Money is the way we keep score in this game, and the only real reason for the game. While money may not be the only measure of a good trader, it is impossible for a trader to make the claim he is good without having achieved the monetary trading results to back it up. He's as much a trader as anyone else on here, he has just happened to write a book, and is hopes to make some money off of it. Nothing wrong with it. This is America......the land of opportunity. If you don't think you'll gain anything of value, then by all means, don't buy the book. I think that any aspiring trader can probably glean something of value by learning his story. When I started trading, what was of incredible value to me, was the two guys who stood up for 15 minutes and told their story about how they make money trading, real world, real dollars, and their approach to the market. It was incredibly valuable, and did two important things. Demonstrated that money could be made, and provided an overview of their trading approach which provided the framework with which to research and construct my own approach to trading the markets.
EVERY traders ticking time bomb is their psychological development. I don't care if you are a brand new trader or a person that has a 500 million dollar hedge fund, if you have not yet properly developed ALL aspects of your psychology it is just a matter of time. Eventually, you will have some actions or activities that WILL result in an improperly managed trading event...all as a result of inadequate psychological development (self sabotage, limiting beliefs, neglected understanding of emotional attachments to money, trading operations while psychologically "adrift", etc). Without proper psychology of INTENT...it is just a matter of time.
Yes and that's why I say my losses have helped me because they have furthered my psychological development exponentially. I hope these losses, once detailed in a brutally honest fashion, can help advance other traders too
Tim, since completing the book does your Funds losing long position in Cygnus E Transactions (CYGT) still account for your poor performance? (Don't refer us to your book; need to know about why you still lose money AFTER book completion) Seems like the bleeding from that one very bad trade should be over now?
Very true! Excellent post pointing out what so many do not pay attention to in their own trading. When a trader starts thinking "they" already have it all figured out..........watch out! :eek:
Here is a link showing CYGT.PK price graph. Its getting down to about 0.03 - 0.06 range. http://investing.businessweek.com/research/stocks/charts/charts.asp?symbol=CYGT.PK