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Showing results for tags 'market wizards'.
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I am hoping this thread will "morph" into one of the most popular tyhreads on the Internet. Why? Because this is a first. It is a place for people to do what they normally never would do. And that is: Show where they messed up in trading, How did they fail, what indicators did they use wrong, what bad habits do they feel they couldnt lick, and basically what got in the way of them succeeding. Now before you click to another thread with another new system or piece of advice, let me ask you all a question. If you wanted to learn to be a champion Professional boxer, who would you go to for coaching-Mike Tyson or Cus D'mato/Kevin Rooney/Teddy Atlas, Mikes trainers and advisors? Would you go to Muhammad Ali or Angelo Dundee to learn boxing. By the way, Angelo and Cus were both horrible boxers I dont think either one won a pro fight or even fought in one. So why did these two "LOSERS", Angelo and Cus, create 2 of the greatest boxers the world has ever seen? I can answer that, but I wont.....not right away. I spent 25 years researching where greatness comes from and whether it is made and molded, genetic or luck....or all 3. Or, none of the above! You see, losers have as much to teach us as winners. But losers don't sell books. Losers can't sell courses on trading.(Unless they just make stuff up). Losers opinions, arent usually highly regarded. And I will tell you,that is the biggest reason why most people never reach their full potential. So, if we all learned so much from reading about the most successful traders in the world "Market Wizards", why arent we all rich like them? Come on now...that books been out for what, 20 years or so now. There are no excuses. So, what could our failure to be a professional trader be caused by? I say, we let the people who went through the war, were the real casualties and tried everything and maybe more than the winners did ,let us hear from them! That means you if you are reading this and cannot make a living trading yet and have been trading or studying for 2 years or more. Talk to us. Right here, right now! . I don't think everyone gets how deep that can really go. You see, we always hear stories about a trader who "unveils" his story to us about how he succeeded. What I want is to hear the stories of guys who blew up 5 trading accounts, lost their house, lost their regular job cause they couldn't stay off the Internet(me!),lost their wife and even lost their perspective OF life. We don't hear from THOSE people....and those people are far, far in the majority. I think if we have a book called Market Wizards, we should have its opposite called Market failures. In fact, I should start a thread here to do just that. Trading is a merciless business. You can put in 40 years and still wind up like Edward Levebre from the "Stock Operator" book and die alone and broke in a hotel room after making millions trading. Those are far more common. We need to hear those stories...not just to pay homage to the "fallen soldiers" who may have been smarter than a Market Wizard" but just not luckier. Or destined to be in the wrong place at the wrong time. Myself: I have never emotionally gotten over buying 500 shares of APPL at 33, watched it go to 35 but set my stop at 33 and said I would get back in as soon as it picked up momentum.Then, I got so involved with day trading in a prop room, I forgot about AAPL it until 3 months later when it was way to high. I will wait for a pullback I said. It then went on to skyrocket past $700 and I wanted to have a position of at least 1000 shares when it went past 50. I can likely never get an opportunity like that again and would have been set for life. Hell, Warren Buffett probably never had that happen to him. So what I'm saying is, brains or not, persistence or not, it is soooo much easier to fail at trading than to succeed. And the real kick in the rump is we never really have control. We can only "hope" that what we do continues to hold its edge or else we might have to start all over again. How many suicides have taken place because of this addicting,exciting profession? Look at Gann, Elliot, Charles Dow and all the forefathers of stock trading. They all were/ became very physically sick. Was it from trading...or just coincidence? So I start this thread, hoping you guys out there who have thus far not made it yet, tell us your biggest mistakes youve made. But tell them in 2 or 3 paragraphs at most so the next guy can be heard. You are welcome to keep coming back once a day and write something fresh. So lets go. Right here. Right now! Who wants to be first to kick this off? And by the way, here is my disclaimer: DISCLAIMER-i HAVE THE RIGHT TO USE ANY MATERIAL PRESENTED HERE ON THIS THREAD IN ANY FORMAT I CHOOSE. I WILL NEVER BE FINANCIALLY RESPONSIBLE TO PAY ANYONE POSTING HERE ANY MONEY REGARDLESS OF WHAT HAPPENS FROM THIS THREAD. I hope helping another trader will be reward enough for you folks. So who wants to go first?
