Things here are sure boring since Hitman got BANNED! Yeah, I said it. So ban me too, ya bastards. G'head.
Damn Hitman for having the audacity to mention his employer without paying the 5 grand a month (it's a big secret) or so extortion fee. I mean, the <i>nerve</i> of some people! Him not paying Baron that money was hurting everyone .
lol, saved me the typing. This site is great because we can learn from people who are further along in a particular our vien or involved in an aspect of the game foriegn to us, not it's soap opera value. All imo of course. darkhorse Senior Member Registered: Feb 2002 Posts: 230 04-26-02 08:12 PM The way I see it there are two types of high quality entries, significantly different from each other: a) high probability entries. i.e. if i get in here reward to risk is decent and odds are very good that i will cash out with a profit. b) high reward to risk entries. i.e. if i get in here odds of success are 50/50 or maybe even less, BUT if I am right I cash in a big multiple of what I am risk. Both entry types are valid and both can make a trader money, but psychology and method tend to dictate whether a or b is better, and it's a personal choice/preferential thing....and then of course there is the middle ground where you try and get elements of both. Normally you get killed playing the middle just as you would standing in the middle of the freeway, but the way I look at it, it's a happy place to be. My methodology is crafted so that I can take five or six shots a day and don't have to be bored to death like positional traders do, but I also use the advantage of overnights, hedging longs vs shorts, and holding on to cream of the crop trades for longer runs, so that I don't have to get burned out like daytraders do. Take what ya like, mix it together and tweak it until you find that "sweet spot" where you are happy, comfortable and making money on balance. I think a lot of problems come when the method and the personality are in conflict. With so many ways to shake the money tree, why not find the one that fits your personality best...my perfectionism annoys me at times, but without it I wouldn't have gotten to where I am. Maybe whenever I feel like whining I should just smoke a j instead... An example of something worth thinking about from our own very exitable Dark centaur
Dearest Brother Pussy, Our dearly beloved Brother Hitman may no longer be with us, but we must appreciate that he brought to our attention a few things a) The Princess Phenomenon: Lesson: It is vital to to become emotionally detached when trading. He has some work to do here, but so do we all. b) Risk control: Lesson: Control the downside and the upside will take care of itself. This is why Hitman will survive, he has a good risk attitude. c) Valuable insight: A compelling and enjoyable insight into the inner workings of a trading firm. With my fraternal love in all its sincerity, Candle
I agree. I never really read his journal; but he spiked up a lot of interesting arguments that I found amusing.
Stockjobber, I check out Hitman's daily journal updates on his website frequently as I've always enjoyed seeing his progress as a trader. I notice that you post there practically on a daily basis, so with any luck you're really not too booooooooored....