My three trading rules

[MRC & Co]

There may well be traders out there who ride around on Black Horses 6 guns blazing,cigars hanging out of every orifice,tattoo's on every appendage,more girls than Hugh Hefner and bank accounts like Fort Knox---albeit temporary--with egos to match---albeit temporary.

Traders punching in over sized orders like Boxers on Ice---jumping around like psychopaths who have lost their car keys and looking like bad actors alongside Michael Douglas in "Wall Street".

I'll back brains over balls every day.

Miss the entire point tech. It's not an agruement of brains V balls, it's the fact that even with brains, you need balls if you want to make any decent money in this game.

 

[tigerboi]

Miss the entire point tech. It's not an agruement of brains V balls, it's the fact that even with brains, you need balls if you want to make any decent money in this game.

correct mrc as i first said 0.50% would never do it for me...to make decent coin you gotta show some dash...

no dash no cash

 

[MRC & Co]

correct mrc as i first said 0.50% would never do it for me...to make decent coin you gotta show some dash...

no dash no cash

Yeh, but you have tradies who sit back and live off their company profits, punting tiny little amounts on their stocks and mock big traders with diatribes of pathetic metaphors.

Try telling a guy who runs a 2000 lot on the S&P for 100 points that he will soon be broke and does not need balls. You really have no idea.

As for the woman, cigars and egos, you really do watch too many movies!

 

[nunthewiser]

i cant even spell metafor

 

[MRC & Co]

i cant even spell metafor

Ask tech, he tells everyone how it is. His the man!

 

[nunthewiser]

The way i see it is ......... IF one is using a set of guidlines that work for them THEN they are correct regardless of what any one else has got to say .it works ..simple

what works for some ppl may not work for others

if we all stuck to the same rules , there would not be a market .simple really

i for one pay no heed to others telling me how i should or should not trade ......i do alright , why would i follow someone thats just another anomonous typist when my sytem of making a quid works already


by the way i truly am in it for the cigars and bimbos

 

[nunthewiser]

PS

dont get me wrong

i do listen , and if i read something that makes sense i will look into it , BUT just because someone states that "this is how its done " dont make them right

 

[Naked shorts]

The way i see it is ......... IF one is using a set of guidlines that work for them THEN they are correct regardless of what any one else has got to say .it works ..simple

what works for some ppl may not work for others

if we all stuck to the same rules , there would not be a market .simple really

You are right nun, but these conflicts of interest sure make for a good argument.

I think where tech is coming from is that he treats his trading as business. Very little emotion involved.
This attitude is to be expected considering his background.

 

[nunthewiser]

You are right nun, but these conflicts of interest sure make for a good argument.

I think where tech is coming from is that he treats his trading as business. Very little emotion involved.
This attitude is to be expected considering his background.

all trading should be regarded as a business

 

[Naked shorts]

all trading should be regarded as a business

I'll back brains over balls every day.

Business in the way he perceives business is done (which of course isnt jumping around on ice).

 

[nunthewiser]

need brains AND balls in ANY business otherwise you will always be playing second fiddle to the other bloke

 

[BBand]

Trading Rules

1 I have a trading method that suits my personality - if you do not have this right, then you are doomed from the start
Most of us may wish to join the ranks of the ellite day traders - but thats just not gonna happen! for the majority of us

2 Use "tools" that you understand and are comfortable using.
I use indicators, and trade of their support/resistance/extreme values

3 Accept complete responsibility for YOUR results!
"Trading" of the back of a guru is just transferring the responsibility to the guru
If you have a system that fits you, and has been tested and proven over the long run - why would you ever have to ask for an opinion?

4 Have a DETAILED trading plan and have the discipline to trade it - no matter what!!
This is the most important rule, "trading" tends to become easy, boring, effortless and stress free

Skills and Mindset ? - my take on this is that one tends to improve the other and for me this happened naturally without realising it

Just my thoughts
Peter

 

[tech/a]

Miss the entire point tech. It's not an agruement of brains V balls, it's the fact that even with brains, you need balls if you want to make any decent money in this game.

No I do understand what your saying and you may know people who actually trade like this (The trade they are in could send them bankrupt). I would not and do not place myself in that position in ANY business I'm involved with and wouldnt be involved with anyone who was.
People base jump---I dont. I dont have to.
To make a $ trading I dont have to put my nett wealth or even close to it at risk.
Trading is enjoyable and continually challenging.

Almost as much as talking to you guys!

Business in the way he perceives business is done (which of course isnt jumping around on ice).

