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I would like to add "2 cents worth" to this thread.
I am not yet a full time professional trader, but I think that eventually
I will be. Presently, I have a full time day job and I position trade.
Being interested in trading, I have read (or am reading) almost every
book in sight about trading. I have also taken two of Dr. Van Tharp's
(he is one of Schwager's 'Market Wizards') courses. One of the courses
was on trading system development where I met Tom Basso (another
Market Wizard).
The picture that is evolving in my head is that having a trading system
is important, but, it is MUCH more important to be disciplined in your
trading, and to practice wise money management. Lack of discipline and
poor money management are two of the greatest "killers" of beginners
according to Tharp and others.
There really is not a "secret" to successful trading other than
self discipline, proper money management, and a reasonable level
of technical competence. I am presently reading THE DISCIPLINED TRADER
by Mark Douglas. This book should be REQUIRED reading by anyone even
thinking about trading.
So, what types of post would I like to read. How about posts on
money management and self discipline? How do others approach these
two aspects of trading?
Well, this has turned out to be about "a nickles worth", so enough
from me for now.
Gene Batten
mdleb@xxxxxxxxx
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