I am a newbie and need some advice.

[autofx]

I have witnessed over 50,000 clients. It taught me what to do and what not to.

Um, okay. Are you done showing newbies screenshots
with no stop orders? Still no word on how you manage
losses. Maybe observing the 50,000 clients didn't do you
that much good.

Hedging? A neat-sounding word. If you can't manage one
position, you can't manage more than one.

I think we are seeing some glamorization of floor traders here.
I think they're chumps. Way to much effort expended.
Again, good for an adrenalin rush.

What's this about having to have the killer instinct?
No. You just have to know what you're doing.

[PittsburghFX]

Mick is right in regards to the fact that your acting like this is a tea party. Traders are the most cut throat, hard nosed, New York business like people I have ever met and am still friends with today. All traders I know, which more than 5 are millionaires, have a crude business like mentality. They might see you Sunday morning in the pews, but in the markets they would cut your throat. The biggest misconception is thinking that, we'll I will do my best and see what happens, thats a joke. I talked to people trying to break it down without emotions just running numbers, but they never had the nerve to put real money down on it.

Also, yes my USDCHF ended up in a loss, but with my hedge I only lossed 160 pips plus commissions. That is taken away from the 785 pips from the week before. Gee, I think I am still net positive for the month.

God Bless.

[MickMason]

Originally posted by autofx


What's this about having to have the killer instinct?
No. You just have to know what you're doing.

It's no good knowing which way the market will go and sitting there limp-wristed saying 'yeah, I knew it was going to do that'! While you're doing that the other guy has gone in, cleaned up, and is on his way home while you're still sitting there playing with your putz thinking about what could have been 'if only'.

Yes a killer instinct, the instinct to decisively take advantage of an opportunity as soon as it arises, 'he who hesitates is lost', isn't that what they say?

Going back to the Duke, how do you think it would have panned out if he'd had a little think before drawing his gun in a showdown? He'd already weighed up the odds, sized up his opponent, and in a swift, cold, confident, decisive move he'd plug the guy, no invitation required! That's the way to do it Marion!

Head 'em up, move 'em out!

Mick

[autofx]

Mick,

If being coldly decisive equates to the killer instinct, then
I agree.

When I think of this "killer instinct", I think of the softball
teams I used to play on (like American baseball, but played
with a larger ball and slightly modified rules). One team
got very good because we had guys who had played
high school and college baseball, and they coached us
about the killer instinct. We mostly called it "learning how
to win".

We found that at times we'd let up because we were crushing
the opposing team, and we'd see their droopy body language,
etc., and feel a little sorry for them. But we made it a habit of
brushing that aside and sticking with our habit of keeping the
pressure on, because that habit was important to maintain
for when we faced better teams.

Bottom line, though, is we knew what we were doing. We
understood smart base running. We practiced to make sure
our hitting, fielding and throwing skills were good. We learned
how to talk to each other in play situations and keep everything
coordinated.

When it came time to apply those skills, we were in fact a
bit ruthless. Cold-blooded, even.

If this is what we're talking about, we're all in agreement.

[autofx]

The biggest misconception is thinking that, we'll I will do my best and see what happens, thats a joke. I talked to people trying to break it down without emotions just running numbers, but they never had the nerve to put real money down on it.

PittsburghFX, you making a statement like this has really
got me wondering about you.

Again, you're glamorizing the whole "cut-throat" thing. This
is the typical type-A style of thinking.

Well, I'll tell you what. People with this exact mindset got
killed trying to prove they could put mind over matter in 1996
as they strove to summit Mt. Everest. They had to "win at all costs".

They didn't summit until well after noon, and the weather came
in, and they all died. All except for Beck Weathers, a guy
who had bought some excellent boots that kept his feet
from totally freezing so he could climb down. Still, he lost
his nose and his hands.

This was a bunch of rich hobby climbers with the exact mindset
you seem to worship. This mindset is what can make you LOSE
BIG, and it's consistent with how you show screenshots with
no stops in place and how you go quiet when it's clear you
would have LOST BIG.

I personally break it down without emotions (correction...-I-
have emotions, but my computers do not), and just run
the numbers, and do have the nerve to put real money down.

