25 points mantra discipline for day trading By Douglas E. Zalesky

SimpleMeLike said:
qxr1011,

Thanks for commenting on this. In other words, just following a winning method and make money
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if one has the winning method

and that is a huge IF

this mantra and similar to it they all assume that one has the winning method, but in reality almost no one has...so all those preachings do not address the real issue and therefore useless

are there mantras how to build the winning method, and how to survive building it?

i never seen one
 
qxr1011 said:
are there mantras how to build the winning method, and how to survive building it?

i never seen one
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  1. Study the market
  2. Develop a theory on how to take money out of the market
  3. Spend some time proving that theory wrong
  4. If you can't prove it wrong then develop a written plan to execute the theory
  5. Forward test by trading the plan on demo, then with small size, then increase size.
  6. Keep track of whether you follow the plan exactly. If there is a problem you will know if the plan or the trader is at fault.
 
deaddog said:
  • Study the market
  • Develop a theory on how to take money out of the market
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the same way one can study the universe and develop a winning theory

i heard the string theory did not work out so nicely

not that i am picking on you... one just have to emphasise the chances of this happening...

approaching zero for most

and same is with trading

oh i forgot mentioning the discipline

:)
 
Chuck Krug said:
During his career, Douglas E. Zalesky was an Independent Floor Trader in the US 30-Year Treasury Bond Pit (CBOT) from 1983 to 1988. In 1988, Doug was a member of the London International Financial Futures Exchange where he was an Independent Floor Trader in the UK Gilt Pit. From 1989 to 1991, he returned to the CBOT as an Independent Floor Trader in the Bond Pit. In 1991, he became a member of the Chicago Mercantile Exchange where he was an Independent Floor Trader in the S&P 500 Pit. Sadly, Doug passed away on September 24, 2009
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pit...

well maybe all he mentioned applied to pit, maybe there was a known method that worked for pit...:)

but it does not applies to the shithole in which all of us (retail traders) started, that i can assure you

poor guy , died young

but imho he never traded his own money retail , and if he did it was not a successful trading, otherwise he would come-up with quite a different set of statements
 
qxr1011 said:
the same way one can study the universe and develop a winning theory

i heard the string theory did not work out so nicely
More...

Perhaps theory is the wrong word. After spending some time watching the market you might see opportunities show up time and again where you might have been able to profit. Define them, test them, prove then wrong.

oh i forgot mentioning the discipline
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See point 6 it pretty well covers discipline. :)
 
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