Mainly because of the overwhelming nature of starting in the profession of trading which the first few pages very clearly summarized. The posts reminded me of that and all I was doing in my post was listing those things I have done, do on a daily basis, and will do in the future in an attempt to learn this craft. I venture to say if I'd known 6+ years ago what I know now, I probably would not have even attempted this venture. Hindsight is a wonderful thing or is it...
That is from your perspective. I agree with this guy and he is smart in my opinion.
He is reaching out to unchartered territory. To me, I have lost money with 'advisors' as they are all a f-in joke. Ask your 'advisors' at where you work or who help you manage your assets to show you a balance sheet and P&L. You will see the line item on the P&L that shows "Commission" or "Services Rendered" as 99% of their income!
I know many many many people with much more than this sitting in a bank account who I call friends. So, your comment is a bit biased to your own world in my opinion.
If you read the thread, he had sold his law firm and had the bank to do something that he is wishing to make a small daily return for cashflow purposes. If you have been in this situation of not having cashflow in the past but a lot of cash you learn quickly how that cash can vacate your bank account over a few years and then your opportunity to purchase cashflow assets erodes.
I would be doing the same as him, reaching out to forums to pick people's brains because you only know what you know or think you know.
I know NO successful economists or bankers through their own investments who are the people you could easily access. My limited scope of thinking.
I appreciate your comments. You're right...never too late. It's just that I keep thinking "it's" just around the corner. I actually think my mechanical system puts me closer than I've ever been. But I won't know until I know. I wish I could say when but I really can't.
Also, I'm still doing the discretionary price action trading which is a pretty slow process as well.
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on Elitetrader.com, many brokers prospecting for business would start these go-no-where threads,
just to pre-screen their most desired customer types, as if we traders waste our time during the day talking to other losers parading around as prospective new accounts with a magic $25,000 to open an account charging $1,500 day trade margins at $15 round-turn,
no, this was not a real proposition or thread, its another prospecting site, and as such should receive the same banning as others have received for doing such or violating the futures.io (formerly BMT) rules
look at how much discussion trapped so many others with viewpoints that really don't add up to anything, because the premise, the thesis, the opening of the thread was all bogus to begin with.....
aren't we supposed to be making a living from trading, and not wasting time, unless...
some aren't making money and are losing traders....
hmmmm, might paying more focused attention to one's trade craft solve that losing equation and turn it around to being a winning trader?
just a thought......
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I dont think any replies or posts are without their own limited perspective, even your reply is from your own limited perspective as well..
here is what I know... there are different levels of "money" which provides access to advisors that most people (even those with $20M) dont ever get to work with... those advisors are called: money managers.
retail advisors make their money with commissions... actual money managers, which is what I think of when I think advisor, make their money based on the performance... perhaps I should have been more clear... but I think my first response to the OP made it clear that I was referring to money managers. They will have no issues showing you a P&L, specially because that is how they get paid.
huh, what thread? oh wait, you are making the assumption that I am going to go and research an OP just because he posts... I base my responses on this threads comments, and so we are clear.. my point, since you have missed it... it has to do with "it doesnt matter if real or not"... it is irrelevant to provide thoughts on what is being asked since in the end, it is nothing that the oppinion of the individual participants.
wait, didnt @bluemele said the dood was a "retired" attorney that sold his business for lots of cash?
first, I dont frequent EliteTrader... I personally believe most sites dont add much value... so I dont take much of anything serious from any site... in the end, if we cant go on and rant sometimes about what we think, what is the point, right? (thought borrowed from @Lornz ) anyhow, I only frequent this site to disconnect my mind... like right now, I am watching UFC fights re-runs since I am sick with the flu, and I felt like multitasking...
btw, that is not to say that I havent come across some people who are actually trading within this site that I keep in touch with and share ideas back and forth... but in reality, we are talking about 2-3 guys that are serious, it is rather easy to see the posers once you remove the forum and start working with them on a one on one basis discussing ideas.
now, though I dont make my living off trading... since I dont need to ... I do agree with you that most people just post and waste a lot of time trying to add value and build their own confidence by posting a lot or writing lots of indicators that dont really show much of anything new, to escape or never face having to trade.. after all, they are great traders on their mind...
Last edited by sysot1t; September 21st, 2011 at 07:53 PM.
Mike, I will give you the advice that was given to me that opened up my trading... you are welcome to ignore it or not... disregard PA and all the other BS that is promoted on this forum or any others... focus on intermarket trading(aka spreads), everything else is just risk management... yes, trading spreads requires proper capital ($25K-100K depending on what you trade) but then again, trading with a $5K-10K account wont get you a living... and neither will $25-$50K (unless you live on a really low cost state and all your things are paid off)...
anyhow, many ways to skin the cat... am sure others swear by PA and all that... but I rather trade spreads (or my basterdize version of it) and use TA as an aid...
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