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what day traders do you follow and who keeps the best updates?
Luckily @T888 has found all the way to @ futures.io (formerly BMT) at this early stage -
to be guided by some experienced traders without doing any trade first.
I've told this story for years...even seen it published in books...not to say someone else did not come up with the same hallucination.
The Goose that Lays Golden Eggs:
If you where a farmer that raised a product that every other farmer also raised and one day you noticed that through a special combination of food water and natural elements one of your geese began to lay golden eggs. Would you run to the farmer next door with the details? The feed combination, how much water and sunlight, the proper hay for bedding, how many hours of sleep and what exercise you provided your special goose? Would you tell the guy next door what music you play in the animals enclosure? NO!
Would you erect a giant neon billboard at the highway exit, "Here lies the goose that lays golden eggs" Goose pen tours one dollar? Would it be cool for others interested in a goose that shits gold to see the the goose and the quick way off your farm? For fifty cents extra you could even introduce your dogs so they don't bark when trouble calls.
If you are tracking with me, you have your answer. If you are not following along with the jist of the idea, or if you are offended by the inference, then please do not give up the day job anytime soon.
It is the famous painting by William Hogarth describing the crowding of soldiers of fortune during the famous London South Sea Bubble in 1720 ....
See here ye Causes why in London,
So many Men are made, & undone,
That Arts, & honest Trading drop,
To Swarm about ye Devils shop, (A)
Who Cuts out (B) Fortunes Golden Haunches,
Trapping their Souls with Lotts and Chances,
Shareing em from Blue Garters down
To all Blue Aprons in the Town.
Here all Religions flock together,
Like Tame and Wild Fowl of a Feather,
Leaving their strife Religious bustle,
Kneel down to play at pitch and Hussle; (C)
Thus when the Sheepherds are at play,
Their flocks must surely go Astray;
The woeful Cause yt in these Times
(E) Honour, & (D) honesty, are Crimes,
That publickly are punish'd by
(G) Self Interest, and (F) Vilany;
So much for monys magick power
Guess at the Rest you find out more.
Traders following each other engaging in a happy merry-go-round. Which of those traders would you have followed?
1. Most would be traders dont think for themselves .
2. Most would be traders dont recognize useful advice .
3. Most would be traders dont know what they really want .
4. Most would be traders are under the impression "signals" > interpreting price behavior .
I find this whole thread to be both fascinating and confusing. In an earlier post, I supported the concept of not following others and I still do but context for that statement is so important.
When starting to learn to trade, just like learning to be any professional, you have to take direction. As you progress you start to swing towards doing things yourself initially with a monkey-see monkey-do approach and moving on towards supervised action. Finally, you 'graduate' and you get to do it yourself. In trading that line that says you have 'graduated' in not easily defined.
In addition, many graduates of any profession still attend advanced learning where once again they follow the instruction and procedures of other 'experts'. At some point they then act independently with this new learning.
The important thing here is to know there is a time for 'book learning', practice, supervised real world action, independent action and further learning as you go through the loop again. Know where you are in this cycle and make sure you keep moving through it again and again and .....
Whether or not this message reaches anyone I may never know but just writing it, reminds me of two old cliches:
Physician heal thyself.
To thine own self be true.
Since I love quotations and cliches so much, I thought I would look for some about "following". Here's what I found:
“The only man who makes money following the races is one who does it with a broom and shovel”
Elbert Hubbard
You don't learn to walk by following rules. You learn by doing, and by falling over.
Richard Branson
“Discoveries are often made by not following instructions, by going off the main road, by trying the untried.”
Frank Tyger
The river is constantly turning and bending and you never know where it's going to go and where you'll wind up. Following the bend in the river and staying on your own path means that you are on the right track. Don't let anyone deter you from that.
Eartha Kitt
“If you think you're leading and no one is following you, then you're only taking a walk.”
jose Afghan Proverb quotes
“Bush said today he is being stalked. He said wherever he goes, people are following him. Finally, someone told him, 'Psst. That's the Secret Service.'”
Jay Leno quotes
