It isnt a book about trading, but rather how we can be decieved by our own minds. The exmaples that are cited come from real world exoperiences, and it should serve to help one to recognise why we think the way we do, and how to prevent making errors in judgement. It also emphasizes how our own personal perceptions can feel so correct, yet be completely wrong.
Its a pretty quick read, but it is very interesting none the less. Its worth the effort.
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First trade of the day hit my stop. I hate when that happens. First trade aloser. Maybe I shlud scalp a couple of ticks first thing just to make mysele feel better. I read somewhere some traders actually do that. Worth a shot...
Trading has to be the best job in the world. Dont have to leave your home, if you dont want to. Dont even have to shave. I wrote some time ago that I felt better trading if I wore appropriate business attire. lol I dont think that anymore. It was a waste of time...I dont trade any better in a shirt and tie.
Trading is financially rewarding. You are responsible for your income. No one else. Dont have to worry about layoffs, or lack of customers, or compliance, or employess if your dont want. Your income is virtually unlimited, and you have total and complete control over it, as much as anyone has, All you have to do is simply read the market your chose to trade, and buy things when prices are going up, and sell things when they are going down.
Trading isnt about greed. Its about doing things well. Being efficient. Being precise. Exersizing discipline and restraint when required, but also being decisive and confident when required. The only thing about trading I regret is that I didnt come to it sooner.
Thanks for the compliment. Dont have enough of a cushion in my open account yet. I have registered funds, RSP's, but I cant use them for derivative trading. But I have a plan and I am working toward it. Worlking my way up the contract ladder, slowly but surely.
Havnt quit my day job yet, but, the wealth management business really runs itself. I have wealth management clients and I have an assistant that takes care of client inquiries. I have most of my appointments in the afternoon. Because they are invested in managed accounts, I receive a percentage of the management fee for assets under administration. Typically .5 to 1 percent, gross.
Not at the point where I am comfortable with one source of income, and, I am too new at this to trade only for my own account as a source of income. Besides, the wealth managment business pays really well. Its kinda like moving out on your own for the first time. You believe you can do it, but once you take the plunge, you really cant go back easily. I can really make my own hours, as most Investment Advisors are self employed. The firm I work for allows me a lot of flexibilty.
I have only been trading derivatives since August of last year, while the Leafs were in training camp, and the season was full of hope.
Now, they have fired their coach, and they will be missing the playoffs for I cant remember when they last made the playoffs. (8 years ago)
I am having a much better year than they are.
I am switching my alliance to the Senators. They have been to the playoffs, they seem to have made all the right moves to improve their team and , when I visited Ottawa last week. the city really supports the team. they have that great young defenseman in Karlson, a superstar center in Spezza, and that goalie Anderson, that cant make a sandwich, without cutting himself. And, they are really fun to watch. Everytime I watch the Leafs recently, i feel like I feel when i see my trade going against me...I dont like that feeling. The Leafs are perenial losers. Only 1 other team has not made the playoffs in the last 8 years... the Florida Panthers, and the Leafs. Out of 30 teams!
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Lots of interesting things happenning yesterday and today, not only in the global environment, but in my own household.
I have adjusted a couple of things for my trading routine. Used to be at my monitors at 7:00am EST. Thats too early. Had too much of a desire to take a trade too early, and I was getting beat up on my first trade. Best to wait untill after 8:30 EST, when volume seems to come in before the pit open. Have more time to prepare mentally, and have my morning constitution.
Read TigerTrader (aka Gary Phillips) threat about trading in the pits. Very good stuff, back in the days when trading derivatives was more of a contact sport. He should write a book. Would make a pretty good movie. Cant be any worse than some of the crappy movies I have seen in my life.
Another tight inside day on the CL today, after some faily good move in price to the upside overnight.