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The Greatest Weakness
Started: by George Views / Replies:24,449 / 108
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The Greatest Weakness

  #101 (permalink)
Trading Apprentice
Portland, Oregon, USA
 
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The western human nature


George View Post
I can give you the best rules in the world and the best methods for determining the position of a commodity, and then you can lose money on account of the human element, which is your greatest weakness. You will fail to follow rules. You will act on hope or fear instead of facts. You will delay. You will become impatient. You will act too quickly or you will delay too long in acting, thus beating yourself on account of your human weakness, then blaming it on the market. Remember that it is your mistakes that cause losses and not the action of the market or the manipulators. Therefore, strive to follow rules, or keep out of speculation, for you are doomed to failure.

If you will only study the weakness of human nature and see what fools these mortals be, you will find it easy to make profits by understanding the weakness of human nature and going against the public and doing opposite of what other people do. In other words, you buy near the bottom on knowledge and sell near the top on knowledge, while other people who just guess do the opposite. Time spent in the study of price, time and past market movements, will give you a rich reward.


W.D Gann in
How to Make Profits in Commodities
______________________________________________________________________

These lines were written in the 1940's. And only because we now use blue-tooth we're supposed to be more advanced!

/George

I know what you're saying, but i think there are many cultures that show not all human nature is the same. Not all acts that are cruel in the western world are considered cruel in the east and the 3rd world, and it's the same about what kindness means, and success, and beauty... So, i believe the western human nature is very much what you said but if we learn to control ourselves and change the way we act on everything - with the help of Yoga for instance or meditation, and combine it with our western knowledge, we could achieve much more. That doesn't mean we'll be any less human.

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  #102 (permalink)
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Obvious question...

So, like I said in my title line, the obvious question (at least from me) is simple: "What are the rules?" and "Where do I find them?". I know that may seem like a silly question, but I honestly know nothing and i want to learn. I keep looking around the forums, but have yet to find some really simplistic starter stuff for the newcomer. I am sure it must be here, but please someone...tell me where to look. Thank you all so much for your posts.

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  #103 (permalink)
Market Wizard
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amttrader View Post
So, like I said in my title line, the obvious question (at least from me) is simple: "What are the rules?" and "Where do I find them?". I know that may seem like a silly question, but I honestly know nothing and i want to learn. I keep looking around the forums, but have yet to find some really simplistic starter stuff for the newcomer. I am sure it must be here, but please someone...tell me where to look. Thank you all so much for your posts.


amttrader View Post
After perusing some of the posts in here, I'm not even sure I have any business being here at all. I'm brand new, lost, and only working on a demo with a friend right now trading futures only. Been doing okay so far, but I'm sure things will change when real money is involved.

I need to find some really elementary stuff in this forum to just get myself rolling along. I'm a quick study, but I need the information fed from a straw rather than a firehose at first. Any suggestions as to where I need to get started?

If you are looking for resources, I think you will find this forum has loads of them, split by topic. It's a matter of picking up a topic that resonates with you and delving into it. The owner of the forum generally points people here

https://futures.io/beginners-introductions/29274-getting-started.html#post365848

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  #104 (permalink)
Market Wizard
Switzerland
 
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amttrader View Post
So, like I said in my title line, the obvious question (at least from me) is simple: "What are the rules?"

Three posts from you in 3 different threads.
All about being "lost".

You have been given many advice.
There are more than half a million posts here - just find the needle...
Stop posting and read all posts to lose your greatest weakness.

Otherwise you might end up really soon as a troll. ***

GFIs1

*** easy: why you started as a newby with the thread "Time to give up" first?


Last edited by GFIs1; March 12th, 2016 at 06:02 AM.
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  #105 (permalink)
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Futures Edge on FIO

George View Post
I can give you the best rules in the world and the best methods for determining the position of a commodity, and then you can lose money on account of the human element, which is your greatest weakness. You will fail to follow rules. You will act on hope or fear instead of facts. You will delay. You will become impatient. You will act too quickly or you will delay too long in acting, thus beating yourself on account of your human weakness, then blaming it on the market. Remember that it is your mistakes that cause losses and not the action of the market or the manipulators. Therefore, strive to follow rules, or keep out of speculation, for you are doomed to failure.

If you will only study the weakness of human nature and see what fools these mortals be, you will find it easy to make profits by understanding the weakness of human nature and going against the public and doing opposite of what other people do. In other words, you buy near the bottom on knowledge and sell near the top on knowledge, while other people who just guess do the opposite. Time spent in the study of price, time and past market movements, will give you a rich reward.

If I go nowhere as drunken sailor it's a 100% chance that I will end up nowhere

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  #106 (permalink)
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The biggest problem for me is slowness , if its such a thing... when we backtest strategies years of data gets checked in seconds while in real life waiting for the trade even if everything is systematic makes me angry at slowness in real life & especially if i am in a drawdown waiting for systematic trades to unfold is emotionally painful... so all those who say algos remove emotions are probably wrong , algos are better managers but traders employing those algos will still be emotionally on a roller coaster.

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  #107 (permalink)
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Big Mike View Post














Mike


These are absolutely correct. A few months ago I took on the responsibility of finding my own system, and making myself accountable. A strategy and proper entry,stop, exit for every trade, or else there is NO trade.

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  #108 (permalink)
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hondo69 View Post
I was trying to explain trading to a buddy of mine last night and it was obvious he was becoming more confused the more I went on. Finally, he said, "if you're supposed to treat trading like a business, what would you tell a bank if you went in for a business loan?".

This question really took be aback as I never really thought about it that way before. But I plodded along anyway.

"Well, you see, the markets are fixed. It's not exactly collusion but it is definitely a game controlled by big money. And the big money can only maximize their profits by tricking retail traders. Let's say a strong uptrend is underway and you're waiting for a pullback so you can go along for the ride."

He stopped me right there and asked me, "Why wait for a pullback? If you have a confirmed trend then simply enter upon confirmation."

Guess what? I couldn't come up with a concrete answer to his question. Although I explained margins, slippage, commission, etc. to him it still didn't do the trick. Then I went into trading strategies and some indicators. In short, he said I was over-thinking the situation. Since no one can predict when a "run" will end and the pullback begins, just hop on the train and get out of the way.

I think he's right.

I totally agree with your friends advice! Some people are successful with reversal trading, but it has not worked out for me, so I only trade with the trend now.

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  #109 (permalink)
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Romania
 
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Self awareness and an unbiased analysis of your actions can quickly reveal that your weaknesses become your lessons, and it is necessary for building the cognitive library towards success, be it in trading or any endeavor you partake in. The greatest weakness can become the greatest skill, given you can find your weaknesses and work on them.

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