I agree with most everything in his post. When it comes to trading, the hardest thing to do is usually the right thing to do. As for stops, it sounds like he's trading off of min or tick charts and he's watching the market with his finger on the button like most of us do.
Continuing... 7. Try to will the market. Remember, blessed is he who avoids falling into the pit, but more blessed is he who fell into the pit and climbed out of it. And so, as counterintuitive as this may seem, try to will to the market to your wimps as often as you can. Most of the time, you'll discover that that market didn't behave the way you thought it would behave because you left out one critical aspect in your analysis. Hence, imagine if you'd never tried to will the market -- you'd never have discovered the little gems that would have made the difference between a run-of-the-mill trader and a trading superstar... 8. Associate with like-minded people (ET) We are each other's teachers in life. You will learn as much from other people's failures as is their successes. Everybody has something to share and add to the world. Knowledge (not trade secrets; those whould never be shared) should not be hoarded, but shared and intelligently discussed. "Knowledge should be a refreshing and vitalizing force. It becomes so only through stimulating intercourse with congenial friends with whom one holds discussion and practices application of the truths of life. In this way learning becomes many-sided and takes on a cheerful lightness, whereas there is always something ponderous and one-sided about the learning of the self-taught." ~ Iching (Hexagram 58) And remember, all knowledge will eventually pass away ... Will add more as they are discovered...
9. Be impartial. Never choose sides, or take anything for granted. Ex: You are 100% fundamentalist == fail. You are 100% technical == fail. You are 100% psychological == fail. You are 100% money management == fail. Everything you read contains a certain degree of "untruths" (yes, including this thread). An example that comes to mind is "Trading in the Zone" by Mark Douglas. In this book, Douglas attributes consistent winners to having 100% the right winning attitude and mindset. In other words, Douglas suggests that all you need to win in the stock market is to work on yourself. The above should automatically raise a red flag. The military strategist, Sun Tzu, once wrote the following: Now, Mr. Douglas. Thanks for leading your readers astray. If all we ever know is our own psychological makeup, how can we proceed beyond a 50-50 win rate? Will post more as they are discovered...
Ha ha. I remember that guy from the IBD forum a long time ago. Same screen name. It sounds a lot like him.
gawd...there were some good times here in ET those days... he would say send me your finest meats and cheeses...do you remember...?? ES
Yeah, I remember that. He was arrogant and talked a lot of $hit. Good thing I was smart enough never to listened to him.