I thought about this, not a lot, but some. My trading strategy when I begin trading (I have decided on a prop. firm this week and will test for the Series 7 in a month and begin trading thereafter) will be to be coldblooded and to train my mind, body, and soul to become as coldblooded as it can. I think that, normally, I am too passionate and will let feelings and emotions get in the way of profits - unless I become coldblooded. Case in point, I am of the strong opinion that the U.S. financial markets will one day collapse. In fact, I am passionate about this. So, unless I am coldblooded, I will begin the trading day each day by shorting the NASDAQ and buying gold, using all buying power in my availability. Sooner rather than later, my ho-hum trading career would end in defeat. Also, I sometimes don't like winning - I guess I am so good that I like to bestow upon others the pleasure of victory. In board games and card games and video games, where I play against friends of mine, I play them hard until I reach a point where I am in control and victory is within grasps, and then I throw the game. Some might consider this psychotic, but it's true and it's even true in respect to cash poker games. I have folded winning hands on purpose many times! Anyway, I should and must become coldblooded. Actually, I don't even know what the word means. Just a general description: uncaring, unemotional, and strictly serious. I would say that the current president of Russia has a very coldblooded demeanor. To become coldblooded, I will sleep little, run a 5k each morning (I have never run so I don't know if this will be possible), be at my trading desk before the sun has risen, trade just until noon (hit and run), and leave the desk to do manual labor, paid or unpaid. Also, I must join a fightclub. Can't wait. It's probably true that giving away my trading strategy, which I have just done, is not coldblooded, but I'm not coldblooded yet. So, lucky you, you're heads up on my strategy. Hopefully, I will adjust it accordingly when I become coldblooded.
Wow, the quality of discussion on this site is going downhill faster than a semi with no brakes - you always had to dig to find the good stuff, but this is getting out of control. On the other hand, the rantings of a psychopath are always amusing Pretty soon you're going to have to change the name from "EliteTrader" to "PsychoTrader" - reverse psychology, the psycho's might leave, and the serious people might come back
<i>"To become coldblooded, I will sleep little, run a 5k each morning (I have never run so I don't know if this will be possible), be at my trading desk before the sun has risen, trade just until noon (hit and run), and leave the desk to do manual labor, paid or unpaid. Also, I must join a fightclub. Can't wait."</i> That's one helluva daily agenda. I'd be more impressed with keeping that lifestyle up than whether or not you succeed as a trader. Let us know how that 5k morning run progresses... hope you live someplace warm :eek:
The most important part of trading to be "coldblooded", as you call it, is in regards to not letting your own positions get in the way of your read on the market. 5K is like a 40min jog, not too bad.
-------------------------------------------------------------------------------- Quote from tofenomeno: Anyway, I should and must become coldblooded. Actually, I don't even know what the word means. -------------------------------------------------------------------------------- HAHA Too funny.