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EZ Color Trading - Article - wgreenie

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Elite Member
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
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Favorite Futures: ES
 
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Lornz View Post
You're right, I can't be certain. Her systems do not inspire confidence, though. They can't be too profitable, otherwise she wouldn't be selling them. I'm amazed at how few people get this. Only one profitable setup will make one a millionaire, as long as one is trading a liquid instrument. There is no way around it. The exception would be discretionary trading, where things get a little more fuzzy. The problem is that trading isn't all about psychology, it's about finding a valid approach. They don't grow on trees, and usually take a lot of effort to devise.

Having very little capital for trading it really doesn't matter how good your system is.
(She not actually selling it - she's renting access to it. Selling it would be to sell all rights to the system and the investment she has made and the programming she paid for and her website and other startup costs)
-------------

I think we (here on the board) - all get it. (you'd be surprised).
And I agree with you, in general.


However, investment capital is a BIG factor in turning:
  • skill, and/or
  • knowledge and/or
  • a system and/or
  • inicators
into millions.

------------------
You are better off sharing it and building up some income from your monthly rentals until you have enough capital to trade with decent stops and ride out any heat in a trade.
So until she has share it long enough to build up:
$100,000 in trading capital
and
$5,000 /mo of monthly income
(these numbers as an example only), she is wiser to share it.



Lornz View Post
I treat trading as a business. If one doesn't have "the time and inclination to wade through forums, and books etc.", I would suggest they don't have the mindset required to become successful. However, it's more about strategic thinking than reading, but one needs a little theoretical knowledge in order to do that. I chose not to go to university after high school, but I made it a priority to go through most of the material on my own. I wanted to see the world as a finance graduate does, but I had no illusions of that making me money. Therefore I devoted most of my time to the latter. I assumed I would make as much money as the graduates would have incurred in student loans, and it turns out I was right. Now that I feel I have my trading under control, I have gone back to school to get a degree in mathematical finance. I study during the day, and trade at night.

You are digressing into philosophy.
I agree with your statement generally - for some people (very small number.)

(Lornz, you are extrapolating what is "right" for you into what is "right" for others. Imposing your view of "what is right for me is right for eveyone" this mental re-framing of the world hurts you, IMHO. )

My schedule is: I get up, I work (on my systems/study/trading) and I go to sleep. Then rinse and repeat.
It is utterly riduculous from any sort of balanced life - but it is what I must do ()I feel to overcome the enormous odds against me.

However in a realistic sense, most people can't apply this discipline.

And certainly
not long enough to reach the pay-off zone.



From Dr. Gary's seminar:
  • the great pain of losing and then losing again and then losing again.
  • Lance Armstrong "I can suffer like no-one else can suffer."
  • Olympic skaters difference = They practised the really difficult moves, feel got hurt, did it again and again iced their bruises after practice, and got up at 4am and did it all over again for years and years and years.
  • 4-5hrs a day of really deep practise not just being on the sim but thinking - what is happening, why, taking notes, seeing what worked and didn't, analyzing the set-ups and then doing it all over again for 4 (?) or more years.
---------------------

If someone is retired - their home is paid for, they have more than enough retirement income, they have a balanced conservative portfolio (whatever that means in today's age) managed by an honest dedicated money management professional who truly cares about their responsibility (tougher that finding an honest mechanic you say? - I agree) and they want a pastime that is fun lively and more challenging than a crossword --

then

they could day trade.

For example, my mom is a bright woman.
She is up-to-date on what is happening finacially, economically, and with businesses - especially in the province where she lives. Being part Irish, she's a bit of a gambler in her heart.
She likes to have her "play" money. (I cringe when I her her say that!)
She used to lose about $30,000 -to $40,000 per year buying tech stocks especially if they are mentioned on CBC, in Canada, and even more so Quebec-based (she's a real "flag-waver").
It was brutal to watch. Ever year she had to top up her "play account" with another $40,000. Finally, I gave up and said:
"look if you're going to gamble just go to Vegas with Aunt J, take $5,000 gambling money, have fun take in the shows and go to the restaurants and it doesn't matter it you lose it all."

So for my mom and others like her:
  • having the fun of red lights, green lights
  • a set stop of $50 some days losing $50,
  • some days making $50 or $60 and
  • occasionally making $500 -she would be trilled.
She would be ecstatic!



She could chat with her friends on the phone - gush talker lingo and feel "with it"

(I'm assuming a daily total loss limit of say $75 and a "play" account (cringe!) of $20,000)


--0ook wayyyy too much typing for a weekend -- I need to focus and get my old XP going again - I hate this Windows 7 - crappy take for laptop..

lots more but actually do the math on the exercise Lornz - I have. You will find it worth your time - well worth your time...

The Main Point
  • Don't get into being negative and calling other people down.
  • Life is tough. And for many people very tough.
  • Focus on the good the light and the positive.
  • Look for the best in others and spread good positive energy in the world.
  • Try to make someone else's life better and brighter.
  • Spread kindness love and compassion.
  • See the good in others.
  • Overlook their weaknesses.
  • Judge not.
............I'm a slow typer so if you only read and benefit from the main point and take it into your heart it will enrich your life and those in your life.
(and no I'm not saying that you don't already do some of these things - just suggesting to you and reminding myself and to others, to place more focus on doing these things more often and with more depth of love and attention )--------------

have a nice weekend eveyone!



Lornz View Post
I actually subscribed to TTMs video newsletters when I first started out. I liked Mr Carter's top-down summary of the trading day. They actually touch upon some useful subjects, at least at the time, such as tape reading, market internals and multiple time frames. There are some good ideas in his book, but he must not realize it himself. However, they make over $2MM/year on the site, so obviously they are more focused on that. I have no idea of what they are up to now, I used them briefly 5-6 years ago. I did pick up a few things that I researched further on my own, and I thank them for that. But unlike most, that helplessly search for what to do, I am more focused on how they (educators/commentators/etc) are wrong and how I can do it better.

-----
You don't mention the expected drawdown of the system,
---------none. it is 35 pts avearge profit per week so a drawdowns during the week are netted out and you end the week and every week up 35 points ---

so it's hard to have an opinion. Personally, I prefer to use $5000 (or more) per ES contract, but I was more aggressive when I first started.
If one is consistently pulling in 35 points on the ES a week, then one should be making seven figures by year two.


Keep your mind in the future, in the now.

Last edited by aquarian1; December 17th, 2011 at 08:21 PM.
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