successful traders will neither give nor seek advice

[LevII]

... This is why the vast majority of traders fail - they skip between techniques, always searching for the one ‘Holy Grail’. They may hide in chat rooms trying to pick up morsels of information from other traders. In reality, the really successful traders will neither give nor seek advice.

Recently read this in a pretty impresive work.

What do others think?

 

[Finlayson]

I would say there is a lot of truth in that statement....but then a blanket type approach like that doesnt account for someone's character, so I would also guess there may be a few succesful traders out there who advise or share info

an assumption more than a guaranteed truth i would say

 

[roguetrader]

The main problem I have with this, and many other commentaries along similar lines, is the use of the word "trader" Unfortunately the term trader has come to encompass anyone who buys and sells a few stocks, futures, commodities, or currencies. A friend of mine works as a mortgage adviser, he's a mad keen rugby player and plays for a local team every weekend. Now, is he a rugby player, or a mortgage adviser? People skipping between techniques are not "traders." They may trade, they may want to be traders, but they are not yet and may never be.
As for the title of your thread, I'd say successful anythings need little in the way of advice, though they will likely always be on the search for ideas. As for giving advice, that is a human trait, and I have met very few humans who do not like to give advice.

 

[TheBramble]

"the really successful traders will neither give nor seek advice"

Does that include those who write books?

I'm a successful trader (by my own standards).

I sometimes seek advice. I sometimes give (very general) advice.

I'm always looking for more information, angles, edges, changing patterns and researching my markets. Books, forums, whatever.

Perhaps that's because I'm not a "really successful trader" (whatever that might mean).

 

[Roberto]

What do others think?

It's very clearly untrue. Just to give one counter-example off the top of my head: I don't think anyone, using any definitions imaginable, could deny for a second that Mark Fisher is one of the most successful traders in the world, and he has spent a lot of his life giving advice.

 

[LevII]

I have to say that I have received much valuable assistance from contributors to this site on all manner of matters from software to specific aspects of trading.

I hope from time to time I have been able to assist others.

Long may it continue

 

[FetteredChinos]

ah drivel. it entirely depends on the person..


being alturistic has no bearing on measure of success..

success is dependant on being able to trade and execute a plan with a fair degree of consistency. bears no relevance to sharing information, or drawing information from others.

anyone heard of open minds etc?


interesting post tho LII ,which opus is it from?

FC

 

[peterpr]

I don't see this board - or others like it - as forums to give/seek advice. More a clearing house for useful info/opinions on technical and market matters etc.

My odd post has little to do with seeking or giving advice. More about marshalling evidence for or against a position which, when prepared for a audience of your peers, is usually a good discipline and time well spent..

 

[rog1111]

LevII

I think there may be a degree of truth in this, as to be successful a trader needs an edge, and to understand it. One fear is that everyone else starts trading your edge, causing it's disappearance, so you're hardly likely to give away the whole plot on a forum like this.

Having said that I am sure that many successful traders are at least willing to offer general trading advice, but rarely opinions, as they have learnt that they cannot know what will happen next.

rog1111

Recently read this in a pretty impresive work.

What do others think?

 

[dbphoenix]

In reality, the really successful traders will neither give nor seek advice.

Depends on what you mean by "seek advice". Of course successful traders seek to improve and will solicit advice from those whom they respect. That's one reason why they're successful. But they don't waste time on tips and off-the-cuff opinions.

As for giving it, there are quite a few successful traders who give advice, much of it specific. The problem is that the unsuccessful "trader" doesn't listen to it. Or listens to it and then ignores it. Therefore, the successful trader becomes a bit more selective with regard to whom the advice is given. (One of the members said not long ago that beginners are both stubborn and deaf; that pretty much nails it.)

 

[LION63]

We have all heard the saying that "No man is an island," from time to time we will all seek advice and opinions on various things and I am fairly certain that everyone here does. It is down to choice and adaptability as to whether we take it on board or not.

Mr X might be a great trader but useless with computers, what does he do if he wants to add a few monitors to his workstation? He could take a trip to PCWorld where the dimwits do not know what he is talking about or he could ask those that have already upgraded their workstations. He obtains all the answers he needs without stress or cost (he wins) and those that provide the information do so out of the goodness of their hearts and feel better as they have done a good deed (they win).

 

[reddragon]

Hi all,
It's been said "That the only constant is change", and since this is very true of the
markets it follows that a succesful trader has to constantly re-evaluate their mind-set
and methods in order to achieve / maintain the edge from which profits emerge.
Rd.

 

[barjon]

Depends on what you mean by "seek advice". Of course successful traders seek to improve and will solicit advice from those whom they respect. That's one reason why they're successful. But they don't waste time on tips and off-the-cuff opinions.

As for giving it, there are quite a few successful traders who give advice, much of it specific. The problem is that the unsuccessful "trader" doesn't listen to it. Or listens to it and then ignores it. Therefore, the successful trader becomes a bit more selective with regard to whom the advice is given. (One of the members said not long ago that beginners are both stubborn and deaf; that pretty much nails it.)

dpb

Not listening shouldn't be confused with not understanding. Apart from the "let's get rich quick" brigade who believe it must be easy until their bank balance informs them otherwise, most are trying hard to learn as they develop their own style and method. Sometimes questions and comments make it appear that they have not listened, but I think they have usually tried.

So far as successful traders are concerned, you are one who gives freely of your expertise and this Board is littered with others who do the same. As Rog says, no-one can expect them to give away their "edge" but I'm sure everyone applauds and appreciates the good advice/expertise that is made available. I know I do and I'm still learning after 30 years.

good trading

jon

 

[Salty Gibbon]

(One of the members said not long ago that beginners are both stubborn and deaf; that pretty much nails it.)

Are most beginners women then ?

 

[FetteredChinos]

b'dum tish...

another can of worms opened today...


still, raised a chuckle from the sexist pig inside me. (theres not much room with the chauvinistic one also taking up space)

 

[TheBramble]

still, raised a chuckle from the sexist pig inside me. (theres not much room with the chauvinistic one also taking up space))

You sure you want to be discussing that aspect of your private life in the open forums mate?

 

[FetteredChinos]

****, you mean everyone can read this?

i thought we were alone?

 

[options]

FC's been at the anti freeze again!

 

[TheBramble]

Roger the cabin boy's

Is that his name or was that a command?

 

[FetteredChinos]

funnily enough, the one who looks like lemmy is actually known as Cabin.....


but that is for other reasons lol...


eh? uh-oh....