Yes, every beginning trader's curriculum includes the required course... BlowOut 101... somewhere on ET there a course outline and a store where noobs can buy the requisite and necessary puke bucket... its a great game... <img src="http://www.enflow.com/p.gif">
Something to ponder from what we drill into the heads of our newer people. Although I appreciate the Rugby example, for Rugby, quite the opposite is true in the case of the markets, IMO. When I first started on the trading floor, I too wanted to "beat" the other guys, show them that I am as tough or as good as they were....didn't work too well, LOL. After a while, I thought "hey, maybe if I try to follow the lead of the best traders in the pit, or even the very best exisiting trader, I could do much better." Well, that's what I did, and it worked so much better. We teach to trade "with" the real experienced traders (MM's, Specialists, CME guys (for direction), etc.). Trade "with" the market, don't try to "beat" the market, simply because no one will ever really "beat" the markets. Extracting money, earning a good living, is not "beating" anything or anyone, it's simply understanding how market mechanics work, and being an active participant. When all is said and done, all we as traders can do is to provide liquidity to others, and seek out and correct disparities. Trading is simple, trading psychology is not. But first you need to know "what" to do, and "how" to do it. Sounds trite, but reverberates throughout the industry. Gambling is simple too, winning is not....you have to read books, practice card counting, not just dive right in to the wrong game(s). Learn as much as you can about what longer term professionals are doing, and do your best to replicate their techniques and strategies...but be sure that you're attempting something that fits your personality as well, not just theirs. A serious, calculating guy shouldn't try to "ride the wave" of an intuitive trader, and vice-versa. And don't over-complicate trading, it's not complicated. Again, FWIW... Don
Hello Don, Oddly enough my old rugby days taught me a great deal and I carried through into my business life and now into my trading. Firstly, both are about the achievement of goals, be it winning a competition or making money on a consistent basis. Both are about rising above pain and frustration and both involve practice, practice, practice Never ever take your eye off the ball. Do not be sucked into standing wide waiting for the spectacular intercept. When it comes off it certainly looks great, but if you are sucked in you will almost certainly concede a converted try. ie wide stops and silly expectations. Chip and chase. Chip and chase. This is the equal of tight stops. I could go on and on, but there is one great difference and that is rugby involves 15 guys playing as one. In this respect, trading has many more parallels in tennis and golf. One thing that all sports people understand is that you just cannot win them all and when things are not necessarily going your way, you regroup mentally, cast aside the last mess and your next shot is played from the calmness of your mind other wise you are dog tucker. That is the heart of the similarity between sport and trading. Also, I am very pleased to see that you found no reason to doubt that rugby is probably man´s finest creation. I like that very much. regards f9
Excellent Commentary .............................................................................................. Don Bright wrote.... We teach to trade "with" the real experienced traders (MM's, Specialists, CME guys (for direction), etc.). Trade "with" the market, don't try to "beat" the market, simply because no one will ever really "beat" the markets. Extracting money, earning a good living, is not "beating" anything or anyone, it's simply understanding how market mechanics work, and being an active participant. When all is said and done, all we as traders can do is to provide liquidity to others, and seek out and correct disparities. ............................................................................................... One can ask for what the market delivers...but should not hope or ask ...for what it cannot...or what is not....market normal...as the odds will stack against you if you do...
I prefer bowling over Rugby, LOL. More my speed, LOL. Hey, I would like to submit a portion of your Rugby parallel with my answer to my magazine (I never know whether or not they will print it, just your alias of course), ok with you? Don