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I disagree completely on having to be on a constant quest for new methods.
The markets may change in terms of bear/bull and other things like
volatility but the Price action doesn't. I've been trading the same methods
for years and while I have added a wrinkle here and there as I become more
experienced, the underlying methodology has remained and will remain
constant. If you're spending every weekend looking for something new and
different to try you're highly unlikely to achieve any kind of success. You
need to choose a fork in the road in terms of methodology and then bear down
and learn it - and there is a huge difference between recognition and
understanding.
I do agree that it takes a tremendous amount of time and energy to become
proficient at this game. My day begins when the bonds open and ends when
the indexes close - most days. But there is the Globex session on certain
news events as well. Not to mention the preparation that needs to be done
each night before the market opens the next day.
Once you reach a certain level you may decide to not trade every day, move
to a larger timeframe to reduce the number of trades, etc. and that would
obviously reduce the number of hours you "work"....But don't underestimate
the amount of time and energy it will take to get to that point - it is a
h-ll of a lot more than you think.
Bobh
----- Original Message -----
From: "_Craig" <craigbud@xxxxxxxxxxx>
To: "Alexander" <alexander@xxxxxxxxxxxxxxxxx>
Cc: "Omega List" <omega-list@xxxxxxxxxx>
Sent: Friday, July 12, 2002 6:32 PM
Subject: Re: Work 50-70 hours a week
> The real issue is not the time it takes to execute your method, but
> the constant quest for new money-making methodologies that are
> compatible with your personality, as the markets constantly change.
>
> The bubble created a class of daytraders who limit themselves to a
> world of eye-shifting between level II screens, daytrading chat
> rooms, and Joe K on CNBC. They hope to scalp teenies and ride the
> momentum to riches, and then go off to racket ball as soon as the
> market closes.
>
> Many did well back in 1999-2000. Some are still doing well at it. If
> you're doing this and your capital is slowly bleeding to death, then
> you better start looking for a new strategy that will save your
> capital and newfound career, and this search takes a lot of
> TIME.
>
> Trading is a practice, and it requires time and effort to find new
methodologies
> that work as the markets change. The methods themselves may require
> 10 minutes a day, or 80 hours a week to generate trades, but plan to
reserve several
> hours for your quest for new ideas that you can put into action when
> your current system turns to poop.
>
>
> A> Color me lazy!
>
> A> This month's Active Trader magazine has an article, "A Trader
Checklist." It
> A> says, "In most cases though, being a successful trader requires
anywhere
> A> between 50 and 70 hours of work per week."
>
> A> Doing what?
>
> A> The active markets are only open about 30 hours a week if you stare at
the
> A> screen the whole time. How much "study" does it take before you learn
something
> A> simple that you feel comfortable with? Then what? An hour a day reading
trading
> A> books and magazines to see what other people are playing with? It takes
10
> A> seconds to put on a trade and 10 seconds to close a trade. It takes 10
minutes
> A> to figure out where to get in, where to get out wrong and a target.
Every
> A> software and web package has alarms.
>
> A> I'm just a beginner and maybe a fool but just what are you experienced
> A> successful people doing all that time? Or does that 50-70 hours include
yoga,
> A> watching daytime TV, emails to friends, washing dishes, web surfing,
making
> A> dates, clipping toenails?
>
> A> alexander the lifestyle-challenged
>
>
>
>
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