I have a fairly set schedule each trading day. But on Thursday morning my routine changes as I have a pre-work obligation that changes my schedule. I generally arrive at the office one hour later than usual and do not run the AM Meeting. This change in routine has had some fairly negative consequences on my trading PnL. 90% of … Read More
Trading Quote of the Day – July 1, 2010
“One common adage…that is completely wrongheaded is: You can’t go broke taking profits. That’s precisely how many traders do go broke. While amateurs go broke by taking large losses, professionals go broke by taking small profits.” William Eckhardt
SMB Morning Rundown – July 1, 2010
The SMB Morning Rundown highlights the key levels in the Market and the best trading setup that we have identified for the Open.
Trading Quote of the Day – June 30, 2010
“The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.” Ed Seykota
Trading Quote of the Day – June 29, 2010
“This (Trading) is not a job where you get paid by the hour. You get paid for doing the right thing.” Vadym Graifer & Christopher Schumacher, Techniques of Tape Reading
Trading Quote of the Day – June 28, 2010
“When reward is at its pinnacle, risk is near at hand.” Jack Bogle
The Financial Media, Game Change and Trading
We learn in Game Change that John Edwards rose to serious presidential candidate with a pregnant mistress. He was running as a devoted family man. In this same book we learn that John McCain’s staff legitimately wondered if Sarah Palin was psychologically stable, yet she was the VP selection for the Rs. Everyday trading gurus go on TV and make … Read More
Trading Quote of the Day – June 25, 2010
“The most important change in my trading career occurred when I learned to divorce my ego from the trade. Trading is a psychological game. Most people think that they’re playing against the market, but the market doesn’t care. You’re really playing against yourself. You have to stop trying to will things to happen in order to prove that you’re right. … Read More