How To Think Correctly

[CYOF]

I was referring to the time you took to test out new strategies in your journal. If you studied chart patterns for 9 months 14 hrs a day, than one way or another I'm sure you noticed one way or another that some patterns to show potential. And for someone who was staring at the screen for about 6 months 12 hours a day, I happen to know very well what you're talking about.


It is not necessary to know.



Hmm... this is starting to sound like all those books that tell you how to become a millionaire in months or even weeks... dwelling about expectancy will teach new wannabe traders little about live market reality.


Wow, Neil is right, perhaps writing a book IS really something for you. These kind of "truths" can be found anywhere, especially in all those books available to the public you are so fond of refering to.


Right, that's why you have a plan.

What is with you guys - one so called expert, a legendary member - SO WHAT! - steps in, and suddenly we follow the leader!

If you care to read my posts in detail - which you say you have done, but then contradict yourself with your reply, you will see that I speak about Expectancy in relation to what Van Tharp teaches - not some stupid thick Internet millionaire books.

I did not say that all books were rubbish - I said the majority of books were repeating the same old stuff, over and over, for one purpose, to SELL.

FW, I think you actually added to my reputation - let me check - yes you did, for the trade decision sheet.

Now, which one of us has changed, or maybe both of us have changed?

But, the one thing I never do is change my colours - never.

I still say the Socrates is correct in most of what he says - because what he says makes perfect sense to me, and you are proving it again by your posts!

So, seen that your last reply is time wasting, I will not even comment on what you said - for as some readers pointed out, the posts are a little long at times - gowan, show the stupidity again!

Ah well, that's life I suppose, maybe some day I can join the elite few who really know what trading is all about - like yeh!

You have just convinced me - my journal and other threads are now finished. Why waste my time, I have much better things to do anyway. I will post as I see fit, and like Socrtaes says, the majority will always be the majority, boy, how right he is.

Some of you are like a pack of children, and I don't have to mention any names - follow the leader, follow the leader

 

[dbphoenix]

Some of you are like a pack of children, and I don't have to mention any names - follow the leader, follow the leader

I don't know that I'd call him a "leader", at least to any destination that any rational human being would want to reach, but you're definitely following him.

Here's hoping you can pull out before you hit the ground.

Db

 

[firewalker99]

What is with you guys - one so called expert, a legendary member - SO WHAT! - steps in, and suddenly we follow the leader!

I don't pay much attention personally to those 'labels', as anybody who posts frequently can become 'legendary' but what's in a word.

FW, I think you actually added to my reputation - let me check - yes you did, for the trade decision sheet.

Yes I did, quite some time ago. At that point I appreciated the time and effort you put in to upload PDF files which looked like a structured development process that was going on.

Now, which one of us has changed, or maybe both of us have changed?

A wise man changes his mind if he is wrong. A stubborn fool never changes his colours.

You have just convinced me - my journal and other threads are now finished. Why waste my time, I have much better things to do anyway. I will post as I see fit, and like Socrtaes says, the majority will always be the majority, boy, how right he is.

I believe the majority of trade2win have been trying to assist you in your quest. Right from the moment when you started a thread and a journal here. But right from the start you already got angry at how some reactions and comments didn't suit you.

 

[CYOF]

CY, you are far and away the best example of the results of bertie's influence that I have seen in years.

Db

Db, you are correct.

But, you see, there is a big difference between me and others, I read, I evaluate, I research, and then I come to a conclusion based on the facts.

Socrtaes is right -no matter what you think of him.

I don't care, and have no interest in what Socrates does, or his friends, but I do care about what he writes. Is it of any value, that is all that I am interested in - and yes, it has proved to be.

