commisso- cool routine! seriously, very cool. I don't practice martial arts anymore(need to get back into it) ...but I do hit the heavy bag everynight and imagine it's the market makers and I'm beating profits outta them! Tom P- I can't stop laughing! That was funny man.:0
My personal motivation is the zeroth law of aviation: It's money that makes airplanes fly! Ben Radial engines do not leak oil. They are only marking their territory!
Tom_P, That was the funniest thing I've read in a long time. Do you moonlight as a commedian on the weekends? The markets are not open, you got to do something, I guess. Thanks for your wit. Richard
I've found that the way to peak performance is to develop your inner understanding to the point where your subconscious takes over and your conscious mind is on autopilot, coming back into play only if there is a distraction or divergence from the normal ebb and flow of the game. The physical preparation is good, but I think the real key to top performance is pyschological. You have to internalize the process to the point where you have a natural understanding and confidence in the deep subconscious as well as the surface levels (most people are so out of wack and in doubt of reality that they don't have their conscious minds aligned, let alone anything below the surface of the water). When you are at the point where you understand your methods and your markets so fully that action and thought become as one, when you can react with the speed of the subconscious in the same way that a black belt reacts perfectly to his opponent without a hint of self doubt or conscious thought, then you will know that you are playing at the top of your game. Even though I'm reasonably advanced in this, I constantly strive to further internalize the process, to understand my methods and motives at deeper and deeper levels, and when you get a taste of this feeling it gives you a deep sense of power, not because you have control of external forces, but because you are experiencing new levels of control and coherence within yourself. But of course, if you don't want to spend the time and effort it takes to do all that, you can shortcut to the feeling by firing up a fat doobie 20 minutes before the opening bell
for those of you who groove on this line of thought, i would recommend picking up "Mastery" by George Leonard and "Zen and the art of Poker" by Larry Phillips. Two flimsy little paperbacks, coupla bucks each, they don't look like much but could possibly have a stronger long term effect on your performance than any trading book you've ever read.
all for your wonderful comments. I really think you have to be in tip top shape to trade, not only physically but also mentally, emotionally as well. To get in shape 1. Physically - Proper dieting is very important, we have to eat food high in water content ie fruits and vegetables. Also food low in Carbohydrates and high in proteins. Right now I am not doing any of this for sure. lol. I find that the stress of daily trading have let me to all the fast food out there. They are fast and easy and comforting, lol but really bad for your health. I have to start eating right again, now that I have some money to spend. (knock on wood) 2. Mentally - I listen to motivational tapes every morning before I trade. It pumps me up and let me get into a positive state before the day begins. It does wonders. But I also have to start picking up a book or two on traders. ie biography about the best traders in the world to motivate myself further to follow their foot steps. 3. Emotionally - I think the reason why there is so much stress in trading is because we have not mastered our techniques yet. Not absolutley, 100% convicted to our method, be it taking profit or cutting losses. I totally believe when we have all our techniques and trading rules down pat, then trading can be effortless and stressless. I am absolutely commited to get there. A WELL DEFINED, WRITTEN OUT GAME PLAN THAT IS SOUND WILL GO A LONG WAY TO CATAPULT MY TRADING TO THE NEXT LEVEL. What are some of the rules that you stick by day in and out as to cutting losses and letting your winners ride. Which brings up another question, how do you let your winners ride? I can't even begin to count how many times when I sold some stock for 50c profit just to see the stock goes another point. I don't have an effective game plan to ride my winners, any suggestions?
>Which brings up another question, how do you let your winners ride? >I can't even begin to count how many times when I sold some stock for 50c profit just to see the stock goes another point. I don't have an effective game plan to ride my winners, any suggestions? Take look at your trades after you exited. Think of the moves in a risk to reward ratio. Did they move 1 to 1? 2 to 1? If you find that they go consistently 2 to 1 or better, then just hang in there and let them ride...Taking profits once the 2 to 1 level is reached. You will be amazed how many times they convince you that they are topped, then flip to head up over the 2 to 1 level. taking 2 to 1 profits puts you in a powerful position. If you can maintain at least a 50% accuracy rate you will have a very strong edge. (statistical breakeven is only 34%) Good Luck and Good Trading! -Bo Yoder