenaline is released. The tiger emotions is exciting , you fear ,get attacked by market , then I win .It is more like the exciting chase before the sex.

Amateurs are driven by their emotions , stress ,mistakes and ambitions , they don't understand trading psychology.

http://www.trade2win.com/boards/psychology-risk-money-management/45686-trading-psychology.html

http://www.trade2win.com/boards/first-steps/223070-find-great-mentor.html

http://www.trade2win.com/boards/first-steps/223070-find-great-mentor-6.html#post2893944

Excellent post from someone that has never actually met a professional trader...

 

[EnlightenedJoe]

You look at shop charts then?

I look at how shops are painting the chart and what they say on news. Then I estimate what they are doing.

 

[itspossible]

I look at how shops are painting the chart and what they say on news. Then I estimate what they are doing.

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[EnlightenedJoe]

Hovis is once more in play. Short wheat @4.151 x 1k units, no limits.

 

[Dowser]

Excellent post from someone that has never actually met a professional trader...

Alas, no longer a contributor to the site. I think the only professionals he met on a day to day basis were in the mental health arena

 

[DionysusToast]

Alas, no longer a contributor to the site. I think the only professionals he met on a day to day basis were in the mental health arena

PMSL - that could explain it!

 

[NVP]

Hovis is once more in play. Short wheat @4.151 x 1k units, no limits.

do you think Hovis bread is going to rise ?

 

[EnlightenedJoe]

do you think Hovis bread is going to rise ?

With the wheat being dumped, it must be good for hovis. Cheaper bread, more sales, share holders will be laughing all the way to the bank.

 

[EnlightenedJoe]

Short India 50 @10179.6, no limits. Second position.

Not a happy entry. Was looking for a short on a rise but it just kept slipping lower and lower.

 

[CarlosG]

The practice makes us move from amateur to profresional