You linked (promoted) a negative thread full of half truths . next made your point that you can make $$ with a 5 pip spread--- which is patently ridiculous. Please stop posting such nonsense. You have failed as a trader. It's very obvious.
I must admit I didn't read the thread, but did see James had posted in it (so had the opportunity to defend himself). I simply linked to it because I thought it was relevant. For the record, I enjoy his articles, but thought his recent one (linked at the start of this thread) was below par and not useful for traders. His "How I Screwed Yasser Arafat" post is a far better read. The suicide fact is something he's openly talked about himself. I believe he was profitable at trading - absolutely no difficulty believing that. He's an interesting character who seems to be able to materialize millions of dollars with ease in whatever he does. If anything, by looking back at my posts it seems as if I'm promoting his blog, which I'm really not.
I hope James did really well, he obviously did with stockpicker, he seems like a great guy and also quite bright. I'm not refuting his performance because I don't know what it was. He could have made 1000% for all I know.
Read trade like a hedge fund. Think those strategies worked back then, you betcha! Some still work like magic.
I have a story about this. A few years ago my girlfriend (who is now my wife) were in the gym of my building (15 Broad, right across from the NYSE). We had finished up and were walking out when some guy who was lifting weights stopped, toweled off, and walked up to us. He stuck out his hand and said, "I just have to shake your hand." So I did but said, "how come?" He said, "Because GM went bankrupt today!" I said, "Ok..." He said, "Your book! You said, buy stocks right when they open up after a BK. I was up like 100% in a day on that one trade!" Claudia turned to me and said, "Honey! How come you don't even follow your own advice!" And it's true. I didn't even know GM had gone bankrupt that day. But still, I'm glad I dont' trade anymore.
No Sir! Good trading requires 10 hours a day of dedication to the Markets. You don't pull a trade and hit the golf course. Give markets 50 hours a week and keep healthy lifestyle on the side. Market WILL return the favors. ps: also do not do 80 hours a week as that will get your mind, body and soul tired and during the action of trading you will find shortages of sorts to pull winners. 50 hours a week is good for strong research and fine tuning the mistakes.
trading needs focus, but you donot need pay attention too much. trading is really boring when you get it. follow the common sense, buy low and sell high is boring sell high and buy low is boring. when I see hype, I sell. very boring, then when people lost hype,I cover. those people who seek better ways to trade even though is not boring, but they end up the losers. thebiggest losers in the street are those jump around test this/test that guys. 90% people belong to this catergory. people lose is they try to seek 100% sure thing or risk aversion. that is why they keep searching ways to trade. to me, follow common sense /my gut feeling is kind of boring, but very productive.