aggiedaniel06 said:

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Trading is the exact same as gambling other than that in a casino when you place your bet, you do so accepting that the house has the edge, and in trading you do so believing that you have the edge.

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But you don't

Agreed, trading is like an expensive chess game.

$30,000 Millionaire said:

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Adding on to that, in my opinion, the #1 skill is identifying a loser and cutting it early.

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Blue parachute!!

Took me awhile to learn this, but it's saved me a lot

If you don't believe you have the edge, you won't be a successful trader. You have to go into every trade with the belief you have the edge, you will make money, and you will crush the person on the other side of the trade. If you don't have that mindset, you're destined to lose in trading.

"Golf is a game of inches. The most important are the six inches between your ears." - Arnold Palmer

Trading is the same. Your edge isn't the most important thing. It's mainly about getting a handle of your mind that is key.

Trading isn't about winning or losing. Being right or wrong. Almost everyone that loses money in the markets, does so not because their edge is poor, it's because they trade with emotion - Things like loss aversion bias, fomo bias.

That's the beauty of algo trading. It does during the trade, what I planned to do before I entered the trade, and not make emotional changes to the original plan.

And I get to sleep and still trade futures.

aggiedaniel06 said:

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That doesn't make sense.
In every trade, one party has the edge.
As trading is a zero sum game, the ones who have the edge more consistently than not, make money in the long run.

If you truly believe that one doesn't/cannot have an edge, why would you ever put any money into a trade?

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Jet Black,

Write this down on a post it note and put it on your bathroom mirror so you read it every morning.

aggiedaniel06 said:

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Aww shucks man! If I knew you were going to ask him to do that, I would've posted something better. Something like, "You is smart, you is kind, you is important."

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We've all seen your posts, soooooo we all would know you'd be f'ing with him.

Casino gambling is a risk where mathematically the odds are against you and you rarely have a legitimate edge, and if you do it's minimal.

Sports gambling is a risk where mathematically the odds are against you and you can have an edge (though most don't take the time or misinterpret their edge for a feeling).

Stock trading (at least non-options) is different than both because what is being "bet" on is something that, over time, has been shown will go up.



If you make a lot of money consistently for 12 months casino gambling, it's incredibly impressive.

If you make a lot of money consistently for 12 months sports gambling, it's fairly impressive.

If you make a lot of money consistently for 12 months in the stock market... It might be impressive, it might just be you got in at the beginning of a bull run.

aggiedaniel06 said:

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Well you know how it is - no one talks about their losers!

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I think all of mine were losers today. Tough week for Bob.

I lose every day but who the hell wants to hear about that?

I'm not gonna talk about how much my account got kicked this week. Let's just say that I didn't do a good job of managing the option plays. Or the stock plays.

Hell, I don't think I did anything right this week. Oh well. I will improve.

don't be so down guys. JPow or someone will come up with something over the weekend to juice the market for a healthy gap up.

Trigger's setup is still in play... he's nailed it so far. If we don't hold 3000 early next week we head here...

I'm definitely thinking Trigger is following this more appropriately than Walrus

aggiehunter3 said:

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If you really want to feel bad about yourself. Imagine if you bought FB $230 puts yesterday for $0.80 and sold them this morning at $1.84. Then you spent the rest of the day watching them go to $15. That's how my day went. I shorted the market a little bit early this week with higher premiums, but fortunately with the dump today I was able to recoup principal and end the week with a gain.

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Or you could have bought FB credit spreads which will likely be worthless...

IrishTxAggie said:

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I can beat all of y'all with some AMZN calls I left on the table a few months ago. But it was profits still. Can't dwell on a trade that could've been. It will **** with your psyche and you'll end up making stupid moves. You absolutely MUST have a short term memory when trading. Take your money and keep a runner.

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No you can't. I was in them too and dumped them that same day before they started the mountain climb. I saw you and psk talking about them and jumped on.

With the # of contracts I had, pretty sure I could win...

My theory is next week will be low volume and will go up to 3080 to 3130. The dump will be after the 4th of July.

aggiehunter3 said:

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If you really want to feel bad about yourself. Imagine if you bought FB $230 puts yesterday for $0.80 and sold them this morning at $1.84. Then you spent the rest of the day watching them go to $15. That's how my day went. I shorted the market a little bit early this week with higher premiums, but fortunately with the dump today I was able to recoup principal and end the week with a gain.

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Grabbed AMZN 2750C around 16 on Monday afternoon and sold on the opening candle Tuesday morning around 26, only to watch it run to 50 over the next hour and a half.

I sold the BJ calls the morning after earnings around $2 for a double, only to watch them climb to $7+ later that day. Pennies to you guys, but that one stung...

If you're not following this guy on Twitter you are missing fantastic charting information daily.

I'm not going to say he's an oracle but he puts out a lot of good detail.

May be time for me to start selling some call spreads

man, that dude is super bearish.

BenRev09 said:

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Pot meet kettle

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Ha. I guess I come across that way.