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MightyMouse
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Content Count
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Everything posted by MightyMouse
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ZDo, HNY. I like a lot of your articles. This one is horrible. It is not horrible simply because I disagree. I disagree with a lot of your good articles too. It is fascinating how prices have dropped while demand increased. The author has to redefine several notions.
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What Super Traders Don’t Want You to Know – Review
MightyMouse replied to analyst75's topic in Trading Psychology
I suspect that they don't want you to know how to get it for almost free. -
Introduce Yourself Here - Don't Be Shy!!
MightyMouse replied to trading4life's topic in Beginners Forum
Lots of valuable threads on here chock full of advice and experiences especially if you know how to read between the lines. Start forgetting everything you read. Good Luck -
I feel very comfortable advising people to give up or not start. Simply, most people do not have enough money to trade. If one is an "expert" trader, he still needs to have enough money to trade to pay bills and enjoy life. I also advise children, including my children, to not spend the money on a BA or BS if they do not intend on using the degree. If they want to get a degree in Art, History, English, etc and then get a job somewhere unrelated to Art, History, or English, then do not waste your time. Spend money on learning things that others, who studied Art, History, and English, do not know how to do. If you love Art, History, or English, then spend your spare time devouring all the Art, History,, and English that you can.
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Nice list. Add to the list: Trading reality Trading healing (learning to forget about the trading fantasy) 8 years sounds like a sentence to me. I am guessing he is single. I only hope he has the capital needed to make money if he ever does get the help he needs to be "successful". If he wants to learn how to trade, he should buy, say, a car for a few hundred dollars and try to sell it for more. If he can do that a few times, he'll be on his way to understanding how assets are valued or he'll end up with a pile of rusting vehicles on his lot. It could be that he ends up liking car trading instead.
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8 years x 42 weeks x 35 hours x $12.00 an hour is $17,640 a year or $141,000 total. To earn $17,640 on a relatively consistent basis, you to have somewhere between $175,000 and $265,000 of capital available. Trading as a career is a trade off. If you can make more trading than working, then you trade, else just work and don't waste your time. No mentor is going to show you how to trade for a fee. They will take your fee and show you what they know which is probably what you already know. It will be another bad trade for you.
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Bring it on. Very easy to move in light trading.
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I have my father's disease: he still refers to Mohammad Ali as Cassius Clay. It's the apple and tree thing. I do find it funny how they came to be referred to as indians whether it is true or not. I agree with your basis that hope and faith should not be a part of trading. To include them is to suspend the rational for the irrational.
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They were indians up until recently. Most of us associate the holiday with happy Pilgrims and Indians sitting down to a big feast. And that did happen - once. The story began in 1614 when a band of English explorers sailed home to England with a ship full of Patuxet Indians bound for slavery. They left behind smallpox which virtually wiped out those who had escaped. By the time the Pilgrims arrived in Massachusetts Bay they found only one living Patuxet Indian, a man named Squanto who had survived slavery in England and knew their language. He taught them to grow corn and to fish, and negotiated a peace treaty between the Pilgrims and the Wampanoag Nation. At the end of their first year, the Pilgrims held a great feast honoring Squanto and the Wampanoags. But as word spread in England about the paradise to be found in the new world, religious zealots called Puritans began arriving by the boat load. Finding no fences around the land, they considered it to be in the public domain. Joined by other British settlers, they seized land, capturing strong young Natives for slaves and killing the rest. But the Pequot Nation had not agreed to the peace treaty Squanto had negotiated and they fought back. The Pequot War was one of the bloodiest Indian wars ever fought. In 1637 near present day Groton, Connecticut, over 700 men, women and children of the Pequot Tribe had gathered for their annual Green Corn Festival which is our Thanksgiving celebration. In the predawn hours the sleeping Indians were surrounded by English and Dutch mercenaries who ordered them to come outside. Those who came out were shot or clubbed to death while the terrified women and children who huddled inside the longhouse were burned alive. The next day the governor of the Massachusetts Bay Colony declared "A Day Of Thanksgiving" because 700 unarmed men, women and children had been murdered. Cheered by their "victory", the brave colonists and their Indian allies attacked village after village. Women and children over 14 were sold into slavery while the rest were murdered. Boats loaded with a many as 500 slaves regularly left the ports of New England. Bounties were paid for Indian scalps to encourage as many deaths as possible. Following an especially successful raid against the Pequot in what is now Stamford, Connecticut, the churches announced a second day of "thanksgiving" to celebrate victory over the heathen savages. During the feasting, the hacked off heads of Natives were kicked through the streets like soccer balls. Even the friendly Wampanoag did not escape the madness. Their chief was beheaded, and his head impaled on a pole in Plymouth, Massachusetts -- where it remained on display for 24 years. The killings became more and more frenzied, with days of thanksgiving feasts being held after each successful massacre. George Washington finally suggested that only one day of Thanksgiving per year be set aside instead of celebrating each and every massacre. Later Abraham Lincoln decreed Thanksgiving Day to be a legal national holiday during the Civil War -- on the same day he ordered troops to march against the starving Sioux in Minnesota. This story doesn't have quite the same fuzzy feelings associated with it as the one where the Indians and Pilgrims are all sitting down together at the big feast. But we need to learn our true history so it won't ever be repeated. Next Thanksgiving, when you gather with your loved ones to Thank God for all your blessings, think about those people who only wanted to live their lives and raise their families. They, also took time out to say "thank you" to Creator for all their blessings. Our Thanks to Hill & Holler Column by Susan Bates susanbates@webtv.net I completely embellished the part about the criminal organizations using it as a model.