Yes thats true. We have all met the all or nothing guys and very few have it all and many more have had it and now dont. My perception has stead me fast for 35 yrs of various business and I have started again twice--I have no intention of doing it a third time.

need brains AND balls in ANY business otherwise you will always be playing second fiddle to the other bloke

There is truth in this statement.

Life is all A about B when it comes to starting businesses.
Young entrepeneaurs have no choice but to take on un acceptable risk that COULD and often does wipe them out.
They are ill equiped to handle these situations.
Old heads on young shoulders wouldnt help as they have no choice if they wish to attempt it---the rewards can be great and the downside just as great.

But having said all that Ive always found the turtle does beat the hare over a long enough distance.

 

[IFocus]

I remember reading it put this way as it relates to elite sprinting -- "When the body is ready, the mind knows it". Basically, get the skills in place and the head will follow.

Every time you rehearse a skill you are conditioning the mind to respond in a certain way. I think that most of the psychological problems people encounter are related to a lack of adequate preparation...

Ahhhh Julius this is the path to enlightenment.............

 

[IFocus]

Miss the entire point tech. It's not an agruement of brains V balls, it's the fact that even with brains, you need balls if you want to make any decent money in this game.

I have day traded in the past with what I call size (nothing like you guys are taking about) using all the money management stuff etc.

Not sure I would call it balls but it dose mess with your head and is a completely different game mentally in some respects to to swing or position trading.

Another trader said once to me driving a normal car or a V8 super car or F1 are all driving but only some are mentally able to handle the top end.

As you and TH are I take it scalping of course that takes it to another level.

 

[MRC & Co]

No I do understand what your saying and you may know people who actually trade like this (The trade they are in could send them bankrupt).

We have all met the all or nothing guys and very few have it all and many more have had it and now dont. My perception has stead me fast for 35 yrs of various business and I have started again twice--I have no intention of doing it a third time.

They are not all or nothing, they pyramid aggressively when they are onside, and very very quickly. These guys do it year in and year out, sometimes they take a HUGE flogging, but they KNOW they can easily get it back with time. Read about Paul Rotter, he is the best day trader on the planet, takes large beatings and still makes packets year in and year out, the same as these guys. He runs by NO conventional money management, same as these guys. They are supremely confident in their skills and have nuts to match.

You may be a turtle, and that is fine (I'm more of a turtle myself), but it's not the only way and it does not mean these guys are all or nothing, most will retire with a very healthy nest egg (it's quite different to a guy like Andrew Forrest, now that is an all or nothing guy).

IFocus, yes, trading intraday is definately more emotional. The thing is when I talk of size, is most do it very quickly, things will align, it just feels right, and you will wack on far more size than you would normally. Now if it runs, you hit it big, if it doesn't, you cut it quick but still take a bruising. Either way, that takes nuts to me, to be able to pull the trigger and lay down that size (many will not be able too), but in the long-run, with the correct intution, you will outperform those not able to pull the trigger, by a country mile!

 

[tech/a]

MRC

Do you really think THEY think they have balls or do you think traders who cant imagine/precieve trading with the size they do think they MUST have huge kahunas?

Packer played poker with bet sizes I couldn't get as a loan from a bank.
I don't think he had big nuts (Nor did he I'm sure) just a huge pit of money.
If we all had the same pit---

you will outperform those not able to pull the trigger, by a country mile!

Or go broke trying.
There are no guarentees in this game.

 

[MRC & Co]

MRC

Do you really think THEY think they have balls or do you think traders who cant imagine/precieve trading with the size they do think they MUST have huge kahunas?

By the stress and anger when it goes wrong, it is pretty obvious it's not a standard procedure and if the moment is right, it's encouraged to up your size too, seems to be worldwide protocol for Prop traders, surprised me considering what is slung around on this site as gospel and why I try to give a different insight (their money, not mine, and they must know something right tech, it is their business afterall?)..........

 

[tech/a]

Its said that 90odd % fail in both Business and Trading.
Its also said that most fail in the first 3 yrs.

How many of these guys have 3+ years under their belt?
Sure there will be the top % that do survive and generally those that do survive very well.

Not for me.

 

[MRC & Co]

Its said that 90odd % fail in both Business and Trading.
Its also said that most fail in the first 3 yrs.

How many of these guys have 3+ years under their belt?
Sure there will be the top % that do survive and generally those that do survive very well.

Plenty survive and plenty have well over 3 years under their belt, a lot have been in this game a lot longer than yourself.

Sometimes tech, your just not right. Plenty of gray in this game, despite your firm belief in rules.