FYI - as you so called legendary members already know, but the majority will not know, Albert Labos, or Bertie as ye call him, did teach traders based on using VSA techniques. Some of his associates ripped him off, namely Duncan Robertson, aka, the Chief Wizard. Robertson, based in the Isle of Skye, was ripping off traders for £5,000 a pop and he was, what we call, a scam artist. He could not trade himself - he probably has a few brothers here :cheesy:

Now, any idiot can get this information on the Internet, which I done in about 20 minutes.

But, nowhere does Albert Labos show to have ripped off anyone - so where do you all draw your conclusions from - it is certainly not facts!!

Even on Elite Trader Socrates was ridiculed in the same way - but the facts are there for all to see!

But then again, you all like to keep on top, we are the masters, look at us, when the real professionals are laughing at you all behind your backs - what a bunch of amadan's (Irish word).

And all this just from reading into what a person really writes - amazing is it not!

I do not need Db, Grey1, Firewalker99, Neil or anyone else for that matter - including Socrates.

I nearly drifted into my old ways of several years ago, but thanks to Socrates, I have now realised what the hell is really going on.

I can THINK for myself - the whole point of this thread is to wake up other people so that they to might realise this - and not be influenced by other people who think that they know everything, when in fact, in the context of real trading, they actually know nothing!

History will always repeat itself - that is one thing for sure - and there will always be the majority.

As I said, I never change my colours, something very rare in this day and age, and a lot rarer than I actually thought!

 

[CYOF]

In relation to "changing one's colours", have you never heard of Beliefs & Principles

Been wise is totally different, wisdom is based on knowledge - the driving force that gets things done - as History has shown again, is as mentioned above!

Socrates is proven right again!

 

[Profitaker]

No amount of "correct thinking" will help you make a profit at a casino. Sure you can have good short term gains, but stay there long enough and the odds will get you and you will lose money, period. The markets are exactly the same.

 

[CYOF]

Take care not to drink the Kool-Aid, CY.

Ah, DB, you are a vendor, or is this a joke?

If you are, it explains an awful lot - if not, well, you are still the same based on what you write!

 

[firewalker99]

In relation to "changing one's colours", have you never heard of Beliefs & Principles

Been wise is totally different, wisdom is based on knowledge - the driving force that gets things done - as History has shown again, is as mentioned above!

Socrates is proven right again!

For someone who is so keen on using the dictionary, I'm surprised to see how you misinterpret wisdom. As you are obviously a fan of the American Heritage Dictionary, I'll let the words speak for themselves:

wis·dom (wiz'd?m)

1. The ability to discern or judge what is true, right, or lasting; insight.
2. Common sense; good judgment: "It is a characteristic of wisdom not to do desperate things" (Henry David Thoreau).
3.
1. The sum of learning through the ages; knowledge: "In those homely sayings was couched the collective wisdom of generations" (Maya Angelou).
2. Wise teachings of the ancient sages.
4. A wise outlook, plan, or course of action.
5. Wisdom Bible Wisdom of Solomon.

Furthermore, the US Department of Education (an institute which purpose is actually providing knowledge!), tells us wisdom is:

* The judgment that individuals acquire through experience
* Consensus views
* Increased professional wisdom is reflected in numerous ways, including the effective identification and incorporation of local circumstances into instruction

...

 

[dbphoenix]

Ah, DB, you are a vendor, or is this a joke?

If you are, it explains an awful lot - if not, well, you are still the same based on what you write!

It's no secret I have a book. I did not elect the tag, but now that I have it, I've put back my website link.

As for explaining things, you've explained a great deal in your last few posts.

I'll light a candle for you.

Db

 

[CYOF]

No amount of "correct thinking" will help you make a profit at a casino. Sure you can have good short term gains, but stay there long enough and the odds will get you and you will lose money, period. The markets are exactly the same.

Profitaker, you are only a senior member, like myself, so maybe we are some little bit on the same level

You post: Have you spoken with any professional gamblers, who gamble for a living, and asked them how do they think when playing cards - for example?

This is not been smart - this is a fair and logical question.

