NexusFi: Find Your Edge


Home Menu

 





Profit Guilt


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one dark pool with 13 posts (5 thanks)
    2. looks_two JerseyJim with 12 posts (1 thanks)
    3. looks_3 tigertrader with 6 posts (17 thanks)
    4. looks_4 tturner86 with 6 posts (7 thanks)
      Best Posters
    1. looks_one artemiso with 5 thanks per post
    2. looks_two Big Mike with 3 thanks per post
    3. looks_3 tigertrader with 2.8 thanks per post
    4. looks_4 josh with 2.4 thanks per post
    1. trending_up 15,134 views
    2. thumb_up 98 thanks given
    3. group 17 followers
    1. forum 68 posts
    2. attach_file 0 attachments




 
Search this Thread

Profit Guilt

  #41 (permalink)
 dark pool 
detroit+mi/usa
 
Posts: 18 since Mar 2015


josh View Post
I think you probably rub others the wrong way a little bit, because you sound a little bit smug and have a bit of a naive view of certain things. No disrespect from me though, best of luck to you.

Thanks. I believe having a holistic, empirically derived INDIVIDUAL world view is absolutely necessary to being able to make rational decisions. Everyone has a reality, and they would like to believe that reality is THE reality-and when things come up that don't match up with that reality, the emotions start. That's why I look at everything from an intent standpoint. What does this person stand to gain from making this statement, what is he/she communicating about their emotional mental state. I believe this is all translated into market behavior, and that it is reflected in our instruments.

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
NexusFi Journal Challenge - April 2024
Feedback and Announcements
Futures True Range Report
The Elite Circle
ZombieSqueeze
Platforms and Indicators
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
36 thanks
NexusFi site changelog and issues/problem reporting
25 thanks
GFIs1 1 DAX trade per day journal
19 thanks
The Program
18 thanks
  #42 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,398 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,537

That guy was clearly here only to troll, and is now banned.

Sent from my phone

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #43 (permalink)
JerseyJim
Philadelphia, PA
 
Posts: 19 since Mar 2015
Thanks Given: 8
Thanks Received: 34



Big Mike View Post
That guy was clearly here only to troll, and is now banned.

Sent from my phone

Yeah, sorry to feed him. Really thought I was trying to help him til the last post.

Reply With Quote
  #44 (permalink)
 
josh's Avatar
 josh 
Georgia, US
Legendary Market Wizard
 
Experience: None
Platform: SC
Broker: Denali+Rithmic
Trading: ES, NQ, YM
Posts: 6,216 since Jan 2011
Thanks Given: 6,752
Thanks Received: 18,136


JerseyJim View Post
Not true. In my own trading I am the ultimate rule maker with total control. Trading begins and ends with me. If the game changes and I don't have an edge anymore I don't play. I find someplace where I do have an edge (or my previous edge will perform) and trade there.

"The house" is always open for business. It doesn't have to find new places to do business. It has no human emotions to interfere with probabilities. It puts money at risk with a guarantee of a positive return, given a sufficient time horizon and proper capitalization. It designs the game, and sets the edge it holds in each game.

You may, as you said, have to suspend business if your edge is not present. You have human emotions that interfere with your edge. You have no guarantee of a positive expectancy, because, while you can choose which game to play and how much to risk, you do not define or control the game, and thus your edge is variable.

You have total control over yourself, but you have zero control over the game. You are not "the house."

Reply With Quote
Thanked by:
  #45 (permalink)
 
tigertrader's Avatar
 tigertrader 
Philly, Pa
Legendary Market Wizard
 
Experience: Master
Platform: NinjaTrader
Trading: ES, ZB
Posts: 6,482 since Jul 2010
Thanks Given: 6,662
Thanks Received: 36,257


Big Mike View Post
That guy was clearly here only to troll, and is now banned.

Sent from my phone

op's moniker was an obvoious misnomer; should have been "dark stool"!

Follow me on Twitter Reply With Quote
  #46 (permalink)
JerseyJim
Philadelphia, PA
 
Posts: 19 since Mar 2015
Thanks Given: 8
Thanks Received: 34


josh View Post
"The house" is always open for business. It doesn't have to find new places to do business. It has no human emotions to interfere with probabilities. It puts money at risk with a guarantee of a positive return, given a sufficient time horizon and proper capitalization. It designs the game, and sets the edge it holds in each game.

You may, as you said, have to suspend business if your edge is not present. You have human emotions that interfere with your edge. You have no guarantee of a positive expectancy, because, while you can choose which game to play and how much to risk, you do not define or control the game, and thus your edge is variable.

You have total control over yourself, but you have zero control over the game. You are not "the house."

Again, untrue. In the past 10 years I have never been closed. Yes the possibility is there but it is also there for any other "house". Would you like a list of casinos that have permanently closed their doors? Casinos do close due to being unprofitable. BTW they also have human emotions in the form of the people that own and are employed by them. Their probabilities are not completely guaranteed... that's why they spend so much money on security. They also don't get to completely control their game... they have state and federal regulators that can change the rules at any time. There are variables in every business including the gaming industry.

