How NOT To Trade

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trueblueTEX
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Postby trueblueTEX » Sun Feb 10, 2013 10:28 pm

prochargedmopar wrote:"InnerCircleTrader
‏@ICT_MHuddleston
Now the world has seen a LIVE account traded like the "Average Joe" typically does. No plan, no clue...


Well HELL! I coulda done THAT for him! :smt043

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MightyOne
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Postby MightyOne » Mon Feb 11, 2013 2:02 am

http://www.pipsalacarte.com/blog/2011/1 ... cletrader/

Highlights:

UNCLE STAN's ADVISE:

"I hit my teens and while I was in the eleventh grade my Uncle Stan sat with me one Sunday afternoon at the kitchen table and told me? ?Michael, when you grow up and graduate? get a career learn a trade? save money and learn to trade options and futures?. I recall him saying, ?The richest people in the world trade futures and options?. That was the seed that started it all."

$17,000 PER WEEK AS IN $884,000 PER YEAR?:

"I was(<---) able to see price making tops and bottoms with consistency and trends I was able to ride these moves for seventy to eighty percent of their duration. I couldn?t believe it? what started out, as a plan to save a thousand dollars per month for an early retirement? became a seventeen thousand dollar per week adventure!"

NOTE: it is far more likely that he had explosive gains ('glory days'), over a period of weeks/months, the average of which being 17k per week.

YEAH WE KNOW THE TYPES:

"I was humored by some of the characters we see on these mediums? you know they types...
Or how about this character...?Watch me run my $500 account up to $100,000.00 in 3 months? and they blow it up all right. You never see them post again? and their thread fades away."

WHAT IS A REALLY BIG NUMBER?:

"should I make a net $20,000,000.00? I will retire. Until I reach that goal or I can no longer profitably trade I can?t see myself stopping what I enjoy doing so much."

MONEY MANAGEMENT IS THE KEY!

"I (--->)consistently made solid returns but I wasn?t where I knew I could be. There was something missing? one piece of the puzzle that eluded me. It was money management?(--->)and when I understood this principle? things went from good to ridiculous.

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prochargedmopar
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Postby prochargedmopar » Mon Feb 11, 2013 6:37 am

"I believe that every trader wants to know how to build wealth with their equity. They want to be rich and rich beyond their wildest dreams. I also believe traders do not consider how easily this goal can be achieved and realized when they remove the impulse to rush the process." #4 ICT
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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MightyOne
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Postby MightyOne » Mon Feb 11, 2013 6:45 am

prochargedmopar wrote:"I believe that every trader wants to know how to build wealth with their equity. They want to be rich and rich beyond their wildest dreams. I also believe traders do not consider how easily this goal can be achieved and realized when they remove the impulse to rush the process." #4 ICT


Damn, how did I miss that one :shock:
you should email it to him :lol:

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PebbleTrader
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Postby PebbleTrader » Mon Feb 11, 2013 3:54 pm

"Or how about this character? ?Watch me run my $500 account up to $100,000.00 in 3 months? and they blow it up all right. You never see them post again? and their thread fades away."



That is hilarious! He was describing his future self :)
Life is just a journey

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aliassmith
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Postby aliassmith » Mon Feb 11, 2013 4:27 pm

MightyOne wrote:http://www.pipsalacarte.com/blog/2011/11/22/the-inner-musings-of-innercircletrader/

Highlights:

UNCLE STAN's ADVISE:

"I hit my teens and while I was in the eleventh grade my Uncle Stan sat with me one Sunday afternoon at the kitchen table and told me? ?Michael, when you grow up and graduate? get a career learn a trade? save money and learn to trade options and futures?. I recall him saying, ?The richest people in the world trade futures and options?. That was the seed that started it all."

$17,000 PER WEEK AS IN $884,000 PER YEAR?:

"I was(<---) able to see price making tops and bottoms with consistency and trends I was able to ride these moves for seventy to eighty percent of their duration. I couldn?t believe it? what started out, as a plan to save a thousand dollars per month for an early retirement? became a seventeen thousand dollar per week adventure!"

