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Game Plan


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Game Plan

  #41 (permalink)
Super Moderator
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
tturner86's Avatar
 
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Big Mike View Post
I think he is a real person. The only joke is the expectations he had. I'd like to know what he based those ridiculous expectations on. Probably some other people that trade sim and pretend cash, or some vendors/room types that do the same, that give the false impression that it's easy to make money.

I also place a lot of blame on brokers that allow this type of account to exist, much less brokers that prey on this exact type of customer. It should be illegal. How can they sleep at night?

Mike

I just don't understand it. I am starting to think that everyone hates money. They must really really hate it, because they are so willing to waste, spend, and utterly destroy it.

I am starting to feel like Kevin O'Leary over here... I want my dollars to be well spent. Either working for me, or if they have to die, die for a good reason.

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  #42 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
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Posts: 48,746 since Jun 2009
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I just realized I used that Zig Ziglar quote twice in two pages. My bad. But man, truer words were never quoted.

Seriously, why do so many people have these ridiculous expectations? Several people a week on futures.io (formerly BMT) alone come with this ridiculous idea, and then ignore all advice. And that's just futures.io (formerly BMT), and that's just the people that post, which is less than 5% of members! Think about all the people that do it without ever posting about it.

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  #43 (permalink)
Super Moderator
Portland, Oregon
 
Experience: Intermediate
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tturner86's Avatar
 
Posts: 6,148 since Sep 2013
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Big Mike View Post
I just realized I used that Zig Ziglar quote twice in two pages. My bad. But man, truer words were never quoted.

Seriously, why do so many people have these ridiculous expectations? Several people a week on futures.io (formerly BMT) alone come with this ridiculous idea, and then ignore all advice. And that's just futures.io (formerly BMT), and that's just the people that post, which is less than 5% of members! Think about all the people that do it without ever posting about it.

Mike

Lol, I figured you were trying to reinforce the point.

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  #44 (permalink)
Site Administrator
Manta, Ecuador
 
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tturner86 View Post
I just don't understand it. I am starting to think that everyone hates money. They must really really hate it, because they are so willing to waste, spend, and utterly destroy it.

In seriousness, I don't think that's it. I am sure there are a certain amount of people that have very little respect for money, or trading, and treat it more like gambling. A lot of people treat it as a hobby, and who am I to say that's a bad idea.

But I just don't get why so many people think their idea is anything other totally ridiculous. They have this completely twisted sense of reality when it comes to trading. Why? Where are they getting this from??

Mike

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  #45 (permalink)
Site Administrator
Manta, Ecuador
 
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Posts: 48,746 since Jun 2009
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Sorry for going on a rant, I guess when he questioned our motivation for posting it just got me more interested in the thread.

What I see is similar to the phenomenon of where people will post in a vendor review thread where the other users have clearly shown the vendor to be a fraud or waste of time, and yet some new guy will post asking if it's any good.

Human nature, they are looking for confirmation bias that supports their pre-conceived notion. They want to believe, and they will discard any and all evidence to the contrary and instead focus only on the evidence that supports their claims.

I see this on a daily basis and it drives me crazy. It is simply not true that these people are all stupid. I believe many of them are very intelligent people. But they clearly are terrible traders, because confirmation bias is death to any trader.

I feel like this @blackberry guy was told up front why it was a bad idea (maybe not as in depth as in countless other threads of identical topics) but he ignored everyone thinking he knew best. It's confirmation bias.

But there is still a bigger root problem, and that is what I am most curious about. Where did he get the original idea that this was a good idea?

Mike

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  #46 (permalink)
Huntington WV
 
Experience: Advanced
Platform: TradeStation
Trading: ES, CL
 
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Posts: 430 since Jun 2015
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Live and learn. He'll lose this account and then maybe it'll encourage him to study and find out how to really trade.

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  #47 (permalink)
newport coast, california
 
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

thank you

what is the point of day trading? Is trading difficult, challenging, intriguing, whimsical, emotionally draining? Absolutely! Am I setting myself up for a failure? Most likely! Am I learning about myself? Very definitely! Am I going to stumble and fall first? Yes, and most likely many times over. I get it, everyone on this forum saw people get floored. But that is life. We fall and we get up again. I opened a journal on this forum as a part of the learning curve. So let me fall and get up again on my own. Thank you. I'm still learning and will do so for a long time. Am I having fun? Yes!! Is it better then Vegas? Yes!!


Last edited by blackberry; September 8th, 2015 at 06:30 PM.
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  #48 (permalink)
Huntington WV
 
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blackberry View Post
what is the point of day trading? Is trading difficult, challenging, intriguing, whimsical, emotionally draining? Absolutely! Am I setting myself up for a failure? Most likely! Am I learning about myself? Very definitely! Am I going to stumble and fall first? Yes, and most likely many times over. I get it, everyone on this forum saw people get floored. But that is life. We fall and we get up again. I opened a journal on this forum as a part of the learning curve. So let me fall and get up again on my own. Thank you. I'm still learning and will do so for a long time. Am I having fun? Yes!! Is it better then Vegas? Yes!!

I believe you can do it if you seriously reflect on your trading and honestly have the "we fall and get back up again" mentality.

Keep fighting

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  #49 (permalink)
charlotte nc
 
Experience: Master
Platform: Sierra Chart, TOS, Tradestation, NinjaTrader
Trading: energy
 
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Big Mike View Post
I understand that loss is painful, and you've lost. But if you can't handle it and cope with loss, then you are not ever going to be a good trader. Trading is all about loss. It's all about risk. You've made a stupid decision with risk, so now we need to see if your next decision regarding loss shows improvement. If it doesn't, you should just walk away from trading and never think of it again --- because otherwise it's going to be nothing but a painful experience for you.

That is some powerful wisdom dropping right there. Took me years to understand that. Then several more years to actually do it

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  #50 (permalink)
newport coast, california
 
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

thank you



TheTradeSlinger View Post
I believe you can do it if you seriously reflect on your trading and honestly have the "we fall and get back up again" mentality.

Keep fighting

That's the point. Isn't it, to self reflect and improve. And no amount of "other traders" being floored that I meet, read about and or come across will actually improve my own trading psychology much. Unless it happens to me. And for that I'm grateful that there r trading houses that accommodate small micro accounts for those of us that want to self reflect explore and discover this business. Yes this is very difficult business. And so was my wife before I married her. All kidding aside this is a good business for those that know what to do. And I'm quite sure that big Mike and every other good trader on this forum self reflected and realized what needed to be done. In order to do as well as they do. I love this business. It's ups and downs. Mostly downs now for me. But I still love it.


Last edited by blackberry; September 8th, 2015 at 07:46 PM.
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