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> Tim I have sometimes reached the point where I almost believe random walk with good money management can achieve profitable trading. By all means, post away.
Monte
> Tim Morge wrote:
> I'm sure most traders that have been trading for any length of time, no
> matter their style, would agree just how important good money management
> is to their trading success. I know that when I read a trading magazine
> or read a list like this, it's always the thought that someone invented
> a totally *new* and exciting method of trading that captures my
> interest. And yet, over time, the thing makes the most difference in my
> trading is money management. Pure and simple. Boring. Easy to describe.
>
> But human nature being what it is, I guess most all of us are weakest
> when it hurts us the most. It's always one of those days when you aren't
> at your best that you let your stop get past you...and then you do
> further damage trying to deal with that mistake. And soon, you are truly
> up a river without...well, the canoe sank awhile ago. The discipline of
> trading is the area that is most difficult to pay attention to and to
> practice over and over.
>
> I know several sources of good advice in the area of sensible money
> management and these works I treasure as my best friends. I'd trade all
> the books in my trading library to keep the two or three that contain
> that good sense about money management. And again, the ideas in those
> books are not earth shattering or new or unique. But they are the most
> important things *I* can re-learn and study over and over and over and
> over...
>
> I don't know if people are even interested in talking about this thread
> any longer or if they want to know good sources for this common sense
> topic. I'll post more thoughts and/or sources if people want to hear
> more. If not, I'll go back to reading it to myself [truthfully, when
> someone asks me about money management or my trading practices, it
> forces me to go over them in my head and clarify them. This process is
> invaluable...it's as good as re-studying the material, perhaps better.].
>
> Tim Morge
>
> ------------------------------------------------------------------------
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