Going for the gold

[Ulysses]

[ QUOTE ]
I'm glad to see I get such a great reception here. I'm basically the only one on this forum who works professionally as a trader. I'm also pretty much the only one who plays poker at higher stakes. Every time I post something people call me a liar. Good luck, you guys are going to need it.

[/ QUOTE ]

Paluka, instead of ripping on guys like this who have shown a proven track record of both poker and trading success, maybe you should ask some questions and try to learn something? Yes, there are maybe players who make more than him in the short term, but these guy has proven results over 100,000 hands. After you've played longer, you'll understand the significance of that.

As for your being a professional trader, well, I doubt it. If you were, you would be thanking this guy for helping you out with your job by providing some insight into his strategies.

Try to stop being so jealous and listen to him and maybe you'll actually start making some real money like this guy.

[Ulysses]

[ QUOTE ]
the ceo is pulling the ole act strong when weak move. Obviously if a guy wanted to buy 4 million shares at the cheapest price possible, he wouldn't announce he was going to buy them, he would just do it! SO I knew the article was a bluff and didn't buy in and sure enough the stock has been on a consistent fall and not one purchase has been made by the ceo.

[/ QUOTE ]

I read about this tactic on a trading board. One of the guys said he saw that and bought the stock short and made a lot of money, but I'm not sure what that means. Doesn't really make sense since the stock went down really bad. How could he make money buying that stock? Well, maybe he means "shortly after it went down" and then it came back up again after he bought it? A lot of times I read stuff like this and just KNOW the company is bluffing and KNOW the stock will go down. Too bad there's no way to make money on stocks going down! Wouldn't that be awesome, lol? If there were, I would be rich!

[Dan Mezick]

Hi,

Hey. Those 25K "pattern-trader rules" are a built-in structure, designed to protect you from yourself.

You might ask 6 people over the age of 50 that you really respect, what they might think of your overall plans.

Why not spend $400 to $500 acquiring every decent trading text ever written, and spend 1 year reading all of them?

Read about how millions of others have failed.

It seems you are busy arranging a very big 'forced awareness' experience for yourself.

Maybe you will read the books of Mark Douglas to learn more.

The chosen words and tone in your post seem to spell "total disaster".

Maybe take the self-assess test at www.traderscalm.com and see for yourself.


[ QUOTE ]


Now, when a trader doesnt understand market behavior well enough to know what he is going to do and under what market conditions he is going to do it-

-and, at the same time, he is very attracted to the action and opportunities he knows exists and if he is also impatient with the learning process-

--his impatience and attraction will make him feel compelled to do something, even if he doesnt know what to he should do. How do you think the typical trader will resolve this dilemma?


He will play follow the leader, rationalizing that everybody else is doing something and furthermore, all these people can't be as afraid and unknowing as himself, so they must know what they are doing, or at least know more than him.

--Mark Douglas, THE DISCIPLINED TRADER, page 50



[/ QUOTE ]

[wickedgoodtrader]

Shorting a stock means your betting the stock will go down and you make money when it does. So you should be rich.

[wickedgoodtrader]

[ QUOTE ]
Hi,

Hey. Those 25K "pattern-trader rules" are a built-in structure, designed to protect you from yourself.

You might ask 6 people over the age of 50 that you really respect, what they might think of your overall plans.

Why not spend $400 to $500 acquiring every decent trading text ever written, and spend 1 year reading all of them?

Read about how millions of others have failed.

It seems you are busy arranging a very big 'forced awareness' experience for yourself.

Maybe you will read the books of Mark Douglas to learn more.

The chosen words and tone in your post seem to spell "total disaster".

Maybe take the self-assess test at www.traderscalm.com and see for yourself.


[ QUOTE ]


Now, when a trader doesnt understand market behavior well enough to know what he is going to do and under what market conditions he is going to do it-

-and, at the same time, he is very attracted to the action and opportunities he knows exists and if he is also impatient with the learning process-

--his impatience and attraction will make him feel compelled to do something, even if he doesnt know what to he should do. How do you think the typical trader will resolve this dilemma?


He will play follow the leader, rationalizing that everybody else is doing something and furthermore, all these people can't be as afraid and unknowing as himself, so they must know what they are doing, or at least know more than him.

