Re: What are traders?
 

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You can teach principles such as indicators and chart patterns in books but you can't teach discipline

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I would argue the exact opposite. You can learn discipline and money management but you will never learn the markets. As Douglas argues even a mediocre trading strategy with the proper mindset will outperform the market wizard with bad technique. You can learn a plan. You can learn how to stick with said plan and let the proverbial profits run while cutting the losers short. Most people don't or won't. Most people sucumb to their fears and greed. Most people, if even for just a split second will think they are smarter than the market and this is their undoing. But the proper attitude and mindset can be learned. Much easier than market indicators.

All of those indicators and principles and chart patterns work. Sometimes [img]/images/graemlins/smile.gif[/img] But the proper mental attitude works at all times. In the book "Mastering the Trade" John Carter describes the stages of a trader. For many the last stage is "the search for the holy grail". That one pattern or indicator or situation which you can't lose. But it doesn't exist. What does exist is a solid plan enforced by strict discipline. That plan and discipline can be learned by anyone if they are willing and commited to do it. But the searchers of the holy grail will never find it.

Re: What are traders?
 

This post embodies the essential message and theme of the writings of Mark Douglas:

Take total responsibility for all your results.

Nice post mrbaseball, please keep posting here.

Re: What are traders?
 

Bumb cause I learned more from this thread than in 2 days of searching the net about trading. Is mrbaseball still around and willing to do an "ask me" thread?

Re: What are traders?
 

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I believe anyone trading in any time frame (longer time frames) can benefit from Douglas. He covers a ton of material related to behavioral issues like loss aversion, the disposition effect, fear effects etc.


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You're probably correct that his stuff does translate well to longer timeframes although I believe it is tailored for the shorter term interday stuff. The short term interday trader will experience the fears he speaks of several times a day while the longer timeframe traders will have far less opportunity to make the plethora of pyschological mistakes that a daytrader has available.

As far as "ask me" threads go I have always found those sort of pretentious [img]/images/graemlins/smile.gif[/img] I'm more than willing to talk trading and answer questions though to a degree and happy to join in on trading threads even though there haven't been very many in my areas of experience or expertise.

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yea i think you doing an ask me thread would be a good idea. i did one and learned a lot as was the intent. you don't need to be an expert to do one.

in fact, i'm far from an expert and say so explicitly.

so get on it!

Barron

Re: What are traders?
 

wow a ask me thread would be the nuts seriously.
Youre good at something interesting, you make the thread if you feel like it and everyone say yay! Imo anyway.

I have a question. I have an account and I pay 9.95 for every transactions. Are day traders getting a better deal because they trade a lot ? I mean if you make hundreds of trades a day, how can you turn a profit, even if you pay 2$/trade ? Seems impossible, am I just clueless ?

Re: What are traders?
 

Traders of size (2000 shares or more) like the fixed 10 buck or 7 buck commissions because a 1 cent move is 20 bucks. Smaller traders like brokerages like Interactive Brokers that charge around a penny per share commission.

9.95 isn't even that much of an impediment if you're doing 200 shares or more. That's only a 10 cent move to cover your round-trip cost.

Re: What are traders?
 

One more lurker requesting an ask me from Mr. baseball.

Re: What are traders?
 

No need to be a dick.
I dont request anything, Im just saying that I dont think anyone would think hes pretentious if he makes one and will greatly appreciate it.

I just found that forum and Im curious thats all. Anyway Im a lot more of an 'investor' than a trader. Mostly because I dont know what Im doing eh.

edit* Thanks for the precision 4Bill [img]/images/graemlins/smile.gif[/img]

Re: What are traders?
 

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One more lurker requesting an ask me from Mr. baseball.

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Re: What are traders?
 

I would love to see an 'ask me' thread from anyone who has been successfully trading on their own for a year or more.