The Greatest Weakness - futures io
futures io



The Greatest Weakness


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one Fat Tails with 10 posts (36 thanks)
    2. looks_two George with 6 posts (90 thanks)
    3. looks_3 Shivaya with 5 posts (44 thanks)
    4. looks_4 itrade2win with 4 posts (11 thanks)
      Best Posters
    1. looks_one George with 15 thanks per post
    2. looks_two Shivaya with 8.8 thanks per post
    3. looks_3 Big Mike with 6.8 thanks per post
    4. looks_4 Fat Tails with 3.6 thanks per post
    1. trending_up 40,607 views
    2. thumb_up 399 thanks given
    3. group 70 followers
    1. forum 109 posts
    2. attach_file 3 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
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

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

 
Search this Thread
 

The Greatest Weakness

(login for full post details)
  #101 (permalink)
Eliott Gray
Portland, Oregon, USA
 
 
Posts: 6 since Jan 2016
Thanks: 2 given, 5 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.


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
 
(login for full post details)
  #102 (permalink)
amttrader
Bellingham, WA USA
 
 
Posts: 6 since Feb 2016
Thanks: 1 given, 0 received

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
 
(login for full post details)
  #103 (permalink)
 xplorer 
Site Moderator
London UK
 
Experience: Beginner
Platform: CQG
Broker: S5
Trading: Futures
 
xplorer's Avatar
 
Posts: 5,346 since Sep 2015
Thanks: 13,472 given, 12,922 received


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


Reply With Quote
 
(login for full post details)
  #104 (permalink)
 GFIs1 
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
Platform: Investor/RT
Broker: IB / DTN
Trading: Futures
 
Posts: 5,406 since Feb 2012
Thanks: 5,290 given, 11,289 received


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?

Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to GFIs1 for this post:
 
(login for full post details)
  #105 (permalink)
tradeforall
Lviv, Ukraine
 
 
Posts: 18 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
 
(login for full post details)
  #106 (permalink)
nikhil89
Chandigarh, India
 
 
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
 
(login for full post details)
  #107 (permalink)
 dBassFour 
New York, NY
 
Experience: Beginner
Platform: Sierra Charts, NT7, TOS
Trading: Emini, NQ,
 
Posts: 68 since May 2016
Thanks: 33 given, 55 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.

Follow me on Twitter Reply With Quote
 
(login for full post details)
  #108 (permalink)
 dannyinhouston 
Houston Texas
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, YM, NQ, ES
 
dannyinhouston's Avatar
 
Posts: 312 since Mar 2016
Thanks: 281 given, 982 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
 
(login for full post details)
  #109 (permalink)
cotradetech
Romania
 
 
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:
 
(login for full post details)
  #110 (permalink)
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
 
aquarian1's Avatar
 
Posts: 4,033 since Dec 2010
Thanks: 1,507 given, 2,583 received


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.

..........
peace, love and joy to you
.........
Visit my futures io Trade Journal Reply With Quote


futures io Trading Community Psychology and Money Management > The Greatest Weakness


Last Updated on March 28, 2017


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
 

Journal Challenge w/$1,800 in prizes!

April
 

Seven Trading Mistakes Solved With Smart Trading Tools w/Brannigan Barrett

Elite only
     



Copyright © 2021 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