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Bull's eye!
----- Original Message -----
From: "Bob Heisler" <Bheisler@xxxxxxxxx>
To: "_Craig" <craigbud@xxxxxxxxxxx>; "Alexander"
<alexander@xxxxxxxxxxxxxxxxx>
Cc: "Omega List" <omega-list@xxxxxxxxxx>
Sent: Friday, July 12, 2002 8:11 PM
Subject: Re: Work 50-70 hours a week
> 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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