tradestack 

Well, for the Psychology post, it was posted on Futek on 24 Sep 2010. It was posted on bids&offers on 18 Oct 2010. You tell me. Care to comment Bids? TradeStack

He won't enough time to answer, I'm banning him in a minute.

So was anything he said worth listening to?

I am a Newbie ( and will be for a long time as learning should never stop) and want to make sure i get it right.

After taking losses (as most people do) i am now preparing myself mentally to deal with trading i have my plan set and am keen.

these forums are the bomb with a multitude of info, so thanks to all the contribute

Dien

Bids 

It's nice to read a post where the person has actually clocked onto what trading is about. I wouldn't bother with the foot print, everything you need is on your order book. I posted this video a couple of weeks ago YouTube - Day Trading ES 18th October.avi Most people just made a post saying they had no idea what was happening in the video, and if that's the case, it's simply because you're apart of the 95% that's looking at trading from completely the wrong angle. Once you clock onto the fact that trading consistently is just taking advantage of people trapped in the market, then you can start to progress. If you think it's about patterns, indicators and trends, then join all the other people that are going around saying day trading is dead because they can't earn a living. This is how capitalism works, to profit, you got to take advantage of someone's unfortunate position. Once they buy and realize they're wrong and have to get out, that's when you start selling. Once they all sell and realize they're wrong and have to get out, that's when you start buying. That's trading, anything else is just being an analyst... and no one grew up wanting to be an analyst Trying to guess the next big trend is a mugs game, but you can always bank on people being stupid and wrong.

Thanks for banning this guy. This is the kind of misinformation vendors push to try and get people to buy something. Forex has no volume so with his comment that means you can't trade forex. So I guess everyone must need order flow and must watch the DOM to trade (Sarcasm). Someone I've just become aquatinted with pulled down 6 figures this week using nothing but price and a few MAs. He showed me his account. BIDS was just trying to get traffic to his web site.

Andrew

Hi ,

Depressing reply from Bids.

I fell that being in the 95% group is a total waste of time and should look at /do something else.

I've read about HFT somewhere and said the program will continue buying/selling even at the high/low and offset the position with option or some other correlated instrument executed at the same time.

I guess that retail trader will be at a disadvantage against institutional and huge funds with vast resources.

It will be hard to get out of the 95% and forever be trapped.

I hope that I can find a way out of this trap and survive among the big sharks.

torroray 

Hi , Depressing reply from Bids. I hope that I can find a way out of this trap and survive among the big sharks.

The solution is in you.

Change your attitude and your methods.

To live with sharks you can compete with them...
Or you can benefit from their left-overs.

Or you could be wise and become a pilot fish.

The pilot fish lives and thrives with sharks.
Sharks do not eat them.
They eat the things that infest sharks and 'clean' the shark and the shark does not eat them.

Now the direction is up to you...
Compete or Complete.
But SURVIVE with either choice.

DavidHP 

The solution is in you. Change your attitude and your methods. To live with sharks you can compete with them... Or you can benefit from their left-overs. Or you could be wise and become a pilot fish. But SURVIVE with either choice.

or be a parasite just suck blood right out of them.

Tradetronics 

This is the first thread that I have started on this great futures.io (formerly BMT) forum. Like all of you, my goal is CP, consistent profitability. Right now, I am in the phase of CL, consistent losing. I think that most traders start out as losers and then give up or continue to learn, which will eventually lead to CP. It is interesting to observe that most traders start out as losers, which is a contradiction to efficient market hypothesis (=EMH). EMH actually does not allow for the existence of CL and CP. It is quite interesting to observe that if you give money to a non-trader and tell him to trade, you will notice that he will SIGNIFICANTLY lose money. This is really interesting! Another interesting thing is that all of us are in this great forum to learn new ways of taking money from each other (taking money from each other is called trading profitably). Since futures trading is a zero sum game, the markets take money from the loser and transfer it to the winner. Trapped traders are losers. They enter a position and find out that they are on the wrong side of the market. There are some nice setups that try to exploit traders, such as 1-2-3 reversals, trader vic's 2b pattern, etc... Now my question is whether you think if it is important to always put yourself into the situation of this trapped trader. Does it make sense to locate these trapped traders by using the Volume Ladder (Market Delta, Footprint chart)? Would it make sense to use the footprint chart to confirm the chart patterns mentioned above? Failed breakouts are one example for trapped traders. What do you think about combining these "failed" patterns with the footprint chart? Lots of stupid questions, I know... ;-) Good luck to all of us... Regards, Tradetronics

I'm not being flippant but does it make sense to enter a position, when the probability for Profit = MAX and Probablilty for loss = MIN or otherwise Buy Low / Sell High? Imagine if we could do that .....

cory 

or be a parasite just suck blood right out of them.

Going commando. LOL

DavidHP 

The solution is in you. Change your attitude and your methods. To live with sharks you can compete with them... Or you can benefit from their left-overs. Or you could be wise and become a pilot fish. The pilot fish lives and thrives with sharks. Sharks do not eat them. They eat the things that infest sharks and 'clean' the shark and the shark does not eat them. Now the direction is up to you... Compete or Complete. But SURVIVE with either choice.

Yea, its all up to me.

But have you ever imagine what you are up against. You are not just staring at your screen where price move up or down.

Sorry for being negative.

Just have to find an edge. Need to find an edge just to stay ahead.

torroray 

Hi , Depressing reply from Bids. I fell that being in the 95% group is a total waste of time and should look at /do something else. I've read about HFT somewhere and said the program will continue buying/selling even at the high/low and offset the position with option or some other correlated instrument executed at the same time. I guess that retail trader will be at a disadvantage against institutional and huge funds with vast resources. It will be hard to get out of the 95% and forever be trapped. I hope that I can find a way out of this trap and survive among the big sharks.

Unfortunately, there is a lot of bad advice out there, and lots of people who sound knowledgeable actually have no idea what they are talking about. It's no wonder that newbies get fooled all the time.

If you want to learn to trade, especially daytrading, you should realize that it's probably going to take you at least a few thousand hours to have any shot at it. You just have to stare at the market for a very long time, observe what it is doing, and figure out your own way to take advantage of it. The main reason 95% lose is because they don't put in the effort - they study the market for a few weeks, buy some course from a guy who claims to give them a trading system, and then put real money on the line. Needless to say, they get slaughtered, mostly because they don't have any real understanding of what is going on. You can't just follow a system without understanding market action and how your system works within it, because when real money is on the line and the pressure is on, you will crack. The only solution to this is hard work - lots of it.

If you are really serious about this, plan for and expect to put in at least a few thousand hours of time (2000 hours is 1 full year of work at 8 hours per day, 50 weeks per year)... and that's BEFORE you try trading with real money. Just observe, and/or trade on a sim until you are really, really good. How do you know when you are really good? When you stop asking questions on trading forums, and start answering them from a place of knowledge - and not until then. If you trade one penny of real money before you do that, you will not be successful.

If you don't want to do that and prefer to try the easy way, no problems - there are tons of "educators" out there willing to tell you how easy trading is and how they can teach you, if all you will do is pay them the low, low price of $500 per month, or $5000 for their trading system. I've seen a lot of these people present their "market knowledge", and let me tell you, most of them absolutely SUCK. So if you try to take the easy way out, all the sharks in the pool will simply be thanking you for your money. Good luck in your efforts, but remember that luck actually has very little to do with it - hard work and time will get you where you want to go, and nothing else... if you stick to it for long enough, you may make it.