S&P 500 cash weekly competition for 2014 with PRIZES!

Atilla

Legendary member
19,045 2,680
Hi Guys,

Here are the results for the first weeks S&P500 2014 forecast podium winners.

And ofcourse it is our WackyPete, the salmon of the pack swimming against the market trend, in with the bears in an unusual way :cheesy: Well done Pete. :clap:


..........................................................................................WackyPete



Not unusual to see the averages doing well but Pat gets a consolation bronze. Points only go to those who get direction right so correct me if I'm wrong Pat but other than medals everyone else gets nada.

Here is a new link to the results page. https://docs.google.com/spreadsheet/ccc?key=0AoA1xSuvEzD4dGtHQXVubUoyTm9jZGh4Z0tzdVJoZXc&usp=drive_web#gid=0
 

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Pat494

Legendary member
13,843 1,399
Hi Guys,

Here are the results for the first weeks S&P500 2014 forecast podium winners.

And ofcourse it is our WackyPete, the salmon of the pack swimming against the market trend, in with the bears in an unusual way :cheesy: Well done Pete. :clap:


..........................................................................................WackyPete



Not unusual to see the averages doing well but Pat gets a consolation bronze. Points only go to those who get direction right so correct me if I'm wrong Pat but other than medals everyone else gets nada.

Here is a new link to the results page. https://docs.google.com/spreadsheet/ccc?key=0AoA1xSuvEzD4dGtHQXVubUoyTm9jZGh4Z0tzdVJoZXc&usp=drive_web#gid=0
Not sure if the averages and I qualify for medals but then I am not complaining. Well done to Pete
 
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Pat494

Legendary member
13,843 1,399
Please add your fav quotes and other tidbits too. This excerpt caught my eye

Traits of Successful Market Wizards
17. Victorious market wizards neither water weeds nor uproot flowers: As old as this saying may be: Cut your losses short and let your profits run, it’s a timeless truth in the markets. It makes a perfect logical and rational sense. Sadly, many traders cut their profits (for the fear that they might go negative) and run their losses (for the hope that they might go positive). This is counter-intuitive. Losses are weeds on your portfolios while profits are flowers. You shouldn’t uproot the flowers and water the weeds. Allowing negative positions to run is like watering weeds. Victorious market wizards do exactly the opposite, reversing the wrong mindset. If one of their positions is performing well and going as expected, they allow it to run for as far as possible. When a position doesn’t go in a forecasted direction, they quickly cut it short, and patiently search for another trade setup, based on their rules. You must never widen your stop loss under any circumstances, even if a position is moving against you. The price mayn’t come back to your entry level again and this would have an adverse effect on your portfolio.

18. Victorious market wizards acknowledge that profits will take care of themselves: You can’t force the markets to give you profits. You just need to do what’s right; profits will come naturally. You’d seldom trade flawlessly, though you can carry out your trading plan flawlessly. Neophytes care more about huge profits than flawless execution of their trading plans. Majority of speculators are opinionated against the realities in the markets - they feel they are correct in their opinions. It’s one of the reasons many of them don’t use stops. They want to be right. Neophytes tend to buy one new trading system after the other, instead of sticking to a particular system. If the new system experiences a losing streak (something normal for all strategies under heaven), they abandon it and go for another new system. They are just under illusion. Neophytes prefer instant gratification while brushing aside important aspects of trading victory. I realize that no matter how much you warn people, they’ll still prefer to do wrong things. Unless checked by grim consequences, the human mind isn’t wired to do right things. For example, some traders will continue to trade without stops, some traders will continue to use big position sizes in the markets that they cannot predict with an utmost certainty, etc. You need rock-solid discipline to follow time-tested trading principles that can guarantee your permanent success. You need courage too. You just need to be courageous in doing what’s right when using your trading approach

19. Victorious market wizards can pinpoint high probability and low risk entries: Winning trading methods enable speculators to enter the markets at better prices. Victorious market wizards buy low and sell high, but they do it right. This means that they buy low in an uptrend, and sell high in a downtrend. Even if one is to sell an all time high, or buy an all time low, it’ll be after there’s a confirmation that the trend has really changed. Market wizards have various methods they use to achieve this.

20. They know where they will exit for a loss and where they will take their profit: For every trade they open, market wizards know where they’ll exit if it does not go in their direction. They also know where they’ll take their profits and pat themselves on the back, if they’re right. Every trade ought to be open with hard, physical stop loss level and take profit level, while the loss from a stop trigger would be smaller than the reward from a take profit trigger. Speculation has to do with making average winners that are bigger than average losers, and doing that consistently. Successful traders have a deep love for trading, and as a result of this, they press on, even in a difficult market condition.

Conclusion: This is the concluding article in this series. As from next week, I’ll begin to feature renowned super traders the world over. Their strengths, weaknesses, trading beliefs and lifestyles would be discussed. This would encourage you; goading you towards your financial aims and ambitions. Instead of allowing dread to paralyze your potential, do something to move forward. Don’t be discouraged by dread. Rise up and become the master of your own destiny. Ponder about victorious market wizards and sack you fear. If you allow yourself to be discouraged from trading and investing, you might realize that the outside world is harder than you think, and you’ll forfeit the opportunities that markets offer you. Those who stay in their comfort zones aren’t going anywhere. Discouragement and dread would only leave you with no achievements. According to Dr. Janice Dorn, if… you begin to move in the direction of your fears - slowly and steadily - you will find that they have less and less power over you. Your world begins to expand. You understand that fear is really False Evidence Appearing Real (F.E.A.R.). You begin to see that you have the power within you to face these fears and to control them. They are real only if you allow them to be real.
 
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wackypete2

Legendary member
10,210 2,045
Very interesting... medal winners who don't get any points and got the direction wrong. Funny quirk to start the new year!

I'll take my easy 4 points, thank you!!

Peter
 
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Atilla

Legendary member
19,045 2,680
Very interesting... medal winners who don't get any points and got the direction wrong. Funny quirk to start the new year!

I'll take my easy 4 points, thank you!!

Peter
I was thinking about you and the results this week going against the trend. Almost immediately a salmon, representing you popped into my head. When looking for images this picture also literally hurled itself off the display and hit one of my retina's.

Quirky or not there can't be many salmons out there called Pete.

Good call, deservedly so (y)
 

Atilla

Legendary member
19,045 2,680
Good to see you back VielGeld :) and here is the forecasts for week 2 in 2014 from bulls to bears.


Wishing you all good luck. (y)
 

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