Realistic Expectations (Part 1)
Posted by Mark on October 1, 2013 at 07:07 | Last modified: January 3, 2014 08:48What do I know? You must be the judge. I am now in my sixth year of trading for a living. Over that time, I am profitable net living expenses. In recent posts, I have dismissed much as the Holy Grail in sheep’s clothing and because of this, I feel it important to clarify my position on what I do believe is realistically possible to accomplish as a trader.
Let’s begin by reviewing the “trader’s wisdom” that was the subject of my last blog series:
> I think one of the most important things X teaches is trading the same market over and over and over again.
I do believe it is possible to trade one and only one market for a living.
> You get to the point where you don’t need any indicators.
I do believe I can trade for a living without indicators.
> You really understand how the market breathes.
I disagree. The time to be most cautious is when I think I understand how the market works because inevitably it will change direction and catch me with my pants down. If I ever start to believe this then I have become too arrogant.
> You get really comfortable [and really start to think] “okay, I know what I’m doing today.”
Do I know or was I just lucky? I’ll choose the latter and thank goodness each and every day that I’m still in the game.
I will finish the review in my next post.
Categories: Option Trading | Comments (2) | Permalink