The Greatest Weakness - Psychology and Money Management | futures io social day trading
futures io futures trading


The Greatest Weakness
Updated: Views / Replies:27,536 / 109
Created: by George Attachments:3

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
 3  
 
Thread Tools Search this Thread
 

The Greatest Weakness

  #101 (permalink)
Trading Apprentice
Portland, Oregon, USA
 
Futures Experience: None
Platform: optionexpress
Favorite Futures: Emini ES
 
Posts: 6 since Jan 2016
Thanks: 2 given, 5 received

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.

Reply With Quote
 
  #102 (permalink)
Trading Apprentice
Bellingham, WA USA
 
Futures Experience: None
Platform: Ninja Trader, Optimarkets
Favorite Futures: Unsure yet
 
Posts: 6 since Feb 2016
Thanks: 1 given, 0 received

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.

Reply With Quote
 
  #103 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
xplorer's Avatar
 
Posts: 3,050 since Sep 2015
Thanks: 6,562 given, 4,817 received
Forum Reputation: Legendary



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

Reply With Quote
 
  #104 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
Favorite Futures: Futures
 
Posts: 4,128 since Feb 2012
Thanks: 3,780 given, 7,655 received
Forum Reputation: Legendary


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 07:02 AM.
Reply With Quote
The following user says Thank You to GFIs1 for this post:
 
  #105 (permalink)
Trading Apprentice
Lviv, Ukraine
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: NinjaTrader Brokerage
Favorite Futures: ES, NQ, GC, SI, 6E, 6B, 6A, 6J
 
Posts: 17 since Mar 2016
Thanks: 1 given, 3 received


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

Reply With Quote
 
  #106 (permalink)
Trading Apprentice
Chandigarh, India
 
Futures Experience: Intermediate
Platform: Amibroker, MW TickerPlant
Broker/Data: Self
Favorite Futures: Crude Oil
 
nikhil89's Avatar
 
Posts: 5 since May 2016
Thanks: 0 given, 0 received

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.

Reply With Quote
 
  #107 (permalink)
Elite Member
New York, NY
 
Futures Experience: Beginner
Platform: Sierra Charts, NT7, TOS
Favorite Futures: Emini, NQ,
 
Posts: 68 since May 2016
Thanks: 32 given, 49 received


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.

Reply With Quote
 
  #108 (permalink)
Elite Member
Houston Texas
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: CL, YM, NQ, ES
 
dannyinhouston's Avatar
 
Posts: 243 since Mar 2016
Thanks: 221 given, 671 received


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.

Reply With Quote
 
  #109 (permalink)
Trading Apprentice
Romania
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL, GC
 
Posts: 25 since Apr 2016
Thanks: 21 given, 17 received

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.

Reply With Quote
The following user says Thank You to cotradetech for this post:
 
  #110 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
aquarian1's Avatar
 
Posts: 3,234 since Dec 2010
Thanks: 1,163 given, 1,749 received
Forum Reputation: Legendary



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.

I'm not sure if you mean Gann's rules. Though I did put together and post a list of them (I can't find it online) and it is late. I did some searching for you.

WD Gann's Trading Rules
Gann?s Trading Rules | LBR Group
W. D. GANN?S 24 TIMELESS STOCK TRADING RULES | The Crosshairs Trader
WD Gann's 20 Trading Rules Exposed | Daily Price Action

none of the above have the rules/guidelines about numbers entry and so on - below the first one does but seem to his own twists - without being clear on what is their stuff and what is Gann's which is dangerous I believe.

WD Gann Trading Rules

other:
*** WD. GANN TRADING

------
If you are trading stocks longer term that is one thing and short term trading (e.g. day trading) of futures that is another.

Keep your mind in the future, in the now.
Reply With Quote

Reply



futures io > > > The Greatest Weakness

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
How the Greatest Depression Will Start Zondor News and Current Events 3 July 27th, 2011 02:50 PM
NT Major Weakness sprdtrader NinjaTrader 30 March 19th, 2011 10:40 AM
US Standard of Living in Peril From Dollar's Weakness: Zell Quick Summary News and Current Events 0 March 3rd, 2011 11:50 AM


All times are GMT -4. The time now is 03:11 PM.

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 0.15 seconds with 20 queries on phoenix via your IP 54.163.209.109