| Philosophical Trader Looking For Direction/Mentor |
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jbulk
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 29 Dec 2011
Location: New York, NY
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| Philosophical Trader Looking For Direction/Mentor |
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Just a few minutes of your time would be immensely appreciated.
I tried college. It felt like I was surrounded by drones. I ended up back at my trading desk. No matter what I did I found myself right back involved with the market. A few years later, here I am.
Its my firm belief I was put on this planet to do something with the market. I think each individual evolves with nature and will end up in a career they were meant to be in but only if they allow themselves. It wasn't easy.
I still have family members who hound me about going back to school. I understand where they are coming from but I would be tempted to say college is obsolete since the invention of the Internet. Truthfully I've learned a ridiculous amount of information from the Internet. If I'm taking in information which I feel isn't put together well it takes me only a few seconds to find another informational source, good luck doing that in college. A fraction of a second is all it takes for me to be provided with basically unlimited amount of information. A 'god-like' invention of you ask me.
In my opinion, traders go through 3 basic stages. Briefly:
1st- When you first approach the market. The charts are new. The mind is fresh. Not a bad combination. The first few trades are placed and usually profit is made. Suddenly a losing trade is placed and the mind goes crazy. How? Why?
2st- In this search for answers, you come across technical analysis. Lets get technical! Its that easy! You look for all the coolest new indicators and your screen looks something like a kindergartners drawing on the refrigerator. What a joke!. Although a lot less sudden than the first stage, you realize this is not the answer. You look for more answers.
3st. You hopefully come to learn about the Cadillac of trading, price action! You realize its not all just about bars on a screen forming some sort of pattern you read about. There is an actual company, story and valuation behind these "candlesticks". Along with this comes the most important lesson of all. You learn the biggest hurdle and enemy in this business is your mind and ego.
I've found myself at the latter part of this arduous process. Realizing this, I am grateful to not have gone broke throughout like I've read so many super-traders did in their humble beginnings. I day traded way too much. Interestingly enough, I learned day trading was not very profitable back in the 1st stage but fell into the mosh pit that the market can provide. I realize the profit that was possible had I just sat in the position rather than jumping in and out like a rabbit. Some are still making yearly highs, what was I thinking!!
In these latter years I've also tried to focus on "de-learning" all the stuff needed to perform at your best when it comes to trading, including the fact no one knows whats going to happen.The Book of Not Knowing by Peter Ralston really helped drive that idea home with me. I'm confident in my technical/price reading ability and am now working on mastering the mind and ego. I've taken to Zen ways of thinking and am truly glad I chose that path. Its an amazing mindset that I encourage all to look into, regardless of your occupation. Anyway, I'm at a point where I'd like to take my knowledge and apply it more professionally. CFA?CFP? Financial Advisor?
My question for anyone willing to give me a hand: having read this, where do you see me happiest in the finance world? While salary is an obvious part of any job, I'm more importantly looking to enjoy what I do. A life of substance, not just money.
If you read this far, I truly appreciate it. These are all just my opinions and I am aware this post is not ordinary but felt the possible reward was well worth the risk. I encourage all insight and would really love to hear from you. I enjoy talking to others who enjoy this stuff. Help a brother out!
Cheers,
Joseph
Contact: jbulka@ymail.com
""The person who goes farthest is generally the one who is willing to do and dare. The sure-thing boat never gets far from shore."
-Dale Carnegie
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Thu Dec 29, 2011 12:17 am |
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oldguy
Senior Member
Cash: $ 309.30
Posts: 1481
Joined: 21 May 2006
Location: arizona
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quote:
I would be tempted to say college is obsolete since the invention of the Internet. Truthfully I've learned a ridiculous amount of information from the Internet. If I'm taking in information which I feel isn't put together well it takes me only a few seconds to find another informational source
Yes, most information and facts are more readily available online than in a library. But it's hard to learn theory online or from a book. The problem is, you don't know what you don't know - ie, you look up only what you perceive that you need. A professor knows what you need - and can teach the theory to you in the proper sequece.
Eg, it would have taken me forever to learn calculus, differential equations, kinematics, thermodynamics, statistics, etc, from a book or online - I would not have known what to learn or when to learn it. This is stuff that I use nearly every day at work - and there can't be holes in my education or design errors could cost lives and companies would be sued.
If you enjoy what you are doing - get an education and do it even better. You have already learned what works via trial & error, now learn why it works. You will probably enjoy laerning those things on your second try at college - you'll be focused and interested.
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Thu Dec 29, 2011 2:10 am |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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My nephew did quite well trading. But he went back to College for an advance degree in statistics. Trading is an on and off thing. It's chancy making a living at it. Whereas you can get quite wealthy working for an investment bank pushing around the same numbers you would be pushing on your own.
Trading is not Rocket Science. There is no Holy Grail. There is no Turtle Trader Guru. What worked for Larry Williams won't work for you. I think that you've already learned more than 95% of the traders out there: you've learned that it's not about systems; it's not about analysis; it's about your own mind and how you use the way your own mind and your own psychology to your advantage: in other words, it's knowing yourself and believing in yourself. Discover what works for you and then discipline yourself to do that and just that.
You don't need a mentor; you're well on your way to being a mentor. Continue working on that self-introspection and self analysis; just don't go crazy with it; realize it's just part of the process.
Best wishes.....
(let me know when you write your first book) 
~Tim~
Eye Candy : Why Whimsy
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Thu Dec 29, 2011 8:45 am |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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PS, you might enjoy this lady's work:
http://www.tradingontarget.com/
~Tim~
Eye Candy : Why Whimsy
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Thu Dec 29, 2011 8:48 am |
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