Super constructive conversation in CML Community.
I won't share others' private stuff, but I had a response that will likely give you the flavor.
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1/n
I won't share others' private stuff, but I had a response that will likely give you the flavor.
...
1/n
In the trading business they say you have to blow out three times to really make a career.
It's just a saying, but the point is, you never really turn into an investor or a trader until you ...
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It's just a saying, but the point is, you never really turn into an investor or a trader until you ...
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... see a drawdown, panic about it, make mistakes with it, blame somebody else for it (like market makers or short sellers or whatever) and finally, just don't care about it.
It has to become numb for proper behavior on the upside and the downside.
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It has to become numb for proper behavior on the upside and the downside.
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I just don't know how to say that in any clever way so I call it perspective, but that's what I mean.
Same happened to me when I was a kid. I was from a tough area and got my ass beat a lot.
I was so scared for so many ears, but something flipped.
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Same happened to me when I was a kid. I was from a tough area and got my ass beat a lot.
I was so scared for so many ears, but something flipped.
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Some dude said show me you pockets and I had $0.50.
He said "what's that for?"
"it's bus money."
"I don't care about your bus money give it to me."
I usually buckled by then, but this one time, I just looked at him and said, if you want it, come and get it.
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/5
He said "what's that for?"
"it's bus money."
"I don't care about your bus money give it to me."
I usually buckled by then, but this one time, I just looked at him and said, if you want it, come and get it.
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This isn't a Hollywood story, so I'm afraid to say he definitely got it, but I went swinging so hard that no one touched me after.
And I wasn't scared anymore.
Trading and investing are similar.
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And I wasn't scared anymore.
Trading and investing are similar.
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Somehow you can't hear it. You just have to experience it.
And then it doesn't hurt anymore.
I still get angry at bad trades and make mistakes, ofc I do.
I was hit very hard w the tech dump. How could I not be?
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And then it doesn't hurt anymore.
I still get angry at bad trades and make mistakes, ofc I do.
I was hit very hard w the tech dump. How could I not be?
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But it just didn't hurt. I knew I would make it back, and eh, so for a while I wouldn't.
I learned my perspective on the trading floor as a market maker (options - NYSE ARCA and CBOE).
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I learned my perspective on the trading floor as a market maker (options - NYSE ARCA and CBOE).
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And, oddly, today, I can't even remember how it used to feel to be emotional about losses.
I know I was many years ago, but I can't even feel the old feeling anymore.
It's easier in the stock market bc of some simple realities.
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I know I was many years ago, but I can't even feel the old feeling anymore.
It's easier in the stock market bc of some simple realities.
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Since 1942, the market has been up about 4/5 years, and the up years (19% return) are larger than the down years (-12%).
So, we have this thing, this apparatus, this market, and it goes up 80% of the time and the up years are larger than the down years too.
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So, we have this thing, this apparatus, this market, and it goes up 80% of the time and the up years are larger than the down years too.
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I dunno. It's hard to get too worried.
And yes, I was in the business, as in licensed, in 1998.
I saw the shit.
I ate the shit.
Many times.
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And yes, I was in the business, as in licensed, in 1998.
I saw the shit.
I ate the shit.
Many times.
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/11
But when it's all said and done, this thing makes money.
Not all the time and not for all investments, but...
... when it's all said and done, this thing makes money.
I call it perspective, but you can call it whatever you want to call it.
Have a great night, friends.
Not all the time and not for all investments, but...
... when it's all said and done, this thing makes money.
I call it perspective, but you can call it whatever you want to call it.
Have a great night, friends.
And to be clear, I am *not* licensed anymore. I let it lapse 20 years ago.
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