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Thank you all who wrote to me, either privately or through the list. I
appreciate your help.
However, my previous e-mail message was not to complain, whine or whatever.
My point is: to be successful, you need to:
- know the market (Dow, or grain, or precious metals etc)
- know the particular instrument you're trading (IBM, pork bellies etc)
- have a good trading system, with all its good indicators etc
- have good money management
- have good discipline
- etc etc
(All these points have previously been mentioned by other members in the
list.)
It seems that the group has been dwelling mostly on designing the best
indicators and systems. That's all very well. But should'nt the group be
dwelling on (discussing) other important factors such as good discipline
and good money management as well - not just on a theoretical basis, but
how they actually overcame their initial trading "undiscipline" or bad
money management?
Would anyone want to share their experience with regard to trading
discipline, how successful or unsuccessful they have been, and their
struggle against temptation of greed and fear?
It's common sense, for example, to take profit and to have a stop-loss. To
be very frank, how many of the us out there in the group can adhere to a
strict discipline without deviation?
I understand that 90+% of people lose money trading futures and options.
Can we assume over 90% of the members in the group are making profits, not
just any profits, but HUGE, HUGE profits? MB and some of the others are
very good, but how many of us are like them? (How many can climb Mount
Everest? How many can run a 4-minute mile? How many can shatter world
records?)
My own experience is that given even a so-so system, I could survive when I
tried not to violate common-sense adherence to taking profits.
Anyone want to take up the challenge and start discussing about his/her
personal experience regarding his/her trading discipline?
Wong
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