|
PureBytes Links
Trading Reference Links
|
Hi Wong,
Leverage is your lure I think. Sometimes its just a matter of changing what
you trade to a less leverage market that has more time. There is always a
trade off in trading but winning has to be the primary goal.
Gambling with short time and leverage is fine if you win if you don't then
you must make yourself change markets that you trade. When you give
yourself more time use more capital and change markets and use money
management you will find winning is not that hard just boring at times.
Really no big magic in trading just sometimes its hard to face the odds
before you trade.
Robert
Wong wrote:
>Dave Pyle mentions about 5 stages to trader maturity, the last 2 stages
>being discipline and money management.
>
>Robert Cumming mentions money management.
>
>Very true. We all have been seeking the HOLY GRAIL - perfect trading
>systems that will make us millions of dollars. Are we chasing an
>impossible dream - what with the perfect indicators and perfect systems?
>
>>From my personal experience trading equity and futures options, sometimes I
>had paper profits of 5 times or 10 times. Even the indicators and systems
>told me to get out and take profit. Greed took over, and I did not get
>out. Then indicators and systems told me to take a stop-loss. False hope
>won, and I continued to stay on. Eventually, I not only did not have 1
>cent of profit, I even lost my original investment capital.
>
>This happens every year. And every year when I do my tax returns, I swear
>I will not be greedy or not so falsely hopeful again. Each year I'll make
>exactly the same mistakes.
>
>That's TRADER DISCIPLINE for me. That is, I'm not mature enough to control
>my instincts - greed and fear. Not yet, even though I know I should.
>
>Does anyone else in the group have similar problems?
>
>Maybe we should dwell more on trader discipline and money management rather
>than just perfect indicators and systems.
>
>
>Wong
>
>
>
|