Buzzy and Jesse...

G

GreenDog

Just finished reading Pit Bull and have read Reminiscenses countless times. There really is one central theme to being a successful trader -- lay off when there's no real edge and go completely "balls to the wall" when the odds are in your favor. The part in Pit Bull when Buzzy was trading all night during the start of the Gulf War was a great example -- pretty intense.

Of course this is a painfully obvious concept (but I'll bet many traders still continue to churn even when the odds are "even" or worse -- I know I occasionally do!).

I have drastically reduced my trade frequency this year, and have eliminated a lot of pointless small losses. Trade less, make more.


:cool:
 
Quote from GreenDog:

Just finished reading Pit Bull and have read Reminiscenses countless times. There really is one central theme to being a successful trader -- lay off when there's no real edge and go completely "balls to the wall" when the odds are in your favor. The part in Pit Bull when Buzzy was trading all night during the start of the Gulf War was a great example -- pretty intense.

Of course this is a painfully obvious concept (but I'll bet many traders still continue to churn even when the odds are "even" or worse -- I know I occasionally do!).

I have drastically reduced my trade frequency this year, and have eliminated a lot of pointless small losses. Trade less, make more.


:cool:
More...

damn.. that is sooo true!

I
:cool:
 
exactly

Quote from GreenDog:

Just finished reading Pit Bull and have read Reminiscenses countless times. There really is one central theme to being a successful trader -- lay off when there's no real edge and go completely "balls to the wall" when the odds are in your favor. The part in Pit Bull when Buzzy was trading all night during the start of the Gulf War was a great example -- pretty intense.

Of course this is a painfully obvious concept (but I'll bet many traders still continue to churn even when the odds are "even" or worse -- I know I occasionally do!).

I have drastically reduced my trade frequency this year, and have eliminated a lot of pointless small losses. Trade less, make more.


:cool:
More...
 
I am reading Commodity Futures and Options by George Kleinman and here is what he says :

<font color=blue><b>You will be a day trader, not a daily trader. </b>
A day trader by definition is in and out the same session, but nobody can do it successfully every day. The right kinds of market conditions are not present every day, and it is psychologically too intense to day trade day in and day out. One tremendous advantage you have is freedom of choice, you do not need to take every signal or trade every market. You do not need to be in a position before an important, but risky,employment report. You have the luxury to wait and watch and witness the market's reaction before taking action. If a market is "newsless"and quiet, or range bound, you can always relax and let your most important quality patience work for you.</font>
 
I really enjoyed Pit Bull. In fact, I think I'll read it again starting tonight. I love the part when he quits his analyst job and goes on the floor. You can feel his excitement and trepidation.
 
I'm finally starting to grasp this concept. Stayed away from a few trades today, even tho I was bored as hell and it was very tempting to take the trade even though the R/R wasn't that great....but I managed to stay out :)

-FastTrader :cool:
 
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