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Broker: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Trading: Treasury futures
Posts: 312 since Nov 2010
Thanks Given: 194
Thanks Received: 912
I agree that one key is the emotional attitude to risk along with some form of pattern recognition ability, but I think the correct attitude can be learned or developed over time. I am by nature risk averse compared to many traders I know in the areas of my life that do not involve trading. I don't gamble, I don't invest aggressively, I don't skydive, etc. And my parents would definitely have characterized me as being a cautious kid. But I've been trained since I was 22 to take the business risks associated with trading, it was the job I was being paid a salary to do, and I learned to do it.
My attitude is that all businesses involve some degree of risk, even if the business owner doesn't think about those risks. You paint houses for a living, you may fall off a ladder. You drive a truck, you may slip on an icy bridge. You have a legal or medical practice or accounting practice, you risk malpractice lawsuits. You make markets, you have a lot of losing trades, but at the end of the day you take home a paycheck. The point is to figure out ways to manage risk, both emotionally and in how you conduct your business.
I have outlined a way to get over the hurdle of the emotional resistance to trading bigger, which is to do it incrementally and to make a habit of it. It worked exceptionally well for me and allowed me to build substantial capital even though I am no Michael Jordan.
"You don't need a weatherman to know which way the wind blows..."
Broker: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Trading: Treasury futures
Posts: 312 since Nov 2010
Thanks Given: 194
Thanks Received: 912
I.e. the broker traded through a bunch of orders to get a one piece fill and let Tom figure out how to deal with it. That's exactly the kind of legal risk I DIDN'T want to deal with. Like trying to explain ginzies to a grand jury.
"You don't need a weatherman to know which way the wind blows..."
Broker: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Trading: Treasury futures
Posts: 312 since Nov 2010
Thanks Given: 194
Thanks Received: 912
I'm not sure who tigertrader is, but I guarantee that he and I are telling the truth. In case I didn't make it clear, I did well in the pit and for a couple of years after, but have not yet mastered swing/day trading. I don't think the problem is the way I deal with risk, I think it's partly insufficient pattern recognition and partly boredom. Best of luck to you, I think you are very much on the right track.
"You don't need a weatherman to know which way the wind blows..."
Broker: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Trading: Treasury futures
Posts: 312 since Nov 2010
Thanks Given: 194
Thanks Received: 912
I didn't know Sam Judlo. Yosi was indeed a stitch. Were you there the day Charlie D came up to him after the close and just screamed at him because of the way he had marked a back month?
"You don't need a weatherman to know which way the wind blows..."
Ok guys, I deleted 2 posts as they were offensive! Please discuss in a fair way, respecting each other, even if you aren't agree! I think you are adults enough to do this Thanks!
Broker: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Trading: Treasury futures
Posts: 312 since Nov 2010
Thanks Given: 194
Thanks Received: 912
If one of them was mine, I'm sorry, I was not trying to be offensive, but I must admit I was offended by a guy who talks like an expert but who posts things that display common misunderstandings about the business, misunderstandings which need to be cleared up for everyones' sakes, and who throws a lot of macho BS at people who are working hard to better themselves.
"You don't need a weatherman to know which way the wind blows..."
