Thank you for sharing this. I am adding them on my list of wisdom bucket. I like this passage the most. âAll good is hard. All evil is easy. Dying, losing, cheating, and mediocrity is easy. Stay away from easy.â - Scott Alexander Thanks again.
ET doesn't deserve your participation here, but it's long needed it all the same! I can confidently speak for the vast majority here in saying that we all want you to succeed, consistently, and live well. You're a source of deep trading wisdom and many people here would benefit from simply watching what you do.
"Practice proper position size, account protection and safe exits until theyâre as instinctive as looking both ways before crossing the street. The one time you believe you donât need leverage constraints, or a protective stop, or an exit plan because a setup is just way too good may turn out to be the time you needed it more than ever." "When I was first leaning how to maneuver a boat near a dock, my instructor/teacher said, "only approach a dock at the speed you are willing to, run into it at!" Thank you both for these. Recently, when some of my trading buddies (and my wife) ask how my trading is going, I reply with "I'm doing so good that I'm afraid I might be getting a bit overconfident. It's just too easy right now." Looking back over the years, if I had these two quotes drilled in my head, I would not have had to start over a few times. Here's to not having to "start over". Thanks Happy New Year
BTW don't know if you know it but Alan Farley from The Hard Right Edge posts here too, but hasn't in a while. http://www.hardrightedge.com/ http://www.elitetrader.com/vb/member.php?s=&action=getinfo&userid=1603
ET indeed linked me up with some amazing traders and provided (and continues to provide) an incredible education.
He's an amazing educator and I'd have to assume an amazing trader as well. The Master Swing Trader was one of the first trading books I read as a complete beginner and I returned it to the library after about 3 or 4 chapters because it was way beyond a beginner's grasp. I checked it out again a year or so later and then purchased it because I realized how powerful the concepts in it were.
OK, maybe a little overstated I've gotten a lot of free education here too actually. Most of it wasn't too helpful, but some bits became part of my tool kit. I'm glad you guys got rid of cold though. That guy drove my up the wall.
"There are many books on short term trading (and several threads on ET) that will provide you with a valid edge and risk management rules. Anyone who can read, identify common patterns, and follow basic rules for entering a position should be able to trade successfully." Lol its definitely not that easy to be successful. Finding an edge in trading requires a tremendous chunk of time commitment and experience, as well as the intelligence.
Yeah he's really smart. I went to a seminar he gave in Anaheim one year at the trader's convention. And like you said his concepts were over my head at that time too. And I never did get around to reading his book but have a video tutorial of his on the same principles. I'll have to read the book too as I have time. I remember he was here in maybe 2002 and posted something along the lines of "this market is impossible to trade". And it was really screwy for a time at least that year. And I thought if someone like Alan was saying that then it was bad. At least that's what I recall. Couldn't find the exact post though.