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Each thanksgiving I thank God that I wasn't an Indian at the original meal since the Indians who attended the feast were subsequently slaughtered. The dinner is believed to be the model used by many crime organizations since.
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Market dynamics are such that no one but no one can make money all the time under all conditions. A trader who knows what he is doing has to be prepared for a bad day, month, and year. Bad means you ended up losing money. Knowing what you are doing takes some time and perpetual reinvention.
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I do plan to sell more if and only if we move lower. I want a big winner or no winner at all.
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Grinding, in my post. refers to the inherent monotony that a trader/investor may contend with. I will loosely define it as the the time that needs to pass for the desired outcome to be obtained. Such a grind occurs no matter what type of trade or investment. The difference is the interval, but it is a grind nonetheless.
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Trading is beautiful until you start trading. It's a grind. If you find grinding beautiful, then trading is the place for you.
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An exercise in patience.
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A man with conviction. I am nothing right now. I will be short at 1097. Otherwise, I see only noise. Others can make money in this range, but not I.
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Introduce Yourself Here - Don't Be Shy!!
MightyMouse replied to trading4life's topic in Beginners Forum
Your friend was either telling the truth or lying. -
First: what ever happens in the market is never your fault. What happens to your account is always your fault. Second: instead of trying to figure out and fix your brain, you may want to change your entry method so that you are always in the stock when it is going in the right direction. I do not know exactly how you are trying to enter a trade, but it seems to me like you might be trying to enter using surgically precise entries, and missing out on a lot of trades that could have made you money if your order were not as low. If you change the entry method of your system, you will have to take more losses. More losses does not mean bigger losses. Big losses translate into being afraid to be wrong. Trading is not about being right or wrong. It is only about making money. If you can still make money at the end of the day week month, etc, does it matter if the loss rate is higher?
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There is no rational way to recover from a 98% drawdown. Personally, I would have to ignore some rules I have in place and I would have to experience about 100 years of consistent losses to achieve a 98% drawdown. I am 1/2 way to 100 now. I would assume at some point my surviving family members would get power of attorney on my account well before I turned 150 years old. Anyone who would embark upon a strategy that could experience a 98% drawdown is trying to use the market to solve his problems. Usually that individual ends up solving the markets problem; it's thirst for liquidity. So the answer is I would not get involved in the first place (98% drawdown).
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It's a good rule to help you survive. I risk less than that now and I don't get in and out in a day unless something is really wrong with my "analysis". It's same as heading for the house. If you get short a few times and there isn't anyone willing to sell lower than you did, then, well you had better go home. I have no positions at this time. Seems like a lot of chop that I want to avoid in the frame that i am trading.
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Kid, The amount you put at risk in a single trade needs to be insignificant to either or both you and the amount of funds you commit to trading. A really bad day trading should only impact you emotionally; financially, you should not lose >1% of the total funds you commit to trading. Size each trade accordingly. As you approach 1% in loses, stop trading for the day. The above is just an example. It is different if you are a long term trader/investor with multiple positions, but you are a day trader when you first enter a long term trade. With any trade you enter, long term or short term, long or short, start chopping the size of the trade if it gets red right away. You can always reenter lower or higher at a better or worse price. Analysis Snalysis. It makes no difference which system you design. Eventually, any and every system will produce something. If so, then money management is nearly 100% of trading. You risk of ruin needs to be zero. If it is not, then eventually, you will get caught with your pants down. There are a lot of brilliant, knowledgeable traders who are broke, because the market did either what it shouldn't have done or what it had never done before.
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Excellent Narration! Best described as fractional, but that's just because.
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Trading then Horse Racing then fairytales He was unluckythen he was lucky then he told fairytales. Traders who can, do; traders who can't, manage money.
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You are trading with (against) other traders. So what is the strategy for taking money from the other traders? It is a rhetorical question so you do not need to answer it. A strategy to trade price leads to other traders taking money from you. Price Action is? I really do not know what it means to trade price action. It's an overused and ambiguous term.
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Your first rule is a very good rule for trading the markets. Your second and third are superfluous.