Successful Trading

[PubliasEnigma]

Originally posted by tom_p
During my earlier young and foolish days, I travelled the globe looking for opportunities to legitimately exploit weaknesses in the gaming industry. This ranged from counting cards to finding positive expectation games due to promotions or erroneous payout schedules. I had a backer and when I was on the job, I followed all the "rules" to a tee and was quite successful. Privately, playing for myself, I would break every rule in the book whether it was bet sizing, steaming, playing in unfavorable games etc. and generally would lose. If, for example, my backer decided that I should leave the table after losing $X, then that is what I would do without any thinking or effort. Easy as pie. And he wasn't even on the premises. When my money was on the line, sometimes you would have needed wild horses to drag me away from the table. The simple yet powerful effect of true accountability (as opposed to artificially set up accountability) was already then evident to me.

rs7 hit it on the head.

Here are my thoughts on accountability in the trading arena...

I feel that accountability is a must on performance level BUT for me there is no greater enemy than that of my left brain. While in the frey of action the worst possible thing for me to do would be to "think" on a rational level about what I am doing. God forbid I ever said to myself "oh how am I going to explain this one?" I would not be 10% of the trader I am if I was playing the game as 2 people, one half sitting over the other to condone, to condemn, etc...

BUT like I said accountability for me is a must! On a performance level I am very critical of my performance, not overly, but enough. If I do not stay fluid enough, if i am forcing, not staying committed to letting winners run, etc, etc. But this critical assesment is left for after hours when I am writing my journal...and never do I think of these things while playing

Publias

 

[PubliasEnigma]

Darkhorse,

If you would not mind could you briefly explain the 80/20 rule???

Sounds interesting TIA --->Publias

 

[ddefina]

Great thread. I've always done better with OPM. I'm an inventor and like to change things midstream, usually with negative results. With OPM your accountable and less likely to play around. I try to have my wife make me accountable, but then that Bill Clinton in me sees a sucker and I take advantage of her when necessary. I'll have to work on some more mental deceptions to convince myself its not really my $2K loss showing on the P/L.

 

[darkhorse]

Originally posted by PubliasEnigma
Darkhorse,

If you would not mind could you briefly explain the 80/20 rule???

Sounds interesting TIA --->Publias

i got the below cut and paste from a thirty second search engine inquiry, pretty much highlights the basic concept

'More Examples of the 80-20 Rule:

80% of a manager's interruptions come from the same 20% of the people
80% of a problem can be solved by identifying the correct 20% of the issues
80% of advertising results come from 20% of your campaign.
80% of an equipment budget comes from 20% of the items
80% of an instructor's time is taken up by 20% of the students
80% of benefit comes from the first 20% of effort
80% of customer complains are about the same 20% of your projects, products, services.
80% of network traffic stays within the LAN while 20% needs to cross the backbone.
80% of our personal telephone calls are to 20% of the people in our address book
80% of our shipments utilize 20% of your inventory.
80% of sales time is spent on 20% of the customers, who may not be the profitable 20%
80% of the decisions made in meetings come from 20% of the meeting time
80% of the outfits we wear come from 20% of the clothes in our closets and drawers
80% of the traffic in town travels over 20% of the roads
80% of what we produce is generated during 20% of our working hours
80% of your annual sales come from 20% of your sales force
80% of your future business comes from 20% of your customers
80% of your growth comes from 20% of your products
80% of your innovation comes from 20% of your employees or customers
80% of your profits come from 20% of your customers
80% of your staff headaches come from 20% of our employees
80% of your success comes from 20% of your efforts
80% of your website traffic comes from 20% of your pages

From studying these examples of the 80-20 Rule, managers in both profit and not-for-profit enterprise can increase their effective and efficient use of resources by analyzing the inputs required to produce the outputs that they experience.'

 

[Lavish]

Originally posted by darkhorse






From studying these examples of the 80-20 Rule, managers in both profit and not-for-profit enterprise can increase their effective and efficient use of resources by analyzing the inputs required to produce the outputs that they experience.'

Darkhorse, is that BEFORE or AFTER they discover that 80% of their efforts to analyse the inputs required to produce the outputs that they experience really only produce 20% of their results?
Seriously, the way it was taught to me in sales training is that you cannot successfully identify "what" productivity comes from "where" (because of the rule)... therefore you must give 100 percent to become successful.

 

[rs7]

Originally posted by Lavish



Seriously, the way it was taught to me in sales training is that you cannot successfully identify "what" productivity comes from "where" (because of the rule)... therefore you must give 100 percent to become successful.

Yup....I may make 90% of my money in 10% of my trades, but I still need to make all the trades to accomplish this.

 

[daniel_m]

Originally posted by darkhorse




Drilling the old holes deep before going onto new strikes. Depth more important than breadth, new connections superior to new information.

Darkhorse at his very best.

Write a book man! Seriously!

 

[Breakout]

Hey Rs7...I've spent the last couple of weeks telling myself,
this was my sweet grandmothers money on the line, while
I was brainstorming the best method possible.


Well, I came up with something completely new, and I've
been profitable every day this week, so far, trading
the ES mini.

I think it worked dude, and I just wanted to say...



I LOVE YOU MAN!!

 

[darkhorse]

Originally posted by Breakout

I LOVE YOU MAN!!

you're still not getting his bud light

 

[rs7]

Originally posted by Breakout
Hey Rs7...I've spent the last couple of weeks telling myself,
this was my sweet grandmothers money on the line, while
I was brainstorming the best method possible.


Well, I came up with something completely new, and I've
been profitable every day this week, so far, trading
the ES mini.

I think it worked dude, and I just wanted to say...



I LOVE YOU MAN!!

The following is from my first post in this thread.....so I feel great I accomplished what I set out to do. Thanks for validating my efforts and hopes! Just keep the "love" stuff figurative my man.....

Originally posted by rs7
.

Again, I truly hope someone, somewhere, finds one thing of value in what I have said..

.