Profit Guilt - Psychology and Money Management | futures io social day trading
futures io futures trading


Profit Guilt
Updated: Views / Replies:5,239 / 68
Created: by dark pool Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Profit Guilt

  #11 (permalink)
Elite Member
Manchester, NH
 
Futures Experience: Beginner
Platform: thinkorswim
Broker/Data: TD Ameritrade
Favorite Futures: Stocks
 
Posts: 902 since Jul 2012
Thanks: 603 given, 1,785 received


mattz View Post
Am I on futures.io (formerly BMT) or TS Elliot Forum? Just wanted to be sure.

Matt

Well the threadstarter's point is insightful though, if you slept with a fine woman, you should feel guilty that you're depriving someone else the chance of the same for that night. (I don't mean this with sexist undertones by the way, the ladies on futures.io (formerly BMT) can say the same of sleeping with a fine man.)

Reply With Quote
The following user says Thank You to artemiso for this post:
 
  #12 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received

I've never once had even a single thought of guilt.

One has to look no further than the vendor review section on futures.io (formerly BMT) to know there is a large group of people that deserve to lose their money (deserve for me to take it trading).

Goldman et al take it from me, I take it from the rookies. It's the circle of life. Luckily there are always new rookies entering the market. On good weeks I take it from Goldman too

Sent from my phone

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 4 users say Thank You to Big Mike for this post:
 
  #13 (permalink)
Membership Temporarily Revoked
detroit+mi/usa
 
Futures Experience: Intermediate
Platform: Neenja
Favorite Futures: Trumpet
 
Posts: 18 since Mar 2015
Thanks: 13 given, 6 received



Big Mike View Post
I've never once had even a single thought of guilt.

One has to look no further than the vendor review section on futures.io (formerly BMT) to know there is a large group of people that deserve to lose their money (deserve for me to take it).

Goldman et al take it from me, I take it from the rookies. It's the circle of life. Luckily there are always new rookies entering the market. On good weeks I take it from Goldman too

Sent from my phone

I think this was my attempt to make sure rookies understood what they were getting in to...but I think this forum in general does a pretty good job of that. Honestly though, I think the first thing a novice trader should be told is: "They are coming for you." Everything kinda makes sense after that.

Reply With Quote
 
  #14 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,784 since Sep 2013
Thanks: 9,848 given, 11,156 received
Forum Reputation: Legendary

When I raced motorcycles I wanted to kill the other riders. In business I will behead a competitor in a heart beat. When I trade I feel no guilt, no remorse. I will gladly take their money and line my pockets with it, because they will do the same.

The market was created for one reason, to fleece the poor and pay the wealthy.

Reply With Quote
The following user says Thank You to tturner86 for this post:
 
  #15 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received


dark pool View Post
I think this was my attempt to make sure rookies understood what they were getting in to...but I think this forum in general does a pretty good job of that. Honestly though, I think the first thing a novice trader should be told is: "They are coming for you." Everything kinda makes sense after that.

It would mean more if you weren't a rookie yourself. It's really difficult to speak as an authority when you are just a rookie.

There are some things sim traders can still teach others, but seriously "profit guilt". ?? I'm done in this thread

Sent from my phone

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 5 users say Thank You to Big Mike for this post:
 
  #16 (permalink)
Membership Temporarily Revoked
detroit+mi/usa
 
Futures Experience: Intermediate
Platform: Neenja
Favorite Futures: Trumpet
 
Posts: 18 since Mar 2015
Thanks: 13 given, 6 received


Big Mike View Post
It would mean more if you weren't a rookie yourself. It's really difficult to speak as an authority when you are just a rookie.

There are some things sim traders can still teach others, but seriously "profit guilt". ?? I'm done in this thread

Sent from my phone

Thanks! That actually lets me know something about the average nature of the trader. A person who does not question the morality/basis of what they do, is blind to certain bigger picture aspects. And a winning psychology needs to be guarded against intrusion of doubt, apparently.

Reply With Quote
 
  #17 (permalink)
Elite Member
Cedar Rapids IA USA
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: NinjaTrader
Favorite Futures: Equities, then ETFs, then maybe just maybe Futures ?
 
asdfasdf's Avatar
 
Posts: 35 since Mar 2015
Thanks: 57 given, 46 received


Big Mike View Post
I've never once had even a single thought of guilt.

One has to look no further than the vendor review section on futures.io (formerly BMT) to know there is a large group of people that deserve to lose their money (deserve for me to take it trading).

Goldman et al take it from me, I take it from the rookies. It's the circle of life. Luckily there are always new rookies entering the market. On good weeks I take it from Goldman too

Sent from my phone

Are you saying that Goldman, large banks, etc take it from you because of the amount of positions they can control at once, meaning that they in effect control the direction of the market ?

