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Wyatt wrote:
>
> I recently bought a book written in the early 90's called "Elements of
> Successful Trading" by Robert Rotella. Basically, its a "traders bible" as
> it is ~700 pages long and covers every aspect of active trading. Anyway, I
> think I learned more from reading the first chapter (6 pages) than I have
> from anywhere else.
By the way Rotella is trading for real, with published track record (eg.
look him up at IASG) and very good results (risk/reward adjusted for
someone trading OPM). Unlike almost all other book writers, who haven't
the faintest idea if you ask me! I didn't find the book very useful for
my trading, but it's still a VERY thorough presentation of trading
concepts and a great choice as one of the first books to buy.
> Many traders fail because they focus mostly on analysis and ignore the
> latter two. For some reason, most people think that analysis will take care
> of everything. This is not the case, because it often can't answer the
> questions of what to do if the analysis fails (as it will inevitably do) or
> how much the trader trusts the analysis.
OK, correct psychological makeup is crucial, but ONLY AFTER you have an
REAL EDGE in the markets.
What good is it to be "disciplined", if your perceived "edge" is just
some curve-fit junk? Or if the market has discounted your method? Many
systems have "stoped working" in recent years. Maybe they will work
again in the future, who knows?
Season greetings,
M
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