Perhaps I'll treat you to the .99 cent steak dinner at tads on time square, in exchange for the PR. its only 3 blocks from the convention. http://local.yahoo.com/details?id=11151581 surf
I have a lot of places to eat in mind but a .99 cent steak wasn't one of them. Pick a night and I'll treat you to a real meal.
This dialogue in general, and the above paragraph in particular drives home for me yet again that success is achieved in any endeavor, after proper training and skill development, through mindset or what we call psychology. For any group of successful traders I am sure you will find (but do not know for a fact) that the traders' psychology plays the most important role in their long-term success. If I had to break it down by percentages I would say they are as follows: Psychology (1)= 50% Methodology (2) = 25% Money Management (3)= 25% (1) Mental and emotional focus, belief in ones self and trading methodology, commitment to one's trade, experience. Mind (2) Actual technique and modus operandi for determining what, when why and how trades are executed, trading edge. Method (3) How funds are allocated to a trade, protective measures are taken to protect capital base and aggressive measures are taken to take full advantage of security movement in your favor, expanding capital base. Money *** My thoughts only, feel free to interject. The point is, in all fields of endeavor, the mindset of the actor is probably the most important thing that determines their long-term success. Best Regards, Jimmy Jam P.S. For what it's worth, if you look at the long-term price action the EUR/USD pair this bull move began back in Nov-05. 1.2654 represents Minor Fib support at 38.2% of the upmove and 1.2381 represents Major Fib support at 61.8%. Potential highs are the 1.310 top made in May-Jun of this year.
Point taken, thanks for explaining. I was very impressed with your recent call on oil short and DJIA. Comparing your risk module to B1S2's (though you did only provide a brief description here and I've been following his posts for a while now) I see some similarities. He generally would risk only a small percentage of net worth (2% in his case per trade) and adjusting position size according to stop level. I know that he, like yourself, does not use definite level stops at times, though he does limit loss to a conservative 2%. What about yourself? Out of allocated 15% per trade, what percentage of that would you be prepared to lose? Of course, some of us would argue that how the hell can one make sizable returns only risking 2% of capital in a situation where stop levels are substantially wide? I suppose one of the answers to that one is holding multiple positions and really riding a move when it happens. I think B1S2 also hedges with options, which boosts that ROI.
Our euro trade is starting to perform as expected. Holding Euro long here---thanks Banjo--good observation as usual! DJIA short underwater--- shorted the DIA once again today @ 119.35 moving B/E level to 118.98 still very confident of down wave soon. Holding oil short and NAPS long here. Best, surf