Your ODDS of MAKING IT!

This is more jovial then the odds of dying post! heheeh check it out

http://www.puretick.com/blog/?p=9

NS/Matt

quote:

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Originally posted by day trading

So the deciding factor here is not only determination but the staying power to stay the course and continue to learn and mature in each day of trading.

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Exactly

I agree as well!! Memory muscle is what you need to exercise. Now that is not original is it? Edward de Bono is the coiner of that phrase is he not?

This all goes back to why your trading in the first place. motive.

If the primary reason you try out trading is for the money, you will probably not succeed.

If you love the game you are a lot more likely to persevere and be successful.

I agree with you to a certain extent. I would say that the vast majority of people work for the money in order to survive and the lucky few would do the job even if they weren't paid they love it so much. It is those lucky few that excel at the job that they are doing.

So I would rephrase what you said and say "in order to excel at trading you need to love trading for the sake of beating the market (or other traders) and being competitive and being the absolute best trader that is out there or that you can be." Your primary goal can still be the money but you must love what you are doing in order to excel. I think that we've seen that recently on the quote about Michael Jordan.

The passionate trader spends time after the market learning more from many sources. One of the ways that I do that is by reading everything that people write on this forum and when I can comment, contribute or help I do. I find that researching and answering a difficult question for another trader makes me a better trader.

If someone asks me which contract is better to trade, the NQ or the ES, I will sit down and think about the things that I thought about when making a decision about trading the ES over the NQ. That may make me realize that the time that I've spent in the market and the subtle changes that have happened in the market in the interim since I last made that decision are now invalid and that in fact I should seriously consider adding the NQ to the symbols that I trade or switch to it. (This is just an example.)

Being able to bounce around ideas with people on this forum is a fantastic way to stimulate the brain into looking at the same chart from a different angle or look at an old concept in a new way.

I'm starting to babble now....

good points DT.

To do something well you need to have a passion for it.

In MJ's case, I think he has that passion. But he also is highly competitive with a strong desire to win. To succeed in trading, the trader must have that same kind of passion and competitive drive.

There is only one true reason to place a trade in the market, and that is to make a profit from that trade. Any other motive is false (illusion), and as such will eventually lead to disappointment and failure.

This truth creates a paradox for the trader. In order to succeed in trading we must not have a selfish motive or nature, thus we must not focus on the value we place money while making trading decisions. And as i mentioned, the only valid reason to place that trade is to make a profit. To overcome this paradox, we must learn to separate our feelings about the value of money, from the goal of extracting money from the market.

quote:

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Originally posted by pt_emini

....we must learn to separate our feelings about the value of money, from the goal of extracting money from the market.

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This is so true. If you visualize in material terms what the money that you are making or losing can buy then you are doomed. If you are in a position and it has racked up $50,000 so far and you think of it in terms of that red porsche that you saw in the show room yesterday then you are (in my opinion) in big trouble.

I completely agree with you.