List of personal rules for trading that makes U successful

Discussion in 'Psychology' started by novice, Aug 27, 2009.

  1. Thanks for your concern. Perhaps I could consult with your team of therapists. You singlehandedly destroyed the FX threads on T2W, and the analyst thread on dailyfx. I don't post to either forum.

    Mods, this guy was a menace on T2W and dailyfx, so I suggest you police this fuqstick. I won't post any further to this thread.
     
    #41     Aug 28, 2009

  2. Hallucinogenic to the core. Why not just start investigating crop circles instead. At least you would have some company and there are at least a handful of "serious scientist" who, while not lending full credence to the idea, still hold out some plausible lineage for the possibility that aliens come down to us at night to form crop circles, or that alien technology is used to produce the same.

    You go right on chasing ghosts if that is your pleasure. I'll be right here on ET, fairly amused at times, bewildered by your youthful behavior at others, yet at all times seriously concerned about your mental health status.

    In the meantime, stop being the professional destroyer of perfectly fine threads. You do this far too often here on ET and I'm amazed at how the moderators allow you to get away with it.
     
    #42     Aug 28, 2009
  3. Trading is risk taking.

    I have never met ANYONE in person who makes their living trading or gambling or any other risk taking which is considered as high risk as those two endeavors.

    In my younger days, I was a sports gambler. I have not gambled illegally or legally for that matter since the mid eighties, but the fictional portryals of professional gamblers have always captured my imagination.

    I have been a profitable trader out of my home for more than a decade.

    I KNOW successful trading is built on psychological PREPARATION.

    The role models that I have followed have been in films.

    Without giving too much information, my undergraduate degree is more or less in cinema.

    Therefore I have always found my insights on film.

    My role models in risk taking include the James Caan character in Michael Mann's movie Thief. That is one of the great overlooked films of the eighties. The Tangerine Dream sound track playing to shots of that Cadillac Eldorado are the definition of edgy coolness. His best bud is Willie Nelson and the girl he gets is Tuesday Weld.

    God how I loved Tuesday Weld and by coincidence she is in the other film with one of my risk taking role models. My role model in that film is not Steve McQueen who is the Cincinatti Kid but Lancy Howard played by Edward G. Robinson.

    That is the perfect trader to me, left brained appearing on the outside but ALL RIGHT BRAINED on the inside.
     
    #43     Aug 28, 2009
  4. excellent advice. make it your aim to install ironclad discipline otherwise you will become mentally ill as evidenced by some on this board. lol.
     
    #44     Aug 28, 2009
  5. cut your loses short let profits run
    predetermine your stop
    all else is commentary
     
    #45     Aug 28, 2009
  6. Of that there can be no doubt. No one should ever misconstrue that fact. However, what is risk? How is risk defined? How does risk get identified? Can the identified risk be mitigated sufficiently to allow for a professional endeavor on a long-term basis? How does one qualitatively measure risk?

    What's risk to one, might be par for the course process for another. Can we assume that all risk is the same? Probably not - and on that basis, I proffer that one can indeed make a living as a full-time trader, as many do.

    Gambling is not Trading, when approached properly. Trading can be no different than gambling, when placed in the wrong hands. I personally know of people who do trade for a living, directly out of their home offices. I also know of a man who was able to get out of the restaurant business, based solely on his performance as a trader over a four (4) year period. He sold his restaurant and has been trading full-time for about two (2) years now at my last check.

    I guess working from home like this makes us less likely to go out and meet people one-on-one, but they are out there.


    I think they make for good Hollywood scripts, too!

    That's a long time in this business - congrats on the decade of freedom!


    That's very interesting. I know the people from all walks of life get into trading, but I've never met anyone from that industry before engaged in full-time trading.


    Man, you are picking up vibes and inspiration in places that I would have never even dreamed to look! Wow!


    Probably the best personality configuration that I can think of, but I never thought of that personality type for trading purposes. On the surface, one might think that only left brained people would do better in trading. To me, I think it takes a whole lot of the right brain, in order to foster the daring necessary to develop trading ideas that others might never arrange in their own mind - those that you create on your own and then after, using more of the left brain to control the execution side.

    Very interesting post!
     
    #46     Aug 28, 2009
  7. weezer

    weezer

    1- The Big Picture: study market direction, market sentiment and form your own opinion where it is heading; then trade accordingly.
    2- Watch the major & minor centers of gravity in the trading universe: Feds, China & Brazil… GS, AAPL & oil….
    3- Do not use Margins in volatile times.
    4- Be patient.
    5- Do not stay with a losing trade unless the fundamentals say otherwise.
    6- Once you Master 1-5 ; trust your instinct !
     
    #47     Aug 28, 2009
  8. So you would disagree if I said that the crowd were the ones responsible for starting and ending trends?

    If you do disagree with me, then you're telling him to trade against the trend...which doesnt work very well many times.
     
    #48     Aug 28, 2009
  9. I have met two people in my life who were great mentors, one was my grandfather who passed more than forty years ago.

    Neither was a trader.

    The other said something that I will never forget.

    All profound truth is paradoxical.

    I will offer this further insight into the left brained right brained paradox.

    I enter a trade analytically and scientifically, but I exit as much on the intuition gained from my experience as I do on scientific analysis.

    Losers are always greedily looking backwards at the money they left on the table.

    I say profitable trading is NOT trying to SQUEEZE every penny out of every trade, it is being psychologically secure ENOUGH to leave money on table and not give a twit.

    I mentioned that my undergraduate degree is artsy-crafty but I failed to mention was that my undergraduate minor was in mathematics.

    Successful risk taking whether it be in gambling or trading is the marriage between psychological truthes and mathematical truthes.
     
    #49     Aug 28, 2009
    PennySnatch likes this.
  10. How long you ask? Whenever you're ready.
     
    #50     Aug 28, 2009