MightyMouse

If you become a stock broker, you are 100% in sales. Your manager will likely take your chair away from you if he sees you doing anything other than making phone calls. When you start you have no clients to make trades for so it is call, call call. Maybe in 2-5 years when you have built a book of business and specialized in one area of the other you can think about being allowed to trade your own account, but at that point you will be making far more money as a broker than you likely ever will traing your account. If they do let you trade your account, it's a poorly run office and neither you nor they will survive for long as brokers. If you do not want to sell, do not bother. I have been a broker since 1988.

Just wondering if any devout followers of this method have successfully applied it to markets in real time with real money. Simply stated, I am incredibly skeptical that anyone can apply this with any type of long term success.

What do you perceive to be the big difference between being aware of the risk and accepting it and how can one put that to practical use?

Plagiarism is a form of flattery

No one will show you legit trades because you'll stop subscribing to their service.

Based on your statements, it seems that your trade was supposed to end before the market closed. SO DUMP IT. You made a mistake. Move on. If you can't stand losing, go see a psychologist. Don't let your account bare the burden of your short comings.

Funny, but when i read Laguna's comment on IOAMT, I chuckled because I did spend a month there back in 2008 and Laguna was spot on. Bill would take trades and add to losers and fade away off mic cursing his head off. At the time I believe he was trading spyders. I mused that he traded spyders because he didn't want the added risk of trading the minimum size of an Emini contract. With all his experience etc, he was asking me about my entries. That was really funny since I had been trading futures for about 4-6 weeks at the time and he was asking me. I was generally, opposite to his trades, and he was losing. Not on purpose, but by coincidence. I chalked it up to experience and never took the bit again after that month. Oh, one time he also took a trade because he read about something that happens at the end of the month. Something to do with mutual fund managers buying at the beginning of the month because of the inflow of capital. He read it, believed it, and did it, and got crushed. It was hysterical and I also lost all respect for him as a trader for trying something so stupid. Unfortunately, my info is dated so i really do not know if he trades differently these days. If he helped you get to a new level and are a guy who needs help to get to the next level, then IOAMT served its purpose for you. Regards, MM

That's great. Its always good to have professional traders contributing.

Interesting. Are you a professional trader?

Evroom, Are you sure you this guy you are talking about is a trader? Because he sure sounds like Tommy, the deaf and dumb and bling kid who sure plays a mean pinball. With all due respect, this person you are talking about exists in your mind only. I hope you get the help you need.

Simply take more from the market than the market takes from you.

You really should take your trade and go take a walk with your stops and targets in. You will appreciate the conversations you have with yourself during those moments. You will be shocked at what happens to you, regarding your trading.

Attila, If you tried to fly close to the sun, you would first freeze beyond anything knowable on earth. The end would be the same but the means would be rather different. You would orbit as a solid mass for eternity. Make sure you put a stop in before you try. MM

I think an analogous question to your original question would be something akin to asking if someone could drive with one eye. The answer to that question is yes. If, instead, you ask the question: can someone drive better with one eye? Then, the answer is no. Are there some guys who can drive better with one eye than others can with 2? yes. Odds are the best drivers drive with 2 eyes. Your buddy who only trades with the DOM is probably only telling you half the story. The good half. But, I am sure he makes millions and millions.

Nice view Kiwi from your study. I wasn't criticizing your recommendation. I was just wondering if he actually makes money trading. And, certainly, you can learn how to trade from someone who cannot trade for a living if he doesn't trade for a living. If you can pick something up from his style and make it yours that is all that counts. MM

Does Al Brooks know how to make money or is he a trading junkie who wrote a book about his experiences trading indexes?

Thales, I haven't seen you around much recently. Have you given any thought to the race that we briefly discussed at the beginning of this race? A race starting with a larger account balance to accommodate holding positions overnight or trading other securities like stocks, option strategies, etc. And, instead of the $1,000,000 goal, have the goal be simply the highest rate of return for a period of time. This way anyone who trades live can simply trade their account rather than trade a separate account with a starting balance of max $3k of funds. Something like that. Any other ideas? Regards, MM

Highstakes, I would suggest that you start watching a lot of markets. Sim them and then narrow down the list to the ones that you feel most comfortable trading. You may be the next greatest Orange Juice or Cocoa trader and you will miss out because none of us suggested it to you. MM

I am not keen enough to think that up. I read it either in " Market Wizards" or some other source of wisdom superior to mine. But, you can argue that their wisdom was only wisdom during the time and place they were trading and if you do argue that, you won't get an argument from me.

It wasn't directed to anyone specifically.

Novice traders go broke by taking big losses. Professionals go broke by taking small profits.

Personally, I feel that the negative comments, name calling, condescension, and outright egomania are tasteless and poor form, and a definite indication of psychological instability. Certainly we can all disagree with each other without the discoloration of the above. Much is learned through healthy debate. If nothing else, you obtain a clear understanding of the other's opinion. If you need an ego boost, take your clothes off and look in the mirror.

One can pick it up from your recent posts that you have changed. You have become accustomed to walking into the school yard and expecting the bully to steal your lunch money. You have to break that pattern. Either that or I would recommend that you line the walls, floor, ceiling, windows, and doors with foil and trade with the lights dimmed. That usually will keep "Them" from being out to get you.

Cornhusker, I think I like the way you think and I would be interested in why you think the EU fell yesterday.

Most of the "Market Wizards" that we all aspire to be were longer term trend traders who built positions as the trend developed. There were few scalpers and they tended to be pit traders who where awesome pit traders. A pit trader had a theoretical advantage over a screen trader in that they do not put their order into a queue like we do.