Sorry if I did not explain myself well. What I wanted to do was encourage the idea that there is a difference between what can be experienced between a forum and making an effort to develop collaborative professional relationships...which is for me a different thing to a forum...I understand what Lance says about how these forums evolve and I would just like to suggest that there are other pathways to develop. I have thought for some time that working alone is a challenge and that the corporate relationships and team management model can be a vehicle for my development as a trader.
I understand your point. Also, for me it is .35 cents more a round turn to trade TF than the CME indices.
Just tired of getting nickeled and dime by the Exchanges. I have shared this story before. I started wkg at the Cbot in '87. Prez of my firm worked at the CME. Years later he would become chairman of the CME. I was a broker and I decided to take another job. We had breakfast to discuss my plans. He asked me what my long term plans were in the business. I said I wanted to trade. He looked me in the eye and said Don't Trade. The people who make $ in this business are not the traders. It is the middle men.
That is the mentality of the people that wk at the exchanges. They r middle men who never traded and make good $ taking no risk. I sold my Cbot membership in 2011. I don't like the exchanges. They get enough of our $. Sometime u just have to say enough.
Please no reply, let's keep this thread on Lance trading.
The Market is Smarter than You Are
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I agree I find the act of trading is a smoother experience if I am focused on my own process. Is it solitary...? Yes I am not at all interested in what other traders are doing in terms of their trades. I think most jobs have a solitary aspect to them...a point when the individual needs to get on with it and just do it...but working as a trader is not special or different in many ways to the day to day routine of any other kind of job...for me personally coming from a business and corporate background what I have found is in my trading work life there is no networking...and it is this aspect that I have found through developing collaborative professional relationships which has increased my level of awareness and engagement very useful...It is not about learning a trading system or methodology or how someone does it...it is much more about shared experience...the vehicles for this experience in our modern world are extensive and interestingly I have found it helpful not to be so focused on myself and to be open, carefree and interested...
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Yes, good points. In an ideal situation, it would be nice to have some true successful traders in which to exchange ideas or even be mentored by. And I'm sure for the fortunate few who are lucky to find that situation..or be friends with someone like that, it would be extremely rewarding. I know if I had met a true mentor, it would have saved me years of failure and lost money.
But the reality is for the majority of us Retail traders, most "mentors" out there seem to be vendors of overpriced indicators and shoddy trading systems. Most of these vendors are failed traders who make money selling their wares and not from being traders.
Then the other resource is other retail traders on forums. Now, I must say I have found many valuable lessons on here that I have incorporated into my own system..and I hope my thread has offered perhaps at least one thing someone can take and help them. But for many years, the whole endeavor has been one huge "leap of Faith." Why? Because seldom in the retail world to you have anyone where you can verifiably prove that they are successful. So, it's always that there is this vague idea that someone out there (who is a retail trader) is making lots of money, but no one ever really proves it. So it takes a very special person (or a really dumb one) to spend years at something..and untold amounts of money..when none of his forum peers seem to be able to prove success. In other words, how do you look around at all that and say, "Well, I have these magical qualities that will make me achieve something that 95% of everyone trying it ..fails at."
One of the reasons I made all the videos that showed me actually taking live trades was to offer some small display of consistency that comes from using a method forged from years of observing market behavior and exploiting patterns that repeat themselves under certain market conditions.
Now, there will be some retail traders that will have a much faster learning curve than me and will progress much quicker. They won't need to spend years at this and lose over $100,000 dollars before they succeed. They will be better than I have ever been.
But..these people will be very, very rare. So ,, if one is finding that through some sort of collaboration with a "mastermind group" of sorts, you can achieve profitabilty through your trading. I commend you. I wish I could have found such a group when I was in my early stages.
Failure is not an option
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At your level you don't need anyone to teach you how to trade. You have clearly demonstrated that you are a very mature and profitable trader who as been able to develop a method of his own.
But and here I speak for me, and so I may be wrong, I have a daily target and once I reach it I tend to leave the market, it could be at 8AM or at 11AM or during the afternoon etc... Being alone is for me the major cause of my lack of consistency and a big miss of opportunities (having reached my target at 8AM should be an encouragement to double it by 11 ? In fact it is for me the opposite). That what I seek and find in sharing trades in live (not too live because you lose your focus) on a forum.
R.I.P. Olivier Terrier (aka "Okina"), 1969-2016.
Please visit this thread for more information.
I understand..in fact if one goes back several pages in my thread here, they will see that I was posting a lot of trades in real time..I was showing the charts and my entries and then I would reveal in the next post what they did. I didn't get much participation from others though..as far as them posting their trades.