Scrapbook
Re: Scrapbook
"The single greatest edge an investor can have is a long term orientation."
- Seth Klarman
Jesus saves. Moses invest.
Re: Scrapbook
“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.”
"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.”
Jesus saves. Moses invest.
Re: Scrapbook
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.
Jesus saves. Moses invest.
Re: Scrapbook
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.
Jesus saves. Moses invest.
Re: Scrapbook
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.
Jesus saves. Moses invest.
Re: Scrapbook
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.
Jesus saves. Moses invest.
Re: Scrapbook
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.
Jesus saves. Moses invest.
Re: Scrapbook
If trading was as easy as drawing trend lines, everyone with a ruler would be a multi-millionaire.
Jesus saves. Moses invest.
Re: Scrapbook
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.
Jesus saves. Moses invest.
Re: Scrapbook
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.
Jesus saves. Moses invest.
Re: Scrapbook
Charts suggest "possibilities," not "probabilities" and certainly not "certainties"
Jesus saves. Moses invest.
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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
Jesus saves. Moses invest.
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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.
Jesus saves. Moses invest.
Re: Scrapbook
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.
Jesus saves. Moses invest.
Re: Scrapbook
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
Jesus saves. Moses invest.
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