This hasn't been the easy week that I thought it would be, so I'm treading carefully. There was just one good entry for me after the first 2 trades today. I didn't take it. I've used up my physical and mental energy for the week, and was afraid that if I did take that trade, I wouldn't have what it takes to see it through.Someone sent me a link today on the 5 fatal flaws of trading coz he thought/ thinks I'd find it relevant to my trading.
I'm not going to post the link - there's so much written on what traders SHOULDN'T be doing, and what kind of people SHOULDN'T be trading, one can easily find the material by googling.
I'm bringing up the issue because I'm feeling indignant.
I believe in positive reinforcement, positive thinking, positive attitude, good karma, and HARD WORK.
I do NOT buy intimidation, scare tactics, empty philosophical gobbledygook, "well-intentioned" advice by old timers to make you fall back in line.
Above all, I do not buy the "fact" that 90% of all new traders fail because they have aimed for more than ZERO percent return.
It's utter crap - that one should start out aiming for such a MEDIOCRE performance as simply NOT losing your capital.
Whatever works for or happens to one trader does not necessarily apply to another.
We walk our own unique journey.
I appreciate all the help I've received, and I thank folks like Cory, Jack W, Leon, Lonely, Lord Tedders, Solfest, and many others, with all my heart. You always encourage, motivate, and inspire, and thoughts of you always put a smile on my face.
For those who are concerned that I'm at risk of blowing up my account - don't be. Your concern is baseless. I am NOT you. I will get what I want, whenever I want it. Just watch me.
On a lighter note, another of my favorite things - The Lonely Trader - was interviewed by Tim Bouquin! Check out his blog (don't skip the comment section!!) for details and the link to his interview (a gem!!).
5 comments:
Excellent post!
The naysayers are many in this industry and listening to them is about the same as listening to the pundits on the cable news networks - time spent wasted. You may want to add another flaw to that list of 5; "Believing others when they say you can't."
I, like you, believe that hard work and the proper outlook is what it takes to be successful.
Here's to fighting the good fight!
agreed, the battle start in the mind.
I had no idea that my action would be perceived so poorly. When I read the article, I thought it was the most sensible piece of advice that any trader, experienced or otherwise, could ever receive and was excited in sharing it with as many people as I could think of. So my drawing your attention to it was in good intent. I was in no way trying to deride your trading. My apologies if I have offended you in any way.
I should have listened to Jesse Livermore - "I do not volunteer advice and I never give tips". How wise.
Thanks all, for your notes.
Taichiseal,
I gather you have no idea what was it about that advice that bothered me.
I don't suppose you remember that months ago, you had on several occasions tried to convince me that scalping and daytrading are not going to make me the kind of money you were making. I had removed you from my bloglist because I did not wish to be influenced by you.
You are someone who has set aside hundreds of thousands just for trading. You can afford to HOLD a futures contract, and wake up to a loss of 20K without feeling like you want to kill yourself. I haven't your kind of resources to hold a leveraged product over weeks and months.
I guess perhaps right at this moment you'd be thinking that if I haven't hundreds of thousands, then I really shouldn't be trading at all.
Never mind that. We have our own beliefs and theories surrounding the topic in question - I didn't force mine on you, and I didn't like it that you forced yours on me, as if having someone to believe what you believe would somehow make what you believe a biblical truth.
I don't like confrontations, and I actually don't like to have to tell you off, coz I did have a certain level of respect for you.
But months later, you had to come out of nowhere again, this time telling me that I shouldn't expect to be making any money.
That was when you lost all my respect for you.
You are exactly like my mother. She likes to get me to fix what isn't broken.
She called me recently, telling me - as always - how concerned she was about my mental health, and that she was afraid that there was something very wrong with me coz I wasn't getting out of my home, not seeing anyone, and not seeing her.
I told her I had never been happier my whole life, and that she should learn to embrace aloneness too coz maybe through it she would finally find peace. She couldn't find her tongue. Dead silence. She can't mess with my head anymore.
Neither can you.
OK. To each his own. Live and let live. Farewell and good luck. I shall not return.
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