I design my game(s) and have just as much of a guarantee of positive expectancy as any casino does as long as I'm playing. In fact, the longer I play the game the closer I get to those values (just like the house). Every part of my "game" is researched and systematized, including my risk. I can tell you exactly how much I expect to make (on average) for every trade placed. Over the past 8 years these numbers have been eerily correct.

I don't expect you to agree with me because for whatever reason you have your own beliefs about this, but I hope you can see that my analogy of being the house is a lot closer to truth than not.

I am the house.

Reply With Quote
  #47 (permalink)
emini2000
Atlanta GA USA
 
Posts: 285 since Aug 2013
Thanks Given: 70
Thanks Received: 271


Big Mike View Post
That guy was clearly here only to troll, and is now banned.

Seriously. Profit guilt? Now I've heard everything.

Reply With Quote
Thanked by:
  #48 (permalink)
 
Anagami's Avatar
 Anagami 
Cancun, Mexico
Legendary Market Hustler
 
Experience: Advanced
Trading: MES
Posts: 978 since Dec 2010
Thanks Given: 707
Thanks Received: 2,300


Zxeses View Post
Fair and moral have absolutely no connection. "fair" implies justice. Moral has nothing to do with justice or fairness. Moral is based on Love and is what is best for people, and many times justice and fairness have nothing to do with that. Just because the two co-incite with each-other often enough does not equate equality nor parity.

This may sound like a semantic argument, but definition here is important, there is no morality in capitalism, no matter how fair or just it is.

Trading is nothing more then one mans wisdom against another, regardless of what is exchanged -- money, wives, camels or gold...

LMAO Morality is most definitely NOT based on love. Ethics is a matter of utility (the Utilitarian theory i.e. John Stuart Mill) or respect for reflexive rationality (i.e. Kant's deontology), or simply a matter of functional virtue (i.e. Aristotle and the Greeks).

Stop embarrassing yourself.

You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Reply With Quote
  #49 (permalink)
 
tigertrader's Avatar
 tigertrader 
Philly, Pa
Legendary Market Wizard
 
Experience: Master
Platform: NinjaTrader
Trading: ES, ZB
Posts: 6,482 since Jul 2010
Thanks Given: 6,662
Thanks Received: 36,257


JerseyJim View Post
Again, untrue. In the past 10 years I have never been closed. Yes the possibility is there but it is also there for any other "house". Would you like a list of casinos that have permanently closed their doors? Casinos do close due to being unprofitable. BTW they also have human emotions in the form of the people that own and are employed by them. Their probabilities are not completely guaranteed... that's why they spend so much money on security. They also don't get to completely control their game... they have state and federal regulators that can change the rules at any time. There are variables in every business including the gaming industry.

I design my game(s) and have just as much of a guarantee of positive expectancy as any casino does as long as I'm playing. In fact, the longer I play the game the closer I get to those values (just like the house). Every part of my "game" is researched and systematized, including my risk. I can tell you exactly how much I expect to make (on average) for every trade placed. Over the past 8 years these numbers have been eerily correct.

I don't expect you to agree with me because for whatever reason you have your own beliefs about this, but I hope you can see that my analogy of being the house is a lot closer to truth than not.

I am the house.

one of the most specious arguments, i have ever read; although i do like your subs. just because you claim to be a player that has built positive expectation into his game, doesn't make you the house. and, it certainly doesn't mean that you possess an edge, certainly not in the literal sense. all it means is that unlike the majority of other traders, (who are their own worst enemy) you have developed a reason based approach to trading that is not driven by emotion and bias. that certainly does not qualify you to claim to be the house. you are just a player who is a willing winner, who occasionally loses. the minute you think you think you have an edge over the market, or you are even on a level playing field with market, the closer you are to ruin. eight years is a drop in the bucket in the life of a trader, especially ones who does not recognize that humility is the most powerful currency to prevent the house from collecting a larger toll than you should pay. the market will eventually evolve from it's current state to another vastly different form, and it is you, the player, who will have to adjust. the market is the house.

Follow me on Twitter Reply With Quote
Thanked by:
  #50 (permalink)
 
Zxeses's Avatar
 Zxeses 
San Francisco CA
 
Experience: Intermediate
Platform: Ninja
Broker: CQG
Trading: ES
Posts: 139 since Jun 2014
Thanks Given: 90
Thanks Received: 172



Anagami View Post
LMAO Morality is most definitely NOT based on love. Ethics is a matter of utility (the Utilitarian theory i.e. John Stuart Mill) or respect for reflexive rationality (i.e. Kant's deontology), or simply a matter of functional virtue (i.e. Aristotle and the Greeks).

Stop embarrassing yourself.

Ack! You spit out Athiesm as if it were fact, that perverts like Aristotle even know what love is, much less the origin of morality. This is clearly off topic, so my only direct reply to your insult is... I love you.

Visit my NexusFi Trade Journal Reply With Quote




Last Updated on March 31, 2015


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts