Here are my thoughts on accountability in the trading arena... I feel that accountability is a must on performance level BUT for me there is no greater enemy than that of my left brain. While in the frey of action the worst possible thing for me to do would be to "think" on a rational level about what I am doing. God forbid I ever said to myself "oh how am I going to explain this one?" I would not be 10% of the trader I am if I was playing the game as 2 people, one half sitting over the other to condone, to condemn, etc... BUT like I said accountability for me is a must! On a performance level I am very critical of my performance, not overly, but enough. If I do not stay fluid enough, if i am forcing, not staying committed to letting winners run, etc, etc. But this critical assesment is left for after hours when I am writing my journal...and never do I think of these things while playing Publias
Darkhorse, If you would not mind could you briefly explain the 80/20 rule??? Sounds interesting TIA --->Publias
Great thread. I've always done better with OPM. I'm an inventor and like to change things midstream, usually with negative results. With OPM your accountable and less likely to play around. I try to have my wife make me accountable, but then that Bill Clinton in me sees a sucker and I take advantage of her when necessary. I'll have to work on some more mental deceptions to convince myself its not really my $2K loss showing on the P/L.
i got the below cut and paste from a thirty second search engine inquiry, pretty much highlights the basic concept 'More Examples of the 80-20 Rule: 80% of a manager's interruptions come from the same 20% of the people 80% of a problem can be solved by identifying the correct 20% of the issues 80% of advertising results come from 20% of your campaign. 80% of an equipment budget comes from 20% of the items 80% of an instructor's time is taken up by 20% of the students 80% of benefit comes from the first 20% of effort 80% of customer complains are about the same 20% of your projects, products, services. 80% of network traffic stays within the LAN while 20% needs to cross the backbone. 80% of our personal telephone calls are to 20% of the people in our address book 80% of our shipments utilize 20% of your inventory. 80% of sales time is spent on 20% of the customers, who may not be the profitable 20% 80% of the decisions made in meetings come from 20% of the meeting time 80% of the outfits we wear come from 20% of the clothes in our closets and drawers 80% of the traffic in town travels over 20% of the roads 80% of what we produce is generated during 20% of our working hours 80% of your annual sales come from 20% of your sales force 80% of your future business comes from 20% of your customers 80% of your growth comes from 20% of your products 80% of your innovation comes from 20% of your employees or customers 80% of your profits come from 20% of your customers 80% of your staff headaches come from 20% of our employees 80% of your success comes from 20% of your efforts 80% of your website traffic comes from 20% of your pages From studying these examples of the 80-20 Rule, managers in both profit and not-for-profit enterprise can increase their effective and efficient use of resources by analyzing the inputs required to produce the outputs that they experience.'
Darkhorse, is that BEFORE or AFTER they discover that 80% of their efforts to analyse the inputs required to produce the outputs that they experience really only produce 20% of their results? Seriously, the way it was taught to me in sales training is that you cannot successfully identify "what" productivity comes from "where" (because of the rule)... therefore you must give 100 percent to become successful.
Yup....I may make 90% of my money in 10% of my trades, but I still need to make all the trades to accomplish this.
Hey Rs7...I've spent the last couple of weeks telling myself, this was my sweet grandmothers money on the line, while I was brainstorming the best method possible. Well, I came up with something completely new, and I've been profitable every day this week, so far, trading the ES mini. I think it worked dude, and I just wanted to say... I LOVE YOU MAN!!
The following is from my first post in this thread.....so I feel great I accomplished what I set out to do. Thanks for validating my efforts and hopes! Just keep the "love" stuff figurative my man..... .