Best and worst influences on my P&L over the last 10 years

[retire45]

Fully agree... I posted a while back all you need is your trading platform and nothing else... Technology on a grand scale has a goal and that is to marginalize man. Separates contact and makes us all fat by reducing effort required to do anything..

This could be the end of ET.. bye y'all!!

 

[bwolinsky]

I think most forget what works in the past doesn't necessarily work in the future, whether that's for system developers or mutual fund managers, it's always in the rearview mirror.

I've probably spent too much time online, so I've started with store hours being from 8:30 am when the market opens to 5:30 pm when I'm done for the day and the wifey comes home.

I only watch CNBC to deter the ennui and to see what economic numbers are in real time since I do not wish to pay $2700 per month for a bloomberg terminal. Most of the time I don't even pay attention.

I'm wondering what Cutten ever thought of trading system development. By far, this was my greatest edge in the market.

 

[FB123]

Actually, TV and mainstream media is very useful if you know how to use it as a contrarian indicator. I always like to keep track of what my friends and family are saying about the market, because it gives me a good insight into what all the clueless people think. That in and of itself can be valuable information.

 

[Compulsive]

Hello is anybody out there?

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[trader56]

Ghost,

Couldn't agree more - well said.

I'm here to actively talk to ONE guy who's helped my P&L like no other, and to check PM's.

Other than that, it's kind of like a bad car accident at times - you just can't help but slow down and look.

 

[Rtrader2525]

Great thread wonderful points, it's a bit off topic but two years ago I started dating a girl who doesn't have a tv. We bought one to occasionally watch movies but not having the cable has increased the quality of my life tremendously. I love to read and now I able to do so without interupting it by watching tv. Whenever I go out to my grandmas or her parents we will watch a little bit and it's actually very enjoyable, and I don't feel like a bum for watching it all day like I used to sometimes. Anyways just a little tip I throw to people, but I would agree that the i-net is the new television.

Thanks a lot Cutten.

 

[DHOHHI]

< The internet is basically a waste of time, it is like television for the 21st century. 99% of time you spend online - that is not essential for work - is a waste of money, and reduces your satisfaction with life. >

Whereas you had some good points in your post the above I disagree 100% with. I started trading full time in 1996, first in an office and then remotely after deciding to leave a secure corporate job. The internet allowed me to live anywhere in the world I wanted to. How many people have jobs where they can pick up and move to a location they truly want to be? Not too many. Most people are 'trapped' in a geographic location due to the job being there. I can spend summers in Maine trading and the rest of the year on the coast in South Carolina where I currently live. And it's due to the internet.

< My work productivity, P&L, enjoyment with my leisure time, physical condition, sex life and satisfaction in general have all improved noticeably. >

I applaud you but all of the above are activities one chooses to either make time for or not. Blaming less than satisfactory enjoyment of the above on the internet doesn't apply to all people. I spend quite a bit of time online daily and all of the above in my life are more than satisfactory.

< Since I know that 98% of you will remain hopelessly addicted to unproductive, distressing activity such as waffling about the markets >

I'm not hopelessly addicted. If someone in sales uses the phone 8 - 10 hours per day do you say they're addicted to the telephone? What about people who spend 10 or more hours per day at the office? Addicted? Maybe. But maybe they have goals that can be achieved through hard work. For some people, the internet is a tool to do their job. Certainly many people may have addictions on the internet. But there's also people, such as myself, who chose to leave a very secure job to pursue a dream -- trading. And achieving a certain level of success in this endeavor has allowed me to volunteer my time with poor inner city school kids the past 9 years.

Maybe I'm the exception -- but the internet is a tool that is so incredibly valuable and useful if you are focused and disciplined.

 

[Anaconda]

Quote from Ghost of Cutten:


It is no coincidence that gnome, one of the most profitable traders on this site, has quit. He realised the sheer stupidity of being on elitetrader or any other trading site. I've come to the same conclusion. You should do the same.

He made an alias. Ironically, so did you.

So what exactly is your point?

 

[Ghost of Cutten]

Quote from BosyBillups:



Also, can you give a list of top 3 books that helped your P&L?

Market Wizards
Reminiscences of a Stock Operator
Alchemy of Finance

Inside the house of money was also good, along with Market Wizards II and any interview book of profitable traders. Those books made me aware of risk (all the blowup stories) and had lots of tips for potential trade strategies.

 

[Ghost of Cutten]

Quote from DHOHHI:

< The internet is basically a waste of time, it is like television for the 21st century. 99% of time you spend online - that is not essential for work - is a waste of money, and reduces your satisfaction with life. >

Whereas you had some good points in your post the above I disagree 100% with. I started trading full time in 1996, first in an office and then remotely after deciding to leave a secure corporate job. The internet allowed me to live anywhere in the world I wanted to. How many people have jobs where they can pick up and move to a location they truly want to be? Not too many. Most people are 'trapped' in a geographic location due to the job being there. I can spend summers in Maine trading and the rest of the year on the coast in South Carolina where I currently live. And it's due to the internet.

Sorry I wasn't clear, I meant surfing the net. I agree the connectivity and improvement to trading access, news etc is very useful. TV is useful if you use it very selectively, but let's face it, most of us overuse TV and the net.