My point is your P&L will improve a lot if you avoid the 7 things I mentioned as detracting from trading, and focus on the 2 that help trading. At least that is what has happened with me in the last few months - give it a try and see if it works for you. I think the biggest benefit is just kicking the habit of time-wasting. "Killing time" is basically an admission that you have nothing useful to do. Whilst it may feel like that, it's not true - there's always something productive you can be doing. Yes I came back to post my findings, and I'm not someone with perfect willpower so I don't live up to my ideals 100%, but I've reduced my post/read frequency about 99% and intend to keep it that way. I am just convinced that everyone on here would benefit from cutting their posting/reading time by at least 90%. This isn't a knock on Baron, who seems a good chap and decent trader, and handles a lot of crap on here with a level head. ET is probably useful for total beginners, and there's some good stuff in the archive. But once you know the basics, you're better off focusing on your own trading and preparation, not gossip, politics & religion, stock picks from other people, market "news" etc. Like I said, give it a shot. If you find that following my advice has bad results, you can easily go back.
Invention of micro edges is by far my most important. Number 2 would be putting a sh*t load of real trades under my belt. Never once did 4,5 or 6 which is strange now that I think about it , trading non-stop for 5 years.
A) Elitetrader, at one point, was a great resource and I am glad I found it. Besides feedback and info on the NYC prop shops, there have been many useful threads on trading strategies & ideas, including an amazing thread on tapereading back in the day which good traders used to pass around among each other & also give to newbies. B) Elitetrader has allowed some members to make invaluable business connections. You would be surprised who visits, or at least used to visit these boards. C) Elitetrader is a great source of entertainment although in that aspect, it's become more quantity than quality. D) It is your fault & inability to control yourself that makes things like the internet a bad thing. You can make good out of it or bad, all up to you. E) Using gnome as an example is laughable, since he is a miserable loser who used Elitetrader as a source to bitch about the "Gummint", while refusing to educate himself about the matter or do anything about it. And his superb status as a super trader is quite suspect, to say the least.
Ghost of Cutten, Thanks a lot for sharing your tips. I quit TV a couple of years ago and found it's helpful to reduce wasted time. I still have my cable around since I have to adjust my position in the night when I back from work. Glad to know many guys here and I am really looking for learn from good traders here...
Everything serves its purpose. If you find it useful, then it is useful to you. If it is not, then it is not.
I find ET useful. War stories serve to help console one's soul after a bad day and to set realistic goals for one's own performance. I find really helpful tidbits occaisionally. The process is like panning for gold. You have to shift through a lot of dirt and rubble to get to those few gleaming nuggets. Some people like to teach and mentor others for their own satisfaction. There are a few of kind of traders that get a kick out of helping other traders on ET along with the flamers, losers, hucksters, and people like me who are still wandering around in the dark. Long live ET
Jesse Livermore wants stay away from the market atmosphere: "On October 5, 1923, in order to practice his new techniques and theories, Livermore moved his offices uptown, from 111 Broadway to 730 Fifth Avenue, the Heckscher Building. He designed the offices very carefully. He wanted to be away from the Wall Street atmosphere, out of earshot of any tips. He also wanted to gain more secrecy in his operations and more security, so that no one would know his trades." Victor Niederhoffer maintains a âno shoesâ rule in his trading office, for better concentration and...: "Trading is one business where what people think of you is unimportant. If you do what everyone else does, you are a born loser. Financial markets are like a racetrack â beautiful fields and expensive buildings are paid for by average Joes who are net losers. Going without shoes reminds us that we are â we have to be â different. Also, it is more comfortable."