Armindo Monteiro: "Ainda há espaço para corrigir" escalões de IRS

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"The single greatest edge an investor can have is a long term orientation."
- Seth Klarman

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“A simple question with profound insight:

"If I keep doing what I’m doing now, how will my life look in 5 years?"

If you don't like the answer, you know what to do.”

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Trader's life cycle -

◆Amateur trader: Only focuses on their strategy.

◆Wounded Trader: Focuses on their strategy and adds risk-management.

◆Professional Trader : Has a strategy that they trade with risk-management with the right psychology.

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If you have a trading plan and a good system in place, there are no spontaneous trades. You will spend your time waiting for entry signals and exit signals. You will learn that your system makes you money in the long-term, but your ego & emotions loses you money in the short term.

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Why is trading so hard?
Human nature has trouble accepting losses quickly & keeping them small, and letting a winning trade run with the trend a making it big.

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If you experience high levels of stress during trading, either your position size is too large or you don’t have enough confidence in your system. To reduce stress, lower your positions or do more backtesting on your system to build faith in long term results.

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Hedging is best left to experienced professionals and usually leads to more complication and under-performance for non-pros.
The best true hedges are cash, reduced exposure and reduced trading frequency.
If a position needs to be hedged you probably shouldn't have it.

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If trading was as easy as drawing trend lines, everyone with a ruler would be a multi-millionaire.

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When I spent all day thinking only about making money in trading, I usually lost money.
When I learned to spend most of my day thinking about ways to not lose money trading, I started making money.
Fact.

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Let the market inform one's opinion and avoid imposing one's opinion upon the market. Being open minded is a "MUST" quality for a trader.

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Charts suggest "possibilities," not "probabilities" and certainly not "certainties"

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Markets always attempt to shake a trader out of position in direction of a strong trend. Seldom markets make it easy to hold winning hands

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Missing trades is commonplace. If this experience impacts your mental or emotional ability to trade, then you should not be trading.

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There are good short term traders and good long term traders. A few can do both well. You can’t position yourself as a long term trader on Up days and then get shaken out on down days. Pick one or the other or the market will pick you apart.

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I do NOT believe that charts accurately predict the future. Charts are useful for:
1. Showing where prices have been
2. Indicating the path of least resistance
3. Alerting traders to asymmetrical reward-to-risk set ups

Peter Brandt

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