Trader or Gambler?

I think you will find your answer there... Provide feedback ^^
cheers

kricka posted:
CrazyTrader I can understand your euphoria at the moment, if you are ahead. The thing is that it will not always go your way. The market changes, we do too, and ups and downs will be a part of the over all trading. Why not be at peace and except the inevitable of the fact that this is what trading is all about, ups and downs will happen and we have to be in control and cool in the down turn moments and the same goes when we are ahead of course. Protect our self and minimize losses when we are down and lock in profits when we are having a very positive period in our trading.

I used to see it a lot when new traders would come in,there up Hugh profits in there first few months,they can't believe their luck or skill,you can see it in their eyes,they begin to believe there untouchable,it's human nature to feel great about winning,no one likes to be wrong,then it starts to unwind,then some day you notice their not at their desk,someone else is,it takes trainning to be able to stay netural win or loss.

I know some traders who gambling to the pattern of prices (using technical analysis). With proper MM they did, they got less profit with no loss in a day. They claimed it wasn't pure gambling because they have spectated the price pattern for years.

CrazyTrader posted:
Ho yes I know!
Gambling is the fastest way to blow up accounts.
I was up to 5 accounts and I lost 4.
I had only 1 left then and now I have 7.

I have already said that in fact I'm using a very specific MM.
My MM is to trade with 10 accounts... when I will get there, I will start to compound profit.

It's all about managing risk as you said... but having 10 accounts without MM is better than havin 1 account with strict MM.

Simply because naturaly, the whole risk is divided by 10.

CrazyTrader works it real good!

snapdragon1970 posted:
How do I know if I'm a trader or a gambler?I ask myself these questions before I trade each day?

Are my winning trades larger than my Losing trades?
Do I keep open positions on losing trades even when I know I'm wrong?
Am I using a stop loss?
Am I chasing the market for every position?
Do I trade just before news releases?
How do I feel after a winning trade?over confident,confident or neutral.
Do I double up when I have lost?
Are my targets for profit to high?


Be lucky.

Either you trade according to trading plan and you are a trader.
Or you DONT and you are nothing

And some are even investors.

Andika_anjani posted:
I know some traders who gambling to the pattern of prices (using technical analysis). With proper MM they did, they got less profit with no loss in a day. They claimed it wasn't pure gambling because they have spectated the price pattern for years.

If your going to trade price patterns you need to be looking at orderflow.

snapdragon1970 posted:

kricka posted:
CrazyTrader I can understand your euphoria at the moment, if you are ahead. The thing is that it will not always go your way. The market changes, we do too, and ups and downs will be a part of the over all trading. Why not be at peace and except the inevitable of the fact that this is what trading is all about, ups and downs will happen and we have to be in control and cool in the down turn moments and the same goes when we are ahead of course. Protect our self and minimize losses when we are down and lock in profits when we are having a very positive period in our trading.

I used to see it a lot when new traders would come in,there up Hugh profits in there first few months,they can't believe their luck or skill,you can see it in their eyes,they begin to believe there untouchable,it's human nature to feel great about winning,no one likes to be wrong,then it starts to unwind,then some day you notice their not at their desk,someone else is,it takes trainning to be able to stay netural win or loss.

I know some newbies who got themselves out of control when 'beginner's luck' came to them. I just like what you've said, it's really hard for being neutral when we're win or loss. Get hyped makes us unable to stable our focus.

Pepen_supendi posted:

snapdragon1970 posted:

kricka posted:
CrazyTrader I can understand your euphoria at the moment, if you are ahead. The thing is that it will not always go your way. The market changes, we do too, and ups and downs will be a part of the over all trading. Why not be at peace and except the inevitable of the fact that this is what trading is all about, ups and downs will happen and we have to be in control and cool in the down turn moments and the same goes when we are ahead of course. Protect our self and minimize losses when we are down and lock in profits when we are having a very positive period in our trading.

I used to see it a lot when new traders would come in,there up Hugh profits in there first few months,they can't believe their luck or skill,you can see it in their eyes,they begin to believe there untouchable,it's human nature to feel great about winning,no one likes to be wrong,then it starts to unwind,then some day you notice their not at their desk,someone else is,it takes trainning to be able to stay netural win or loss.

I know some newbies who got themselves out of control when 'beginner's luck' came to them. I just like what you've said, it's really hard for being neutral when we're win or loss. Get hyped makes us unable to stable our focus.

I try not to think of the money side,I think in percentages then you begin to think more realistic,at work it was not allowed to talk in money terms.

When you have a real goal, a plan to achieve.
You don't get euphoria because you got one good trade.... it just a little part of it.

CrazyTrader posted:
When you have a real goal, a plan to achieve.
You don't get euphoria because you got one good trade.... it just a little part of it.

It just a part of your struggle (for newbies in his trading journey) because the process is not that easy as you thought...

JenalAripin posted:
It just a part of your struggle (for newbies in his trading journey) because the process is not that easy as you thought...

Thx so much for sharing your little experience with me.

By the way, I'm now on Step 2 of my plan...

Enjoy.

snapdragon1970 posted:
How do I know if I'm a trader or a gambler?I ask myself these questions before I trade each day?

Are my winning trades larger than my Losing trades?
Do I keep open positions on losing trades even when I know I'm wrong?
Am I using a stop loss?
Am I chasing the market for every position?
Do I trade just before news releases?
How do I feel after a winning trade?over confident,confident or neutral.
Do I double up when I have lost?
Are my targets for profit to high?


Be lucky.

https://www.investopedia.com/articles/basics/10/investing-or-gambling.asp

kricka posted:
Cool, I will read up on it. The question is will more accounts give more protection as you say then a single account? Too early to tell until I read more about it.. :).

 I would agree that if you have more accounts, and those accounts protect the proceding one then you run a higher chance to have net profit daily, compared to have all the funds in one account. Of course, money management plays a role in how you use those accounts. Yet if you have a system which is built on accuracy, then using say 10 accounts would be much wiser then having a tilt monkey trader who has a floating losses, and puts a big lot size to recover the loss.

Figures I got for trading ,80% fundamental 20% techinal ,using techinal at the end for entry points,makes sense.

You need not just the right knowledge, but the right attitude to this field of activity.