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A book I like to read from time to time, is Edwin LeFevre's Reiminisces of a
Stock Operator. Whilst originally published in 1923, it is a true today as
it was then. There is also a highly recommended book about Jesse livermore,
that I haven't read yet. That, and a liitle light reading of the psalms, or
equivalent help one recognise that little has changed and maybe, just maybe,
guys with big ego's are not always right.
I must admit, that Kathryn's "event from childhood" made reflect on my
mentor. I can picture him, cigarette in hand, an overflowing ashtray,
watching the Brent Market and yet holding a conversation on something else.
He is the best trader I'm ever likely to meet, yet he has humility and time
for others. If I could be more like him!
Le Fevre's book is well worth a read.
----- Original Message -----
From: "Kathryn Martyn" <kmartyn@xxxxxxxxxxxxxxxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Cc: "Michael Bailey" <mbailey@xxxxxxxxxxxxxxxxxx>
Sent: Saturday, January 27, 2001 8:05 PM
Subject: Re: REALITY CHECK
> At 04:00 AM 1/27/01 -0800, you wrote:
>
> >Ed Moore "Rythm of the Markets" offers mentor style training. Your
> >comments relating to Mr Moore's approach, other mentors, and "come up to
> >speed resources" is encouraged.
>
> I'm not familiar with Mr. Moore, but I do have an opinion about mentoring
;-)
> As you'll see from my signature, I offer a mentoring service related to
> the psychological aspects of trading, and my partner, Charles Holt, CTA,
> offers mentoring in daytrading skills.
>
> It makes good sense to find an expert in any new technique or skill
> you'd like to acquire, and do what they do. That is why reading the books
> written by experts is also valuable.
>
> My stock recommendation to someone just getting started is to read
> as much as possible and learn the basics on your own. The earlier
> book recommendations you received are all good. Our favorites are
> listed in categories across the top of the bookstore page at Daytrader's
> Bulletin
> http://www.daytradersbulletin.com/html/bookstore.html
>
> Here is an exercise to install a daytrader's lifestyle mentality, gain a
mental
> edge and create a jump start for your experience as a trader or daytrader.
>
> We all compile our "experience" based on what we have done, seen, felt,
> or heard before and what we recall from our past. It is easy to change
your
> memory and experience of that past, into whatever you want. I'm not
talking
> about deluding yourself, but installing attitudes and beliefs that can
help
> you with your trading.
>
> Have you ever recalled an event from childhood, but your family recalls it
> differently? Or, have you ever had a sibling tell you about something you
> did as a child, but you had no recollection, in fact, you claim it didn't
> happen?
>
> That is because we all code our memories in whatever manner best suits us
at
> the time. As we grow older, it becomes more and more difficult to separate
> the fact from the fiction. A child that tells tall tales, can actually
> forget which
> are true, and become what most refer to as a pathological liar when he is
> really just a good story teller, with a poor memory.
>
> Exercise:
>
> You are about 6-years old. Your father, a daytrader, is a great, wise man
> that you highly admire and love deeply. The two of you spend countless
> hours together, and he has taught you to be quiet and watch. You notice
> he is quiet and watching too.
>
> You watch him at his screens (in this memory, our current technology is
> available) and you notice that he appears to be concentrating, but at
times
> there is a flash in his eyes, and at that point, he brings up his trade
screen
> and places his trade. He takes a deep breath, and sits back in his chair.
> Sometimes he stands up and leaves the room for a few minutes.
>
> When he returns, he smiles and asks you about your day. As you excitedly
> start talking, he looks back at the screen and with a swift finger to his
lips,
> motions for you to be quiet now. He is working. You've been taught that he
> needs to be able to concentrate, and so you comply with no fuss.
>
> You don't notice when the trade ends, or when he makes a change to his
> order, because it is fluid and seemingly effortless. He remains smiling,
and
> takes notes after every trade. Sometimes he seems agitated, but he then
> takes a few deep breaths, and even closes his eyes, and seems to calm
> himself again.
>
> Now, you are at the dinner table and your father is talking about that
day's
> trading. "It was rough, he says, but I traded well." You know when you
grow
> up you will be just like dad.
>
> That sounds ridiculously simple, but it is very effective. The reason so
many
> people follow in their parent's footsteps, is because through the years of
> watching
> the parent, they were absorbing the lifestyle and mannerisms, and are now
> very comfortable assuming that role for themselves. Beginning any new
> endeavor with a built-in comfort level, and belief in your own competency,
> is very
> powerful. You are now comfortable as a highly skilled daytrader.
>
> Change this memory exercise to suit yourself. It could be a brother,
cousin,
> next door neighbor. It doesn't matter. If your own past is too strong to
be
> incorporated, use something else. Just play with the idea, and relax.
>
> Kathryn
>
>
> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
> D A Y T R A D E R ' S M E N T O R
> Private Mentor & Tutor for Profitable Daytrading
> Tackle Your Fears - Eliminate Your Conflicts
> http://www.daytradersmentor.com
> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
>
>
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