Heard of Doug Hirschhorn

Quote from hcour:

Certainly one of the basics one should learn in Trading 101 is to know where you stand in your open positions. (I mean, isn't that common sense, anyway?) The fact that they don't bother to point this out to this poor guy because they're too busy enthusiastically selling their product is pretty damning.
H
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The following concept might be difficult to swallow, but being completely unaware of one's open unrealized P/L situation in existing positions, would <b>actually be quite beneficial for many traders.</b>

It's a concept that even decade+ veteran traders have trouble understanding:

<b>The market does not know or care where you got in!</b>
'Being up' or 'being down' on a position shouldn't ever change the way you trade it. The market has no idea where you got in.

Note that I'm certainly <b>not</b> backing up wizetrade or any such snakeoil in this post- only the concept of always staying somewhat detached from one's entry price.
 
Incidentally, Doug had the unfortunate timing to join Schonfeld shortly after the bubble was done bursting, the market was dead, and the Schonfeld system had stopped working. (2001 or 2002)

He'd 'succeed' in boosting my morale, putting me in an aggressive "go getter" type of mood. Problem was, the inevitable result of this was just red ink due to my overtrading a dead market with an obsolete system.
 
The following concept might be difficult to swallow, but being completely unaware of one's open unrealized P/L situation in existing positions, would <b>actually be quite beneficial for many traders.</b>

It's a concept that even decade+ veteran traders have trouble understanding:

<b>The market does not know or care where you got in!</b>
'Being up' or 'being down' on a position shouldn't ever change the way you trade it. The market has no idea where you got in.

Note that I'm certainly <b>not</b> backing up wizetrade or any such snakeoil in this post- only the concept of always staying somewhat detached from one's entry price.
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I agree RM, to a point. Knowing and being Detached about Knowing are two different animals and there have been and will be reams written on the subject. But the bottom line, past all the psycho-babble, for a practical active short-term trader, is that knowing and not being emotionally involved in the knowing is part of the discipline of the profession. The market may not care where you got in, but you certainly should because, in my experience, actively managing the open position is the most difficult part of trading. To not know where I am relative to my plan would be like being adrift at sea w/o my maps.

H
 
Quote from Rearden Metal:

The following concept might be difficult to swallow, but being completely unaware of one's open unrealized P/L situation in existing positions, would <b>actually be quite beneficial for many traders.</b>

It's a concept that even decade+ veteran traders have trouble understanding:

<b>The market does not know or care where you got in!</b>
'Being up' or 'being down' on a position shouldn't ever change the way you trade it. The market has no idea where you got in.

Note that I'm certainly <b>not</b> backing up wizetrade or any such snakeoil in this post- only the concept of always staying somewhat detached from one's entry price.
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Good point...there are plenty of other things to do instead of watching P/L..........betting on the dating game...playing horse.....


sorry I lost touch....been busy as hell.....hope all is well
 
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