TheRumpledOne
6,411 posts
msg #62383
- Ignore TheRumpledOne |
5/8/2008 9:54:44 PM
Found this today:
http://www.forexfactory.com/showpost.php?p=1984802&postcount=104
Thread: No Free Lunch but all the Free Coffee you can drink.
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#104 Cleanup Report
Old May 5, 2008 10:27am
PeterCrowns's Avatar
PeterCrowns
PeterCrowns
Member Since Mar 2008
Posts: 32
Default A Word to the Wise is Sufficient
Quote:
Originally Posted by Mgh View Post
Peter,
You wrote
...perfect mathematical tipping points in the direction of where the market is destined to go (my usual edge),...
Would ya care to elaborate?
-Mgh-
Thanks for the perfect question for the following response--
Short answer: no, but I will elaborate a little on why not.
I had an interesting PM exchange with an FF member recently about what we "KNOW".
It is one thing to "know" something and another to act on it. Only action gets rewarded, even if your action is handing off what you "know" to someone else who will act.
What everyone "knows" is different, along with the level of certainty each person requires for themselves to "know" something is true and is expected to be true in the future.
I have learned the hard way that my requirements for "knowing" something are much higher than most traders. I encourage you to adopt the same standards.
When people are at the beginning stages of learning to trade the markets, (I remember in horror my own ridiculous thoughts when I was new) they see something happen 10 times and think they now "know" something. And then wonder why they just lost $50K when they acted on it. In the bigger reality they don't have enough scope. If they survive, they'll maybe get it, but it always has a cost.
This is also why age and experience pay off so well in trading.
If you can get to the point where you can survive 3 or 4 years of trading, barely breaking even or losing very little while trading a few times a week; you have much additional market knowledge built up. Then, when you find a decent, trading method and couple that with the ability "tradingwise", to chew gum and walk without falling down-- you can start making real money.
It is very normal for some of the best traders to go through years of barely profitable trading and then whosh!-- they really take off because they finally "get it". I've have friends that didn't make any real money for 10 years, finally get themselves straight and make a couple of million every year thereafter. They finally accumulated a combination of assets that allowed them to prosper.
I got my combination put together years ago. It didn't just drop in my lap. I'll give you my secret in a minute.
I am definitely not perfect, but I do not trade on hope. Just the facts of price and statistics with no spin on them. And facts I know from other contacts I have acquired over a 20 year span. I do not want to trade unless the trade has so little overall risk that it would be stupid to not take the trade.
I still believe that most people who "know" they are meant to be traders should be working in real estate. They would do so much better with less risk, time and 1/10th the learning curve.
I also believe I "know" exactly how people could learn to trade profitably, using the least amount of time and risk. But I have no motivation to do it.
In many ways I regret mentioning anything on this forum. What you've seen in this thread is about all I'm going to say or offer. I may post from time to time, but I really don't see much benefit. Atlas Shrugged explains my overall view in this regard.
(The secret I said I'd mention)
I "KNOW" that people who absolutely have to find out how to trade correctly and profitably are willing to do ANYTHING to get that information, and then get it! I was..., and got that information! You think it was free? (You who thought I should have put "almost" in front of "anything" in the preceding sentence-- you might want to find a kinder profession! Serious trading isn't kind to anyone involved--)
If you are willing to pull out all the stops, you can succeed! That will be an edge you will have over the many thousands of others here who don't want to pay what must be paid.
I am sad to say my experience has been that most people in forum environments just want something for free or for someone to do all the work for them (for free) and aren't willing to put forth the real work necessary to get the benefits. So this posting adventure reaffirmed to me that it is likely a waste of time for me to continue posting.
A Word to the Wise is Sufficient
Intelligent people can take hints; they don’t need to have everything explained to them at great length. I have had contacts with a number of fine people from this forum who fit that category and have no doubt they will find their way to success if they keep at it.
-Mgh- Thanks again for the interest and fine comments, and indeed all of the other great comments and assistance great people have offered on this forum.
I'm not unhappy with any responses or individuals here. I just need to get on with trading and only see any further contributions as a form of effort without compensation. I have relatives that resemble that situation already.
Thanks again for having me for a short time.
-PeterCrowns-
__________________
To profit the most: your trading personality must match the market. It is always right. -TRT-
Last edited by PeterCrowns, May 5, 2008 10:44am
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