If you did, which I have not done, by the way, the reply might lead one to believe that a professional gambler has a certain way of thinking, a process that he uses, whereby he can watch the cards been dealt, time after time, and based on the number of combinations that have come up in the last so many deals, know from experience, that the next hand is the one to place the larger bet on.

He may also know, that by doing this repeatedly, the odds are now swinging more in his favour than the casino.

Now, what do you call this?

Correct thinking for gambling, or not?

 

[firewalker99]

Db, you are correct.
But, you see, there is a big difference between me and others, I read, I evaluate, I research, and then I come to a conclusion based on the facts.

Socrates is right -no matter what you think of him.

Depends on what he's right. If all his posts are based on the same "research and facts" as the one about the moon hoax,...

But then again, you all like to keep on top, we are the masters, look at us, when the real professionals are laughing at you all behind your backs - what a bunch of amadan's (Irish word).

Aren't that Socrates' words?

 

[CYOF]

For someone who is so keen on using the dictionary, I'm surprised to see how you misinterpret wisdom. As you are obviously a fan of the American Heritage Dictionary, I'll let the words speak for themselves:

wis·dom (wiz'd?m)

1. The ability to discern or judge what is true, right, or lasting; insight.
2. Common sense; good judgment: "It is a characteristic of wisdom not to do desperate things" (Henry David Thoreau).
3.
1. The sum of learning through the ages; knowledge: "In those homely sayings was couched the collective wisdom of generations" (Maya Angelou).
2. Wise teachings of the ancient sages.
4. A wise outlook, plan, or course of action.
5. Wisdom Bible Wisdom of Solomon.

Furthermore, the US Department of Education (an institute which purpose is actually providing knowledge!), tells us wisdom is:

* The judgment that individuals acquire through experience
* Consensus views
* Increased professional wisdom is reflected in numerous ways, including the effective identification and incorporation of local circumstances into instruction

...

Ah, glad to see you are learning FX - and the fact that I may have wrote something wrong, is of no real significance - for I am human - but I do not mind when I am wrong - I will admit it like a man - and not try and hide.

I haven't checked by the way - so I will admit I was wrong.

Keep on searching - and try a few History sites as well, you might be surprised what you learn!

Glad to see I am taking some of the flak off Socrates - he deserves a rest , god knows he has tried:cheesy:

 

[firewalker99]

No amount of "correct thinking" will help you make a profit at a casino. Sure you can have good short term gains, but stay there long enough and the odds will get you and you will lose money, period. The markets are exactly the same.
Good judgment comes from experience. Experience comes from bad judgment.

Correct. Which is why true wisdom is gained through experience, not through knowledge (although it obviously is required).

 

[CYOF]

No matter what exchange of words take place - I will answer correct questions as best I can.

I do not hold a grudge against anyone - but I will alwasy speak what is on my mind.

Depends on what he's right. If all his posts are based on the same "research and facts" as the one about the moon hoax,...

Well, the only way to find out is to ask for the links and look yourself!


Aren't that Socrates' words?

No they are mine - but they are of course based on what Socrates said, which I think is obvious by now!

 

[CYOF]

FW, why did you not highlight this one!

Just wondering?

For someone who is so keen on using the dictionary, I'm surprised to see how you misinterpret wisdom. As you are obviously a fan of the American Heritage Dictionary, I'll let the words speak for themselves:

wis·dom (wiz'd?m)


1. The sum of learning through the ages; knowledge: "In those homely sayings was couched the collective wisdom of generations" (Maya Angelou).


Furthermore, the US Department of Education (an institute which purpose is actually providing knowledge!), tells us wisdom is:

* The judgment that individuals acquire through experience
* Consensus views
* Increased professional wisdom is reflected in numerous ways, including the effective identification and incorporation of local circumstances into instruction

...

 

[firewalker99]

FW, why did you not highlight this one!

Just wondering?

