So, this is where you end and they send the 3 Magi with beer and gifts for the new baby to recruit you to trade for them ? You have been an awesome inspiration for all those who read your journal. Thanks for sharing your journal.
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Well, he didn't. He left 6 million dollars (and that is 1940s dollars) to his family safely tied down in funds, so creditors couldn't get to it. Also, (what most people misses) he killed himself after a quite long (63 years) and successful and very interesting life, not as a young gambler who has just lost his money. Big difference... Not to mention he was most likely bipolar...
Just for historical accuracy...
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Well he did, but his wifes were smart enough to lock out some of his money where he couldn't get it. Like in jewelry. He were worth a billion dollars so what was left was just peanuts. And he was there few times, and losing it every time. He was a great trader but he was a great gambler too.
In memory of Jesse Livermore
Trade to live. Not live to trade.
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When you were training in the month before the combine .. how did you actually trade.
When you are training for sports there are specific exercises and things you have to do / you can do to make the actual performance easier. How is practice different (or maybe the same) than performance for you ?
You mentioned that you had never been quite as disciplined before in your trading. What do you do to avoid boredom and either making mistakes or taking trades that are not 100% ?
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Podski, you are, my friend, as always come with the toughest questions here
Before the combine, I was actually checking out different ideas I used over time in Forex trading to apply to Futures market, and selecting best combination of idea/instrument. So I traded good and bad. What I did then is to select good from bad. All is revealed in my original thread about flying turd.
To be honest about sports, I am a lazy bad to train properly. It explains why I suck lately at racing. I did well like 2 years ago when I went to gym regularly and run like 6-8 miles non-stop training for endurance and was running outside like for 10 miles. I have to say though I started to do that again, but got swamped with reserach and test stuff when started Combine, especially in later stages. But I am back again into training, running outside and bicycling. Working out clears your mind even better than the body. During the Combine once I did few good trades or bad trades I would go outside for a run for 1-2 hours and come back fresh and set a fresh view on the market. It helps ENORMOUSLY.
So when training for a sport it helps to get a focus. If you try to do many things at once its hard to keep focus on all, and eventually you will lose it at all. So if I come to gym I will do my running a main focus and anything else is just auxilary. You need to find one thing and focus hard on it. And practice. Practice makes perfect.
About discipline and boredom. Again, focus on something. Don't try too do many things at once. That's why I believe it's best to get one market at a time and focus on trading it with one specific methodology. Not necessarily just one setup, but one approach. Then it is easy to track performance and know how you are doing.
Boredom.. get some hobby. Work out. Don't make trading be your hobby or it will pay you like a hobby. Trading is a business for me, not a hobby. A way finance my hobbies. I advocate for anyone to approach same way. Otherwise you will slide it into the gambler mode.
I was all mess like many when trying to trade many different styles at once for a while after I started. When I found out news trading the best was not even the method itself, but the strict boundaries it imposed: you can only trade certain event, so there is no issue of overtrading, there is only one or two ways to trade it so there is no struggle of different systems. And since you trade uniformly, you accumulate invaluable stats that makes you believe in what you do and risk money with easy knowing you will make it back even if you lose today.
I had losses like 5-6k usd in a second when trading news, but while I was upset I wasn't broken or anything. As I had a strong belief in what I did. And it was based on firm history of my trading and strict rules that made sure stats were trustable. So when I made a loss it changed nothing. And I had maybe one a couple of losing months during this almost two years exercise. Some winning months were huge. It's a great approach - take every day as given, take a loss or a small win without thinking too much this day. Big days will pay for it. But review your logs and stats regularly (not while trading, so better on weekend or at the end of month) to see if you need slight adjustment. You want to rinse in repeat in this business. If you want to show your creativity become an artist or designer.
Today my family is at home finally. And my daughter, Agatha, is at home first time in her yet short 5 days long life
To add honey to my happiness I just got a call from Hoag congratulating me and welcoming to the funded traders team!
Trade to live. Not live to trade.
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