I've got half a dozen books I paid good money for that had less useful info. I loved the basketball analogy and the phrase "innately ruinous impulses."
Extremely well written article! It resonates with my own thoughts very well! Congratulations! I will be reading now your articles! Sign me up! Cheers
Nice article. Regarding "under-trading" for larger accounts, I'd just add that on occasion it does make sense to bet large and take a big risk if you have a really good setup with high likely return and high probability of success. You usually can't have a 50-100% year by taking no greater than 1-2% risks. Rather, the 1-2% trades might get you a 10-30% year, and 1 or 2 home runs on size can bump it up to a great return.
Pabst, that's an excellent article with a lot of great points. The only I disagree with is on specialization of markets vs. trading a vast array and here's why. Each market has it's own personality. Going from say ZN to the DAX is comparing a snail to a race car. Now granted I am picking extremes but you get the point. In order to do what your suggesting you would have to, IMO, have sufficient experience trading all that would be your basket to switch mindsets otherwise a trader could easily misinterpret order flow going from a faster product to a slower product. A very good article indeed. Dan
I agree, to further ellaborate on Restricted's post I would add: That cocksucker of an article was spot on. Good job Pabst, you sly Son of a bitch
I have just read it again. Did you have a microphone of some sort secretly installed in my office? Gees man, brilliant!