And honestly, I sit and laugh at the type A jerks who think
this is all a big murderous game. I say, keep on thinking that
way. I'll do things my way -- very little effort for decent reward,
and you guys can show us all how you let your testosterone
and adrenalin rule your actions.

If I see your name on the billionaire list one day, I'll take it
all back.

[PittsburghFX]

Originally posted by autofx


PittsburghFX, you making a statement like this has really
got me wondering about you.

Again, you're glamorizing the whole "cut-throat" thing. This
is the typical type-A style of thinking.

Well, I'll tell you what. People with this exact mindset got
killed trying to prove they could put mind over matter in 1996
as they strove to summit Mt. Everest. They had to "win at all costs".

They didn't summit until well after noon, and the weather came
in, and they all died. All except for Beck Weathers, a guy
who had bought some excellent boots that kept his feet
from totally freezing so he could climb down. Still, he lost
his nose and his hands.

This was a bunch of rich hobby climbers with the exact mindset
you seem to worship. This mindset is what can make you LOSE
BIG, and it's consistent with how you show screenshots with
no stops in place and how you go quiet when it's clear you
would have LOST BIG.

I personally break it down without emotions (correction...-I-
have emotions, but my computers do not), and just run
the numbers, and do have the nerve to put real money down.

And honestly, I sit and laugh at the type A jerks who think
this is all a big murderous game. I say, keep on thinking that
way. I'll do things my way -- very little effort for decent reward,
and you guys can show us all how you let your testosterone
and adrenalin rule your actions.

If I see your name on the billionaire list one day, I'll take it
all back. [/b]

If and when I am a Billionaire, no one will know. Just Paypal in a offshore account.

Also, I feel that all the cut throats I have encountered were more successful in the markets.

Think about it, really hard. Bill Gates, sliced Steve Jobs throat, etc... It is the savy cut throats that make quick planned, business decisions.

When I am trading I am not wearing a patch over my eye yelling arrrrrrrrr, but it is a personality trait I have noticed in all SUCCESSFUL traders I have talked to.

Some brainiacs get it, most don't though.
I am an old fashioned home town values type of person, but we are talking about a trading mentality, not a lifestyle. When I am doing volunteer work and helping others, raising charity money for Childrens Hospital of Pitt, I am not acting or thinking about cut throat mentality. But when I sit at my charts I ask myself what is the smart money doing and what are the morons doing. Thats all I meant in any entirety through the thread.

I never meant to cut you up personally, if I did, sorry.

[autofx]

PittsburghFX,

Well I think I understand where you're coming from better
now.

Don't worry, I've thought about it pretty hard. Ruthlessness
can be useful in making money, to be sure. But there are other
qualities that are useful.

I still prefer the Buffett model. He's almost as rich as Gates,
and I predict he'll end up richer. WAY richer than any of the
macho New York traders you might know. He is calm. He uses
his brain. Afraid to pull the trigger? I don't think so.

If all it took was the guts to pull the trigger on trades, a lot
more people would be wealthy from trading. You have to be
a lot smarter than a bull in a china shop to do well in trading.

I don't feel attacked, but thanks nonetheless.

[PittsburghFX]

Well Buffets approached worker for him, but you will notice that across the board with the majority of people, it doesn't.

I studied Buffets investments in my Intro to MGMT class at Pitt. I wrote a paper about him. Every single new invention, like Dairy Queen, he bought out. Buffet doesn't trade stocks, rather he buys companies out. Thats the one thing you want to make clear. He was able to Buy out great ideas and companies before they took off and thus was able to control the direction of the products in which they sold.

I mention Dairy Queen, because while doing my research I assumed that Warren Buffet was this genius technical analyst trader, but rather he bought out "Brick and Mortor" companies that had awesome staying power. The thing that blows me away is that somehow he had the insight to be able to see that basic hometown companies could last for 50 yrs to the future. All the tech stocks and other high flyers do not seem to be in the same stability of classes as per say a Dairy Queen growth'er. So Buffet if anything teaches us to buy out and take control of the direction of companies, not idely sit buy and let the board of directors do it for you. This is just my observation.

On a side note: The first Banana Split was invented and copyrighted by a Pitt Grad!