Self taught? Impossible!

[ChocolateDigestive]

I couldn’t care less if I never meet another trader in person. When you have a good grasp of what is what then all 'improvements' can only come from within.

once you have an undeniable edge it's probably best to lock yourself away and spank the hell out of it. meeting other traders will give you knew ideas but will also bring with it a lot of distractions. the truth is once you have your decent edge trading is boring and lonely.

 

[alphadude]

once you have an undeniable edge it's probably best to lock yourself away and spank the hell out of it. meeting other traders will give you knew ideas but will also bring with it a lot of distractions. the truth is once you have your decent edge trading is boring and lonely.

that is why am contributing to t2w; i get bored all day watching the screens.

the distraction is indeed a problem. Majority of traders I have worked with in the office; keep their secrets to themselves; and there is always a game going on in the office; who can learn more about the other's secrets; while keeping his to himself. (aka take but do not give)

Parania goes on all the time. One trader used to sit next to me; always lock the screens; and often he comes back after leaving his desk to double check if the screens are locked.

Other trader didn't mind sharing some theories; but kept the juice to himself. and they constantly come over and check on you. literally you can't do hardcore research in the office while others are around.

What makes it interesting is just the laughs and stuff that takes away the boredom.

 

[Mike Kshemaraja]

once you have an undeniable edge it's probably best to lock yourself away and spank the hell out of it. meeting other traders will give you knew ideas but will also bring with it a lot of distractions. the truth is once you have your decent edge trading is boring and lonely.

True, but you can also shake off boredom with a new Lamborghini or the alternative:

 

[new_trader]

If one thinks he knows it all, he has so much to learn in my view and not only in trading.

On the self-taught issue, myself I always been one (in different fields) and has given me the advantages to deal direct with the difficulties and the ability to affront the next problem with more sharpness.

Of course with any endeavour you need to relate to the best if you want to bring your game one step further.

My view is the reason most people fail at trading is because rather looking within themselves for solutions to their problems they believe they can be found externally if they look hard enough. That is why they are easily seduced by any new thread promising a new system, set-up or methodology. This is also why vendors promising ‘new techniques and secrets’ will never go broke. The market gives you all the information you need to solve your problems, the rest is up to you.

 

[MoonRocket]

I couldn’t care less if I never meet another trader in person. ......

Well.....you are a self confessed people hater.........:cheesy:
-----------------------------------------
Any reasonably intelligent person could a profitable self taught trader.
However.....no doubt it would help a lot if one had a close associate to learn from.
In my day I considered myself a pretty good bike rider but I'm sure I would had been a whole lot better if Mick Doohan was a good mate.
And since it's unlikely I will ever be a mate of the Flipper or any other hot trader,
I'll satisfy myself with what I do.
By the way.....trading does not compare even remotely to the often thrown up comparison to a surgeon.
No ones life is at stake. A small slip up in trading means nothing to anybody.
A big slip up still means almost nothing.

 

[Mike Kshemaraja]

My view is the reason most people fail at trading is because rather looking within themselves for solutions to their problems they believe they can be found externally if they look hard enough. That is why they are easily seduced by any new thread promising a new system, set-up or methodology. This is also why vendors promising ‘new techniques and secrets’ will never go broke. The market gives you all the information you need to solve your problems, the rest is up to you.

I agree with you this 100%. But life and markets always is a changing mood (as you know) and not keeping an ear on the ground could be not such a good idea, we do not have to revolutionise ourselves but we can do a bit of a stretch.

I am not sure if a great trader 100 years ago will still be a great trader today if was not able to adapt to today reality. I think....

 

[DionysusToast]

I agree with you this 100%. But life and markets always is a changing mood (as you know) and not keeping an ear on the ground could be not such a good idea, we do not have to revolutionise ourselves but we can do a bit of a stretch.

I am not sure if a great trader 100 years ago will still be a great trader today if was not able to adapt to today reality. I think....

Look how much trouble floor traders have converting to screen trading...

 

[MoonRocket]

I am not sure if a great trader 100 years ago will still be a great trader today if was not able to adapt to today reality. I think....

Interestingly that you say that.
It is believed Jesse Livermore started to have a lot trouble trading profitably in the end because of the difficulty he was having adapting to changing conditions.
Still died with 5 mil in the '40s 'tho.

