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The Greatest Weakness
Started: by George Views / Replies:24,444 / 108
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The Greatest Weakness

  #21 (permalink)
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So True

I've been trading almost a year, the one thing i can say that is the route cause of any losing day or week is when I change the rules.
It is by far the hardest thing to control IMO.
Thanks for the quote

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  #22 (permalink)
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Losing is part of the game, which is exactly why so many fail, as most do not like the thought of losing, let alone the act!

To become a consistent winner, one must first learn how to lose correctly.

If you know how to lose correctly, you will automatically gain the required experiences that will allow you to win correctly.

NYSE

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  #23 (permalink)
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NYSE View Post
Losing is part of the game, which is exactly why so many fail, as most do not like the thought of losing, let alone the act!

To become a consistent winner, one must first learn how to lose correctly.

If you know how to lose correctly, you will automatically gain the required experiences that will allow you to win correctly.

NYSE

I absolutely agree with your statement, as you did not specify the time it takes to gain the experience. However, many give up, before the time has elapsed.

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  #24 (permalink)
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The time it takes a person to gain the required experiences, is directly related to the number of live trades executed, and the size of the executed trades!

Most prefer to talk about trading, and some go to great efforts to try and simulate what "might" happen when they start trading live - this is a big mistake.

If one is serious enough, then one can easily work out how long it will take them to learn what is required.

NYSE

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  #25 (permalink)
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Futures Edge on FIO

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If one is serious enough, then one can easily work out how long it will take them to learn what is required.

NYSE

Would you mind saying more about this please?

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  #26 (permalink)
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Linds View Post
Would you mind saying more about this please?

If one is serious enough, then one can easily work out how long it will take them to learn what is required.

Any person who starts out to learn about daytrading, should realize that it is going to take some time, as with anything we try to do in life.

The "learning" is going to consist of experiences gained from placing live trades in the chosen market.

The "more" live trades placed the more learning will take place.

The "timeframe" chosen will greatly determine the number of trades one will do - all trades require groundwork to be completed before execution.

Taking all of the above into consideration, how does a person work out how long it is going to take them to gain the required experiences (learn) so that they can make money consistently by trading the chosen market?

NYSE

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  #27 (permalink)
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You said
If one is serious enough, then one can easily work out how long it will take them to learn what is required.
I asked you to say more about this
You replied
........taking all of the above into consideration, how does a person work out how long it is going to take them to gain the required experiences (learn) so that they can make money consistently by trading the chosen market?

isnt that basically the original question?

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  #28 (permalink)
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It is not the same, and that should be obvious!

The answer is very clear to me, and many others who will read into what I have written.

You will not learn anything without thinking about the answer.

Those who look for the "short" answer are in the wrong game - there are plenty of people who are willing to give you all the information you want, for a fee of course - I am not one of those and have no intention of ever becoming one!

NYSE

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  #29 (permalink)
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Schwartz Challenge Paying off well

In 1985 Futures magazine published a great article about Marty Schwartz.

He had won the Norm Zadeh U.S. Trading Championship where he turned $300,000 into $1.4 million from August 1st to December 1st.
He was 39 years old.

He would take 200 S&P 500 contracts, scaling in 10-20 contracts at a time to avoid getting too big too soon. He never held a position more than 2 days. These are the Big S&P contracts.
His pain threshold on losses was $200,000 to $250,000.

Here are the key points I highlighted when I first read the article as a new Broker/Trader.

"Discipline is the most critical element. I became a big winner when I could accept a loss."

"I make errors every day~ bad trades, emotional mistakes, but I never get careless ever, with my money management."

"I start at zero in my mind and bear down and get into the black very hard in the first week to 10 days of month."

Now he's happy "banging out" $3 million a year. (1985 dollars)

Years later, hidden deep inside this article I discovered his secret. I had failed to highlight it. So simple. How had I missed it? OK. Here it is.

"A securities analyst in New York for 10 years...Schwartz started with an American Stock Exchange seat and $70,000. You get it?

He was 10 years a student of the market and negotiated low low commissions...and then he started trading!

I gotta tell you nothing has changed. I missed his secret because I blocked that out. There was no way it was going to take me 10 years. Yeah right! I'm still learning.

Shivaya

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  #30 (permalink)
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Have a look at Marty's book "Pit Bull", it is a fun read.

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