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Try not to get all starry eyed over a bunch of BS. Shorting the high because it was near the end of the day is really bad advice.
Also, just because someone made it as a professional trader does not make them a brain surgeon. Maybe a really big head, but no brain surgeon for sure.
Think of it more like being a professional golfer or a professional poker player. It is a special skill set for sure, and it takes a special mindset for sure. A poker player knows how to keep his emotions in check, stay confident in the face of losses, and most of all he knows how to keep the odds in his favor.
It is true that most people will never trade their way to success because most people don’t have the correct mindset and they are just reinforcing bad mental habits every time they trade.
When I have traded in the past I have tried harder and harder not to lose money and the harder I tried the more I lost. Sound familiar?
The threat of pain, and the fear of losing money, and the mounting losses became so great that I had to quit trading until my emotions were back in check. Sound familiar?
If you read my post, I did not say "short the high all the time."
I said 99% of traders would not have known to short the high, just like right after the employment report, 99% of traders would not have gone long around 26413.
If 90% of the public thinks a certain idea is bad, then that is good, since 90% of traders lose.
Anyone here has the right to state my advice is bad or good; you also have the right to boo Tom Brady.
Know one here knows my history or the history of the people I have worked with for over 40 years.
Someone at our firm thought our advice was good or we would not have managed over a Billion dollars.
By the way, I keep in touch with my successors at said firm, who are now running over 6 Billion dollars.
They were buying the lows so I jumped in with them.
Please remember this: The smart money does what 90% of the public thinks is stupid.
TB
I was really just referring to knowledge of market-behavior that takes years to acquire. I wouldn't have thought to short that close either, I usually stay away. But I found it to broaden my perspective in terms of general market behavior that I am unaware of at present. Not the particular setup, but the "why" behind it...the general idea of "I know so little, and there is so much potential, given a sufficient level of knowledge of how the market works".
Yes. I found that no matter what I did I would lose. I would go back to sim and win. Come back to live and lose. This has changed now, but it is a careful, painstaking process like picking through thorns and brambles to get a few berries for the time-being, if that analogy makes any sense
Feel free to call me "Bad Analogy Guy" moving forward if necessary. Cheers!
What I try to do within the boundaries imposed by the "terms of service" is to present a true picture of the world
of High Finance, Wall Street and mega money.
On most gatherings of traders, speculators, curiosity seekers the dialog is palpable.
The image, of course is that a few "enlightened" people have found the holy grail by back testing or buying some indicator or taking some $29.00 course or attending a webinar.
The markets are still run by mega corporations. When they buy markets go up; short then the markets go down.
The only way to make money almost all the time is know what the corporations are going to do (I worked for them so have been part of this).
That is why the big boys have Gulf Stream jets.
We can move the markets short term and teams of researchers let us know what the government reports are going to show at 8:30 am for example.
The only people "surprised" are the people not in the know.
The $29.00 Fibonacci / regressive wave system is not going to beat Goldman Sachs.
If you understand this, and accept it, one can make a decent living trading.
TB
It’s funny because if Mark Douglas had charged anyone here 50K for a mentorship they would be doing everything he said to do, and working very hard to listen to everything he has to say. But I guess because it’s in a book that cost $30 people around here think it is just “shit”