Reply With Quote
 
  #18 (permalink)
Live Your Bliss
Canary Islands, Spain
 
Futures Experience: Advanced
Platform: OA
Favorite Futures: What Moves
 
Anagami's Avatar
 
Posts: 701 since Dec 2010
Thanks: 474 given, 1,398 received


dark pool View Post

This led me to adopt a psychology of "being a market sociopath". I had to accept the fact that for me to make money, someone out there was "losing money". I thought that most successful traders were "tricking" their morality in order to make money.

But this, as it turns out, is a path to loading yourself down with guilt over taking profit lol. Upon further reflection, I realized that anybody who enters the market is essentially a gambler. Once that money leaves their pocket and is in the market-it's no longer any individual's money. It is the markets money, and being made up of all our psychologies/fears/greeds-it will do what it does. I am merely an account operator who lends money to gamblers to play the game they love. Anything I'm missing?

Are you serious or are you joking?

The fact that both parties agree to every transaction makes the trading absolutely fair AND moral. Not sure why one should feel guilty when everybody is in agreement.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
Reply With Quote
The following 4 users say Thank You to Anagami for this post:
 
  #19 (permalink)
Live Your Bliss
Canary Islands, Spain
 
Futures Experience: Advanced
Platform: OA
Favorite Futures: What Moves
 
Anagami's Avatar
 
Posts: 701 since Dec 2010
Thanks: 474 given, 1,398 received


dark pool View Post
Thanks! That actually lets me know something about the average nature of the trader. A person who does not question the morality/basis of what they do, is blind to certain bigger picture aspects. And a winning psychology needs to be guarded against intrusion of doubt, apparently.

Your reply to Big Mike is verging on idiotic.... I suspect that is because of your own subconscious guilt over your past life as you mention in your post.

Done with the thread.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
Reply With Quote
The following 2 users say Thank You to Anagami for this post:
 
  #20 (permalink)
3rd times a charm!
San Francisco CA
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: CQG
Favorite Futures: ES
 
Zxeses's Avatar
 
Posts: 139 since Jun 2014
Thanks: 90 given, 171 received



dark pool View Post
I think this was my attempt to make sure rookies understood what they were getting in to...but I think this forum in general does a pretty good job of that. Honestly though, I think the first thing a novice trader should be told is: "They are coming for you." Everything kinda makes sense after that.

I totally understand where you are coming from, I feel this way every time I go to the local supermarket to buy eggs and milk.

When I was younger I was a farmer, so milk and eggs was a matter of getting my ass out of bed and going to milk the goat and pickup the fresh eggs. No money traded hands, and of course I had no concept of the idea of "work"="money", work was just something you did cause you had to do it. At my younger age, I never made the connection between the reward and the cost, it was just so much of a given there was no reason to think about it.

These days, when I pay ever-increasing prices for eggs and milk, knowing full well that the supermarket is taking 50% profit, that the farmer is doing much less work these days for a dozen eggs then I did, and yet here I am paying X dollars for eggs, what has changed really?

Did the supermarket cheat me by being an easy buy? not really, they are less then 5 minutes down the road.
Did the farmer cheat me by being an easy work load? not really either, he has more customers and production, he needs to make his business as efficient as possible.

So who really has given in here? have I been cheated? no, I appreciate the gift of an easy buy with no farm work, I can now wake up in the morning, fix a BLT (with a runny egg, you must try this!) and be off to work in less time so I can keep up my faster paced life.

When I trade, I keep all these things in mind (maybe it would be better said: all these things influence my view), especially trading futures.

Just because trading (the act) is easy, doesn't mean trading is easy (the risk/strategy) and for every dollar I make, I could have lost -- IF I didn't give it my best knowledge, skill, practice and patience -- which I would summarize as my "work". And just because you check 12 chickens butts at 5am in the morning doesn't mean you have a dozen eggs, it usually meant 2-3 eggs, and 9-10 new smudges of crap on your hand.

Just like trading S&P huh?


Reply With Quote
The following user says Thank You to Zxeses for this post:

Reply



futures io > > > Profit Guilt

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Consciousness of guilt jaeykkae Elite Trading Journals 66 April 23rd, 2015 11:45 AM
When do you Make a Profit..... mdsvtr Options on Futures 6 August 23rd, 2014 02:36 AM
Profit vs. Drawdown allthewayne Elite Automated Trading 12 January 24th, 2013 03:40 PM
Dax - moving from small loss/breakeven to small profit/profit Disciple Elite Trading Journals 67 April 30th, 2012 07:59 AM
where should profit target be placed? anniebee321 Beginners and Introductions 9 June 7th, 2010 08:38 AM


All times are GMT -4. The time now is 09:18 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.18 seconds with 19 queries on phoenix via your IP 54.82.56.95