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A concatenation of random words

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A concatenation of random words

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  #1 (permalink)
Posts: 5 since Apr 2019
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It so appears that you have to post 5 comments before you can private message somebody in this forum, which is my only goal at the moment.

My first impulse was to spam some sht in the off-topic section and get it over with. After all, I thought
'nobody gets my valuable knowledge that I aquired over the years, while loosing large sums of money and even more fckn years of precious lifetime. Not with a stupid rule that's supposed to tell me what to do!'.
But Mama raised a good boy and my path in trading taught me empathy, so I thought about it and I get the point.

Usually I do not shout out my opinion (or speak about it in general for that matter) when it comes to trading if I'm not specifically asked for. But this situation requires me to be pro-active. So, instead of posting anything random, I decided to post my 'insights and golden rules' that I learned over the years while I becoming a consistantly profitable trader. I read and think about these topics regularly as part of my monthly routine (except the first one I will post. That's kind of a one time thing, really). By all means, leave this thread if you are a profitable trader or simply compos mentis- you may not read anything interesting except abusive langugage. Certainly not anything that hasn't been said many times when it comes to trading.

I don't know if I will stop after 5 posts or if I will continue to post the other topics as well (since I do this re-evaluation monthly, like I said, I might as well share it. But meh... Of course, every topic will have it's own post to get me to my fckn 5 road toll that my feudal lord burdened me to (or is it fecal lord? Not a native speaker though. Ha- take that, magistracy!).

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  #3 (permalink)
Posts: 5 since Apr 2019
Thanks: 0 given, 8 received

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  #4 (permalink)
Posts: 5 since Apr 2019
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Axiom I - Do Not Become A Trader!
Ah, the look in your eyes. What a gratification. I know that's not what you want to hear. Angry, that the first topic is not something like 'the trend is your friend'? Well, I told you to leave this thread.

I am serious about it, though. Whenever someone asks me where to start out with trading*, I simply tell them not to start with it. Depending on how I estimate that persons values/views in life, I usually tell him (lets be honest here, it is always 'him') one of the things listed below. It's not complete by any means, but a start after all.

- (systematically) trading is incredibly, tremendously, really super fckn hard
I know, for you, it isn't. You are really good at maths. You know that you have to stick to rules. Not your problem if others can't control their emotions- you'r a fckn iceblock. You found a system that made enormous profits- the other guys talking negatively about the guru who's teaching that system simply don't get it. For heavens sake, you even played poker a few years ago, making money online. You fckn know how the mop flops!
Maybe you do, maybe you don't. In my opinion, if that really is the case and trading comes naturally to you, you are either one in a million or you are a autistic person with savantsim.**
The fact is: trading is (mentally) very hard and counter-intuitive. If all your cognitive abilities are lined up correct, you should have a hard time trading.

- You start out by competing against the best in the world
'For me, personally, I would be really happy if I could make 100bucks a day. I don't really need more'
Oh, okay, Princess Lillifee. In that case...
Guess what, if you can make $100 on a daily basis, you can make $2000 (given your market provides sufficient liquidity). The good thing about being a market participant is that profits are scalable and once you got 'it', it's simply a matter of risk affinity.

- Loneliness and hard-to-face emotions
If you are a retail trader, it is likely that you are working from your home, without colleagues or lots of social activities during trading. No matter how much of a Nerd you are, that's not healthy and social interaction is important.
The other thing- bad emotions... I might call it depressive thoughts, but that sounds so permanent. You might be (and looking back my trading-career path, that is extremely likely) smarter than me. But no matter how good you are, get yourself ready to get your a*s kicked by the market. And again. And... again. And when you hit the hard rock bottom and you don't know what to do anymore, at least it couldn't get worse: the downswing continues, even stronger! Don't get me wrong, as an antifragile organism you grow on that. A lot in fact. But in that moment, you just want to make it stop- the sh*ttiest feeling ever.

- Your place in society
There are two opinions from society when it comes to trading:

One side thinks that trading is the root of all evil. Poor people are getting poorer and the traders are getting richer, cleaning their private helicopters with Don Perignon simply because there is so much leftover from yesterdays dinnerparty. Traders are responsible for starvation in the 3rd world because speculation drives prices higher. Traders made people loose their homes in 2007/8, they had to be bailed out by tax money. Burning rainforest in Latin-America? Traders! Putting pressure on soybean-farmers, they had no chance but to light it on fire to make space for plantations.

