NVP
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The fate of a trader
- Thread starter trader_dante
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DionysusToast
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DionysusToast
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Yeh it was him... reads too much Livermore that one.
Remember he started trading wheat?
I miss the old days
At least he serves a purpose now.
He's "The Wizard" elsewhere - or something like that, anyway.
At Futex, they use "The Wizard" as an example to teach their students of the hazards of looking for trading experts on da internet. They teach how "The Wizard" wasn't such a whizz @ Futex and suggest he's perhaps not the whizz he professes on-da-line.
True story.
scose-no-doubt
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Sounds like a thread to me
rawrschach
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Yeh it was him... reads too much Livermore that one.
Remember he started trading wheat?
I miss the old days
I trade wheat all the time...and cotton...and hogs etc etc
whys it funny?
scose-no-doubt
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The trading of wheat in itself wasn't funny it was Livermore bum-boying that led to it is all.
metalman73
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I'm totally new here. When it comes to trading, I'm a newb too. Simple buy low, sell high-just one company. I realize I'm probably going about it all wrong but...... I haven't read this whole thread so there's probably stuff I've missed. My insight is from learning the hard way. I'm in Afghanistan, using crappy internet and a basic banks brokerage account. But I've still made money.
First rule I've learned: Don't be greedy. Part of the obsession with the market is greed. Probably why it's one of the 7 deadly sins.
Second rule: Patience.
I have read that you have to treat trading like a regular job. A regular job has set hours. I'm a trained auto mechanic, and even though I love cars, I still take a break.
If you cannot control your mind on trading, then it's not likely for you. There's a line in the movie "Freedom Writers"- "you do what you have to do, so you can do what you want". I trade to make the money to live, play poker, support a family, tinker on my cars, and create metal artwork.
"Money cannot buy happiness-but it sure helps with the down payment" -me
First rule I've learned: Don't be greedy. Part of the obsession with the market is greed. Probably why it's one of the 7 deadly sins.
Second rule: Patience.
I have read that you have to treat trading like a regular job. A regular job has set hours. I'm a trained auto mechanic, and even though I love cars, I still take a break.
If you cannot control your mind on trading, then it's not likely for you. There's a line in the movie "Freedom Writers"- "you do what you have to do, so you can do what you want". I trade to make the money to live, play poker, support a family, tinker on my cars, and create metal artwork.
"Money cannot buy happiness-but it sure helps with the down payment" -me
Benj1981
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How can you trade and be on loose women at the same time then? Maybe Forex market is not for you either.
neil
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Clearly you doe nut trade. If you did you would realise that the trader is her/his own biggest enemy. You need to read some books on the mental aspect of trading (use Google or the beginner threads on T2W). Then demo for a while. maybe try small stakes later on. May take 10000 hours of trading before you are any good. There are no short cuts or magic signal companies to subscribe to (unless you want to subscribe to my 98% winning trade email service but spaces are limited).
Read the beginner threads on this site and come back in a few weeks and let us know how you got on
If you have a simple system and good risk management becoming rich through trading is doable and many actually do it but you must first get the system and a decent starting capital so you can control your risk. If you go chasing minute gains with little capital you will get ruined. It is as simple as that. No matter what you trade you must:
1. Let profits run and cut losses short in position trading mode
2. Control position risk
3. Have a simple system to do that
This is a must read for everyone who starts trading:
Margin, Leverage and Trading Account Capitalization | Price Action Lab Blog
Emotional stability in trading is achieved when your system and risk control works. No matter how well emotionally you are, if you have no system and you overtrade things will not go well for you.
1. Let profits run and cut losses short in position trading mode
2. Control position risk
3. Have a simple system to do that
This is a must read for everyone who starts trading:
Margin, Leverage and Trading Account Capitalization | Price Action Lab Blog
Emotional stability in trading is achieved when your system and risk control works. No matter how well emotionally you are, if you have no system and you overtrade things will not go well for you.
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