--Mark Douglas, THE DISCIPLINED TRADER, page 50



[/ QUOTE ]

[/ QUOTE ]

Nice post. I have 2 people over 50.. my parents.. and they hate the idea. Then again they hated the idea of me quiting college to do my lawn business full time and that has worked out really well for me. I feel like I am a born entrepreneur and im going to do what an entrepreneur does, take on risk to reap great rewards. Just faxed in the required info for my loan a few minutes ago.. the gold is getting closer!

Also.. the ameritrade guy also told me the same thing about the 25k rule being there to protect myself. Just because a buncha idiots lost there houses in the 90's daytrading doesn't mean they should need to make a law to try and protect the idiots. I think this is complete BS. Who in the hell has the right to do that. Why don't they have a cut-off loss at casinos. I'm sure more people have lost their homes in the casinos. I think there is an ulterior motive for putting that 25k lock on.

[jdock99]

Let me get this correct. You are a successful professional 15-30 HE player who runs a successful (summer) lawn mowing business and have already made a few quick grand day trading small time and you still need to take out a loan to come up with $25,000. I find it hard to believe that a 23 year old has the type of living expenses that after playing 15-30 HE sucessfully for 4 years and running a successfull business he needs to take out a loan for a $25,000 investment. The fact that you do not have the capital already suggests that you are not as successful in your current endeavors as you think you are and maybe should not be as confident jumping into a new one.

[Your Mom]

[ QUOTE ]
[ QUOTE ]
Hi,

Hey. Those 25K "pattern-trader rules" are a built-in structure, designed to protect you from yourself.

You might ask 6 people over the age of 50 that you really respect, what they might think of your overall plans.

Why not spend $400 to $500 acquiring every decent trading text ever written, and spend 1 year reading all of them?

Read about how millions of others have failed.

It seems you are busy arranging a very big 'forced awareness' experience for yourself.

Maybe you will read the books of Mark Douglas to learn more.

The chosen words and tone in your post seem to spell "total disaster".

Maybe take the self-assess test at www.traderscalm.com and see for yourself.


[ QUOTE ]


Now, when a trader doesnt understand market behavior well enough to know what he is going to do and under what market conditions he is going to do it-

-and, at the same time, he is very attracted to the action and opportunities he knows exists and if he is also impatient with the learning process-

--his impatience and attraction will make him feel compelled to do something, even if he doesnt know what to he should do. How do you think the typical trader will resolve this dilemma?


He will play follow the leader, rationalizing that everybody else is doing something and furthermore, all these people can't be as afraid and unknowing as himself, so they must know what they are doing, or at least know more than him.

--Mark Douglas, THE DISCIPLINED TRADER, page 50



[/ QUOTE ]

[/ QUOTE ]

Nice post. I have 2 people over 50.. my parents.. and they hate the idea. Then again they hated the idea of me quiting college to do my lawn business full time and that has worked out really well for me. I feel like I am a born entrepreneur and im going to do what an entrepreneur does, take on risk to reap great rewards. Just faxed in the required info for my loan a few minutes ago.. the gold is getting closer!

Also.. the ameritrade guy also told me the same thing about the 25k rule being there to protect myself. Just because a buncha idiots lost there houses in the 90's daytrading doesn't mean they should need to make a law to try and protect the idiots. I think this is complete BS. Who in the hell has the right to do that. Why don't they have a cut-off loss at casinos. I'm sure more people have lost their homes in the casinos. I think there is an ulterior motive for putting that 25k lock on.

[/ QUOTE ]

As one of the Ameritrade "guys," why should we have to loan you anything? Regular margin buying power gives you 2x your SRO, while day trading buying power gives you 4x your SRO. This is quite a bit more risk. Ameritrade has a legal duty to protect its clients. Realize that we have given someone margin and then they have defaulted on the loan, taken us to arbitration, argued we shouldn't have extended credit, and won.

[ilya]

[ QUOTE ]
Shorting a stock means your betting the stock will go down and you make money when it does. So you should be rich.

[/ QUOTE ]

You're missing the point.

[ilya]

Superb.

[schroedy]

Dan:

You are as ever the voice of reason in the desert of insanity that is this forum.

I loved your post about what it takes to succeed in poker.

I wish this guy all the best as a poker player and as a trader, but I fear he is in phase one of at least one of his endeavors.

Schroedy's theorem: "Until you have lost all your money at least once (in poker and in trading), it is impossible to obtain the humility that you need to succeed permanently."