Because "the collective wisdom gathered throughout the years" is something totally different than the interpretation of knowledge you were implying (meaning knowledge based on studying and learning from books and teachers).

 

[Profitaker]

....gambler has a certain way of thinking, a process that he uses, whereby he can watch the cards been dealt, time after time, and based on the number of combinations that have come up in the last so many deals, know from experience, that the next hand is the one to place the larger bet on.

If you’re alluding to card counting as I think you are then I agree a professional can have the edge. If one knows what cards have been dealt then one can assign a probability to a card being dealt in the future. But the markets aren’t like that, in that previous price history won’t change the probability of future prices.

Nobody can predict the future price of any stock with any degree of accuracy. Very few fund managers outperform the general market. Throwing darts at the Financial Times has as much chance of outperforming the market. Nobody knows where VOD will trade tomorrow, and I mean nobody.

There are things you can do to improve your chances however. Managing risk effectively and trading infrequently certainly help.

As for “thinking correctly”, it’s so vague as to render it meaningless.

 

[CYOF]

If you’re alluding to card counting as I think you are then I agree a professional can have the edge. If one knows what cards have been dealt then one can assign a probability to a card being dealt in the future. But the markets aren’t like that, in that previous price history won’t change the probability of future prices.

Nobody can predict the future price of any stock with any degree of accuracy. Very few fund managers outperform the general market. Throwing darts at the Financial Times has as much chance of outperforming the market. Nobody knows where VOD will trade tomorrow, and I mean nobody.

There are things you can do to improve your chances however. Managing risk effectively and trading infrequently certainly help.

As for “thinking correctly”, it’s so vague as to render it meaningless.

At least you are trying to get back on track - not like others!

I was just trying to point out that our first thoughts may not always be correct - hence the card counting, with which you now agree.

Take this into the trading arena, and it is also true.

What we think at first, may not also be correct.

So, we must question what we think. Just because someone says this, and someone else says that, it really doesn't matter what they say, you have to prove it to yourself.

What I am saying, is, I have proved it to myself, at a great cost to me financially and personally, and for me, I now know the best way to trade, with very low risk for the possibility of very high gains.

I will resume, when I am ready, not until then.

I do not nave to prove anything to anyone - only myself - and that I have already done.

If others can explain it in so simple terms, and list the "METHOD" which they employ, then it will be easier for all to compare and see if any of the approaches mentioned suit their personal circumstances.

Again, I say read what you read with a view to looking for value - if value is noticed, then follow up with more research. Everything is not as it always seems - ever!

You may be interpreting wrongly, the real context of what I mean by saying "Thinking Correctly".

I am saying that, it may be beneficial for one to realise, that in order to make consistent returns in the market, one may have to change the way they normally think.

What will tell you if you are thinking correctly, is your Expectancy figure.

Not only will it tell you, but the data recorded will also show you where you are going wrong, and what you need to rectify.

This works -believe you me - it is not much different to what a lot of traders do, but only a few have realised the value of the Van Tharp approach - it is the professional trader approach.

it is also the foundation for the next level - maximum gains through position sizing techniques.

Ah, a relief, I wonder for how long though!

 

[CYOF]

Because "the collective wisdom gathered throughout the years" is something totally different than the interpretation of knowledge you were implying (meaning knowledge based on studying and learning from books and teachers).

Well, I will leave the readers work this one out for themselves -books and teachers, hmm!

 

[Profitaker]

it is also the foundation for the next level - maximum gains through position sizing techniques.

.

Example of Position sizing…..a) stock trading at 525 with a 20% volatility and long 300 shares or b) stock trading at 300 with a 40% volatility and long 300 shares. Which position is more risky ? Not obvious unless you know how to run the calcs. But (and this is my entire point) that isn’t psychology, it’s defined methodology and technique. Just like card counting - Nothing mystical at all.

Soc

You are T2W’s largest empty vessel. You have so much to learn, yet are impossible to teach. One of life’s basket cases.