Then there is the other side (usually traders themselve):
They say trading is an vital component in today's economy and essential to the modern capitalist system, since they provide Liquidity in the markets, which is very important.
Yeah, you are a great little liquidity provider, aren't you?
To me, both opinions are wrong.*** You are not contributing anything to society (liquidity, pfff), but neither are you responsible for speculation-induced crisis'. Certainly not as a retail trader. You are a gambler. That's what you are. Plain and stupid. Nothing else. You have a system (preferably with a positive EV- expected value) and you place your bets, hoping for a positive return at the end of the day/year. Deal with it.

I could go on and on, but that covers some big points. My next post will start with my rules and insights, being on the pro-trading side from now on (that's where I am, of course)- but I try to examine both sides of a coin.

*Which they usually don't tbh. They all wanna' hear where to invest some bucks- just to not do it anyway and then approach me later with something like 'Huh. HuhHuhHuh... Well. Who would have thought that? Gold really DID went up. If I only knew this before.'

**If you are, I already like you. If you just started out with trading, hit me up with a PM. If I ever finish my 5 posts, I'd like to give you some starting points. Trading might really be something for you.

***I hope it evoked that the first opinion is usually the one from people who have no point of contact with trading what so ever, everything being remotely finance related as being 'bank stuff'. IMO it is of utmost importance to a trader not to judge those ppl or look down to their lack of knowledge.

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  #5 (permalink)
Posts: 5 since Apr 2019
Thanks: 0 given, 8 received

There we go- 5th. Took me longer than I thought, but markets are interesting these days and I think we have more to come, so I didn't have much time. Therefore I decided that I will not post all my stuff here but this post and only one more, but that one will be the topic that made me from a (quite hard) loosing trader to a winning one. No holy grail, nothing new, but that subject took me long to click in my head and maybe hearing it from someone like that is valueable for someone. At the end of the day, if it helps only one dude here, how cool's that?!

Okay, you made it this far (and I still don't know why I adress my phrases to somebody- as if anybody would read that much). Let me give you some of the good stuff. After all, I stuck to it and I do finally make money out of it.
There is a scenario in which you can (and should) stick to trading (or the market in general): passion.
If you really love to dig deep into stuff, learn everyday, solve problems, compete on a ridicolously high level and are simply attracted by the market, then by all means, become a trader. But guess what: if you really have THAT kind of passion, all my above listed points are nothing but jibberish of an idiot to you, because no matter what others say, you made your choice and you don't want to do anything else. It was like this since you first saw a chart.
Plus- overcoming all the hurdles (setbacks, emotions) on your path to a profitable trader makes you work on yourself. A lot. And the lessons you learn will guide and help you in all aspects of your life. To me, it even answered the question of ones purpose in life, something that bothered my brain a whole lot (hint: it's not money).

Here's what I would do if I would start out:
- Get a mentor (or system) that has undoubtedly proof that he (or it) is profitable. Even if you are REALLY convinced that he is profitable: if you do not have any proof, leave him alone. In this business, everybody who did not make it in trading becomes a teacher, selling systems to make some bucks (some quit). And those ppl by far outweigh the real traders IMO.
I cannot stress this enough. You save so much time if you do NOT start right away, but look for a system that has proof that it's working AND that fits your style you want to trade. You will have lot less emotional stress because you know the drawdowns and have confidence in your trading. Not to mention the money you save.

- Do not switch systems. You got a system that is working. Stick to it. Every system has drawdowns. (Yes, some systems stop working, some need adjustments. But as long as you stick to the tradeplan(!) and are within a the normal drawdown-range, nothing really happened).

- At least think about becoming an Algo-Trader, respectively work with a program that can do stuff like this. The benefits of backtesting/eliminating emotions are great. Don't worry, you will still sit in front of the PC all day. Since you skipt the part of mindfulness-training as an Algo-Trader you are afraid 24/7 that something is not running as it's supposed to (Just what I heard. I am not an Algo-Trader, though).

- If you want to trade the classic 'manual' way, consider mindfulness training. There is tons of good stuff out there.

All that sounds like I'm some kind of know-it-all and maybe it's all obvious to you anyways; sorry for that. But in retrospective, starting out I would kill for some hints like that.

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