The only technical aspect that was a bit confusing was it appears he picks bottoms and tops which went against his going with the trend mantra..
%% Good post on profit; glad i did not read your post 7.77 years ago. I know now= i'll never be a professional football pro Trading can be brutal, more brutal than a charging bear, or a mad TX longhorn. Pro investor may help some; small game + big game hunting can help. If one runs out of bullets try to do that early or on small game/gamebirds. Bottom line UK fund manager warned Jack Schawger, dont run out of bullets or the then the elephant comes by. My comments dont apply to penny stocks or cr*p markets; partial disclosure, i did get some free horse cr*p, years ago. But that was free volume from a neighbor, not a commercial market then
He is a mediocre technician. His strength is cutting losses and running winners and taking his signals without hesitation. I am not a fan of his trade plan but he can trade. And he well articulates in the book the challenge of overcoming natural instincts and doing the difficult.
You need a roadmap. You need to know how to perform. You need crystal clear buy and sell rules. Why ? Where ? When ? What ? How much ? You need to know what underlying to trade, Because it provides favorable opportunities You need to know what strategy to trade, Because it captures mispriced risk returns You need to know how to manage the trade, Because new information updates the value Psychology is only one source of errors, But you need to impede and correct any deviation from perfect play. It takes time + effort to adjust but that’s what it takes. That’s what a professional is. He try his best to play flawlessly a winning plan. If he makes a mistake then he try to minimize its consequences. She / He has the right goals, strategies and tactics in mind depending on the situation + he played them many times in virtually all possible conditions. Once you’ve managed to land a plane a thousand times EFFORTLESSLY then we might call you a professional.
Thanks. I’d just add … Try to do more of your best trades and less of your worst ones. Needs to review those and find commonalities.
Most people, even on ET, never become profitable. Try to develop a personal relationship with someone who is doing what you would like to do and find a way to add value to their life, or at least see if they will have honest chats with you. Avoid gurus-for-hire as they are mostly hustlers.