Feeding the slot machine all day

are a good way to keep your mind sharp and keep from getting bored during slow times for swing traders. You can play around with new strategies and try out different things on a scale that will not meaningfully impact your account.

I used to trade 100 share lots during the slow times back when my main trading technique kept me out of the markets during much of the day. I found that it kept my mind in the markets so that I was ready to move when things set up for my 'real trades'. I never stumbled upon a great new methodology doing this, but I think it was productive for me.
 
Quote from nitro:

I bought a slot machine and put quarters in the slot.

nitro
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LOL!! :D

And since you own the machine, you can empty it out everyday and start again!!

PEG LEG
 
Quote from chessman:

I have thought about this quite a bit, one issue that comes to mind and that still troubles me, is coming to terms with the fact that how can I spend perhaps just 2-3 hours a week trading, and making kind of money that most people make in a month. Most of us are taught that you succeed in life by working hard, when you put in 10 hour day you have earned your livelihood.
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But that's taught to us by people who work hard 10 hours a day.
 
Quote from chessman:


Most of us are taught that you succeed in life by working hard, when you put in 10 hour day you have earned your livelihood.
However in trading I find that less is more, the harder I try the worse I do.
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And I have learned that many things I was taught are wrong. :p You earn respect (or you demand respect) if you work long hours. But for most headworkers this is not true, the efficiency is only there for a couple of hours. And even the work of craftsmen deteriorates if they work too long hours (but they are smarter than the headworkers because they stop working if they are tired.)


The second issue is what to do with the free time.
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I wish I had your problem. :) How about a hobby? Work in the garden, do some handicrafts...
Things you do with your hands are very rewarding.

Reading and playing chess mainly uses your brain and your eyes, the same as in trading. How about the rest of your body?


So my questions to other ET members is:


1) What do you do during the day to occupy you time, something that helps you prevent impulsive trading and keeps you focused on your system?
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Until now I've been trading in parallel to my day job. When the simulation is running, I had time to look at the markets. But there are two problems:
1.) What if the market requires some action and I can't act because im sidetracked by a meeting?
2.) If the job is boring I start fiddling around in the market. (Very expensive)

My solution is: I either trade very long term (e.g. this long EUR/USD trend we have now) or very short term: No open mid-term positions (several days) when the markets can't have top priority. I either sit in front of the screen and wait for signals or I do something else. And since the good opportunities are 2 hourse after market opening and 2 hours before close there is no need to watch the chart the rest of the time.
I was wondering for a long time what "adjusting your system to your personality" exactly means.
Handling the idle time is the main part of it.
 
A short list:

1. Workout - This takes care of about 1-2 hours for 1-3 days a week. You'll be jacked and wealthy if all goes well.

2. Buy a pool table &/or dartboard. Leagues at night, practice during the day. You may even win some tournaments after a while. And: you'll have honed the third and fourth most important 'bar' skills. (Optional)

3. Practice yoga. Get a good stretch on.

4. Study kama sutra.

These things can all be done while trading and watching the ticker. More importantly, they all serve a better end. With these talents, and others not mentioned, you can then begin culling a list of 5-10 women with whom you will spend your days trading. Step 4 should ensure you'll be occupied for the duration of the market day.
 
Quote from chessman:

Ed Seykota in the mkt wizards interview said watching the mkt during the day is like playing a slot machine, you end up feeding it all day long.

This thread is primarily for swing and long term traders like myself, who make perhaps 1-2 trades a day, primarily adjusting the positions.

This for me requires very little time, the question is what to do with the rest of 6-7 hours in a trading day?

I have thought about this quite a bit, one issue that comes to mind and that still troubles me, is coming to terms with the fact that how can I spend perhaps just 2-3 hours a week trading, and making kind of money that most people make in a month. Most of us are taught that you succeed in life by working hard, when you put in 10 hour day you have earned your livelihood.

However in trading I find that less is more, the harder I try the worse I do.

The second issue is what to do with the free time, I have tried reading during the day with one eye on the quote machine, but I just have too much nervous energy during the day to focus on reading. One thing that has worked well for me is to play chess online, with other people that is, playing against a computer is just not the same. I find this tends to absorb a large portion of my nervous energy. (btw I play online at playchess.com - its a German site, run by the creators of Fritz. Most of the players are very strong, usually rated 1500+).

So my questions to other ET members is:

1) What do you do during the day to occupy you time, something that helps you prevent impulsive trading and keeps you focused on your system?

**** I do stuff at my residence to stay healthy. Blocks of physical activity. After the open and before pm picks up.
I do have to consider the intraday stuff that you do not though.

2) How do you come to terms, that spending just a few hours a day a trading can make you a good living?

*** Were I you I would go to the next level. Two parts. You can empower others with time do do their special skills. Trade a POA for their contributing a day of their time a week to the benefit of others. Second, mentor others who will, in turn help others down the road.

Do this stuff during the day. I used to unwind by gliding after work being in the MST zone year round where the markets are only a half day duration.

From dinner time to breakfast it was a normal life.

The surplus capital thing is a bugger. But there are focused opportunities out there.

<<please note: this thread is not an attack on people who day trade, and is not meant as a disrespect to people who activily watch the mkt all day. I just find in my case it is counterproduce. I hope you can appreciate the candor.>>


Thanks.
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I find that the intraday thing is attractive; I know you don't. Still the middle of the day is a quiet time anyway.

I'm using about 6 tons of rock to make a waterfall along my pool now. It is funny to say but I do get a kick out of the sounds, flows and how to lay out stone and cut it to make something that changes the pool area here and there.

regards,

jack hershey
 
I've read somewhere that daytrading is like playing a videogame at level nine before you've sucessfully completed the previous levels. If you can make money almost everyday daytrading, then you're a real expert trader.
I think beginners should definatly start off swing trading (a few trades a week) - it really helps you understand trend formation and dissipation. As far as what you do in spare time while swing trading, definatly don't stay by your computer, if you do then do research. I recommend physical exercise especially hatha yoga as it will definatly energize and calm down your central nervous system.
 
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