Persistence and effort will overcome a shortage of talent but talent will not overcome laziness and a bad attitude.
When I was in Chicago, taking a class on how to be a pit trader (1997), Mickey Hoffman used to tell us to do a trade, make a tick, do a trade and scratch, do a trade and lose a tick. Just get in and get out. Get in, get out. I still do that when I'm cold or can't get out of my own way. It was easier in eminis than forex. I used to put a limit order one tick below the market, and as soon as I got filled, offer it a tick higher.
Good talk on Failure by Futures Trader 71, 11-1-2017 around 14 mins into his morning briefing. It's on YouTube.
%% Good points. Game bird hunts @ 55+ miles per hour could help sharpen execution, but not likely to help in trading. Even Blair Hull joked about being ''slowest market maker on the floor'' Mature deer never freeze in my headlights; especially when i HONK my horn......
Hotkeys can speed up order placement. As for improving reaction time, for me, that came from repetition. When a position blows up and I choose to defend, I know how what I'm going to do and how to methodically do it (rolling, hedging), eg. the game plan. It doesn't mean that I will succeed but it gives me a fighting chance achieve break even with some luck (or underlying cooperation) or at least cut the magnitude of the loss. Yes, the event involves a burst of adrenaline but that's because it's a challenged position. It's more like caffeine, not panic. The repetition has enabled me to react without fear and avoid those "deer in the headlights" moments. The reality is, sh*t happens in investing and trading. Get used to it and learn how to deal with it or find a hobby :->)
%% Sounds like a good habit/plan/class, for the pit, with cheap commissions. I remember his name from a book.....[35 years,CME + UT ,University of Trading]Plus the 10 years [found out today] of elementary education .....LOL I dont live/work in Chicago; but i see he still does twitter
How is Mark Douglas' advice useless ? I've found it tremendously helpful. Objectively identity your edge Predefine your risk on every trade Except the risk, or pass up the trade Act on your edge without hesitation or reservation Pay yourself as the market makes money available to you Monitor your susceptibility for making mistakes All good advice regarding trading IMO.
%% Great delayed quotes,T447, but without getting into all the PE errors.......WSJ makes.....LOL Most of which i dont find helpful, but @ least they dont do much pscho-babble. NO offense.WSJ has some good data sometimes + takeover info.Prefer IBD,+ marks on charts makes much more sense. I have some old WSJ......