 

[alphadude]

Interestingly that you say that.
It is believed Jesse Livermore started to have a lot trouble trading profitably in the end because of the difficulty he was having adapting to changing conditions.
Still died with 5 mil in the '40s 'tho.

didn't he kill himself from overblowing again?

 

[MoonRocket]

didn't he kill himself from overblowing again?

Yeh....Depression had set in too..could have from his trading but also his personal life was a shambles. He was also a perfectionist so the changing markets would have been more difficult for him than most.

 

[new_trader]

Yeh....Depression had set in too..could have from his trading but also his personal life was a shambles. He was also a perfectionist so the changing markets would have been more difficult for him than most.

From what I understand, the markets didn't really change, the rules and regulations did and that impacted the way he could 'operate' so to speak. His basic principle was still intact, just like it still is today. Markets don't change.

 

[alphadude]

A tribute to all traders

http://http://www.youtube.com/watch?v=MwKYjZ_8EcE

 

[Mike Kshemaraja]

Interestingly that you say that.
It is believed Jesse Livermore started to have a lot trouble trading profitably in the end because of the difficulty he was having adapting to changing conditions.
Still died with 5 mil in the '40s 'tho.

Money is not that important, if we do not know how to live life, but can be only of a burden.

Money can also make life like hell if we have not your feat on the ground, because it can play trick with our little head.

That's why is important to learn and focus on how to learn to trade and not on the money.

Once we learn how to trade, money will follow.

Anyway for me is better to be poor and content than the opposite.

Please do not get me wrong, I have my own demons that I need to deal with (and huge ones) but I am not afraid in doing that neither anyone should be.

 

[new_trader]

Once we learn how to trade, money will follow.

According to some, this is impossible because there is always someone out there you should speak to.

 

[MoonRocket]

From what I understand, the markets didn't really change, the rules and regulations did and that impacted the way he could 'operate' so to speak. His basic principle was still intact, just like it still is today. Markets don't change.

It's been awhile since I read about him. I think you are right.
I also think there was an unusual bull run caused by the rule changes...but I'll stand corrected on this.

 

[alphadude]

It's been awhile since I read about him. I think you are right.
I also think there was an unusual bull run caused by the rule changes...but I'll stand corrected on this.

hold on; the market do change; and a lot. that is why trading systems have shorter lifespans.

what doesn't change is the human behind the trades.

 

[Mike Kshemaraja]

Markets don't change.

Sorry, I do not agree with this one. Ten years ago it was much easier to make money looking at the daily chart, nowadays I think is a bit more difficult.

Of course the market still goes either up, down or nowhere, but is difficult to take money out of it with the same technics applied 10 years ago.

The market reflect the psychology of the participants and their culture make up,
100 years ago, the participant were mostly from the white background, nowadays you have them mostly all, Africans, Indonesian (very able) Chinese, and so on and I think their participation have change the structure of the market.

 

[the hare]

At Least I Don't Work For Jews! - YouTube

 

[new_trader]

Sorry, I do not agree with this one. Ten years ago it was much easier to make money looking at the daily chart, nowadays I think is a bit more difficult.

Of course the market still goes either up, down or nowhere, but is difficult to take money out of it with the same technics applied 10 years ago.

The market reflect the psychology of the participants and their culture make up,
100 years ago, the participant were mostly from the white background, nowadays you have them mostly all, Africans, Indonesian (very able) Chinese, and so on and I think their participation have change the structure of the market.

This is why I now rarely get involved in discussions about trading and the markets. If you think they change and that it was easier to make money 10 years ago, that is your prerogative.

...and people think I can learn something new from someone else...Same ol'...same ol'...

 

[Mike Kshemaraja]

This is why I now rarely get involved in discussions about trading and the markets. If you think they change and that it was easier to make money 10 years ago, that is your prerogative.

...and people think I can learn something new from someone else...Same ol'...same ol'...

Sorry, I think you are getting me wrong, I do not care to be right, I was only exchanging my perception of things based on my own experiences. My "way" is not necessary "the way", but only "my way".

If somebody can gain from it, I will be very happy, if not, at least I tried and all in good faith.