NOTE: it is far more likely that he had explosive gains ('glory days'), over a period of weeks/months, the average of which being 17k per week.

YEAH WE KNOW THE TYPES:

"I was humored by some of the characters we see on these mediums? you know they types...
Or how about this character...?Watch me run my $500 account up to $100,000.00 in 3 months? and they blow it up all right. You never see them post again? and their thread fades away."

WHAT IS A REALLY BIG NUMBER?:

"should I make a net $20,000,000.00? I will retire. Until I reach that goal or I can no longer profitably trade I can?t see myself stopping what I enjoy doing so much."

MONEY MANAGEMENT IS THE KEY!

"I (--->)consistently made solid returns but I wasn?t where I knew I could be. There was something missing? one piece of the puzzle that eluded me. It was money management?(--->)and when I understood this principle? things went from good to ridiculous.


He must have took Mightyone's life and made some edits :) to the story.

Although I think it went more like:
When i was a teen i studies Ken Roberts and paper traded my A$$ off.
When I thought I was ready my dad helped me set-up a Futures account for $2000.
I traded options and never had a losing year for the past 13 years.
Now I "try" to teach people how to be profitable trading, while pulling all my hair out.
Trade Your Way as Long as It Makes Money!

lazygeorge
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Postby lazygeorge » Mon Feb 11, 2013 4:53 pm

"I needed more time to trade and study and the vending route consumed all my time. I eventually went into restaurant Management and found myself as a Domino?s Pizza Manager? yes? ICT the Pizza Guy! Before you laugh? let me fill you in on something about that job choice. I knew it would provide me the schedule to trade and I wouldn?t work hard and I would have more energy to study and I did it like a maniac."


Doji is a pizza guy too :D He should come back and give ICT advice on how to succesfully juggle both jobs :D

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trueblueTEX
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Postby trueblueTEX » Mon Feb 11, 2013 5:07 pm

lazygeorge wrote:" Domino?s Pizza Manager? I knew it would provide me the schedule to trade and I wouldn?t work hard and I would have more energy to study and I did it like a maniac."


Doji is a pizza guy too :D He should come back and give ICT advice on how to succesfully juggle both jobs :D


I like your analysis, lazy!!

Now here's the thing. I worked as a Pizza Inn cook in my teens and early 20's. All 3 or 4 managers I worked under worked their asses off in the 60 to 80 hour week range trying to keep the place running and filling in for the myriad employees who just failed to show up for their shift.

I damn sure don't believe they would have characterized it as "I wouldn't work hard and I would have more energy."

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Postby PebbleTrader » Mon Feb 11, 2013 5:20 pm

I always spot "red flags" when I see people posting about large gains, money, nice cars, buying island property, etc.

The people who actually have those things don't talk about it. They don't want others to know what they have or don't have because then they will be a target for claims against them.

"Own Nothing...Control Everything"

If you own things, than others can take them from you. You never talk about what you have and what you do have you put in PRIVATE TRUSTS that not even a government can get their hands on.
Life is just a journey

lazygeorge
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Postby lazygeorge » Mon Feb 11, 2013 5:23 pm

trueblueTEX wrote:
lazygeorge wrote:" Domino?s Pizza Manager? I knew it would provide me the schedule to trade and I wouldn?t work hard and I would have more energy to study and I did it like a maniac."


Doji is a pizza guy too :D He should come back and give ICT advice on how to succesfully juggle both jobs :D


I like your analysis, lazy!!

Now here's the thing. I worked as a Pizza Inn cook in my teens and early 20's. All 3 or 4 managers I worked under worked their asses off in the 60 to 80 hour week range trying to keep the place running and filling in for the myriad employees who just failed to show up for their shift.

I damn sure don't believe they would have characterized it as "I wouldn't work hard and I would have more energy."


In ICT world of make believe....any statement detached from reality will suffice coz it will never be questioned by the hungry herd :D

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