Why it's not worth training friends...
- Thread starter RangeTrader
- Start date
I agree. I tried the market making thing for a while, and I officially suck at it. (sorry Don. Thanks for the help). Back to momentum trading based on relative strength for me.
I think my favorite from Louis Rukeyser was after the 87 crash when he said, (totally paraphrasing) "Just look outside. The birds will still chirp, the streams will still flow, the sun will still shine..."
It's good to have a window while trading.
But to the OP. I've said this on other threads, but my favorite book at the moment is Market Mind Games. It basically tries to explain the gap between where the math ends and elite performance begins. She basically states that it is all about experience and judgement. She also goes into the importance of reading trading as a poker game to the "3rd degree" of interpreting what your opponent is going to do. 3rd degree simply meaning determining what the guy on the other side of the trade is thinking, but then determining why he's thinking it. I know it kind of sounds like bullshit, but if you're in the game, it's actually kind of intuitive if you find the strategy which fits your style.
Reading charts isn't enough. Friends fail because of a lack of experience. Nothing beats experience.
I think my favorite from Louis Rukeyser was after the 87 crash when he said, (totally paraphrasing) "Just look outside. The birds will still chirp, the streams will still flow, the sun will still shine..."
It's good to have a window while trading.
But to the OP. I've said this on other threads, but my favorite book at the moment is Market Mind Games. It basically tries to explain the gap between where the math ends and elite performance begins. She basically states that it is all about experience and judgement. She also goes into the importance of reading trading as a poker game to the "3rd degree" of interpreting what your opponent is going to do. 3rd degree simply meaning determining what the guy on the other side of the trade is thinking, but then determining why he's thinking it. I know it kind of sounds like bullshit, but if you're in the game, it's actually kind of intuitive if you find the strategy which fits your style.
Reading charts isn't enough. Friends fail because of a lack of experience. Nothing beats experience.
it was different back then, all the action was in the live S&P pit at the merc. Only small traders traded ES. Not only would they announce big orders, but who was bidding on them. Back then Merrill was a big player and when he came in with a bid you could readjust, plus, you could hear the excitment (or boredom) in the pit.
But like I said, those days are gone. All the excitment of killing a terrorist goes on now inside some Las Vegas studio where they play computer games with drones.
A sixteen year old kid with good computer skills can beat an old man if he knows how to read the digital market.
That's why us oldtimers don't play those close games anymore.
But $120 for a month just listening to the way it use to be could be a heck of a lot more valuable than $120 trying to figure out how it is going to be.
I understand what you're saying. I appreciate the perspective of someone who has been there before me. Thanks.
I'll preface this by saying this may be a stupid question.
Does anyone know of a free squawk box? Or one that is at least substaintially cheaper than the one previously mentioned?
You are correct I remember a while back Tom was a tip top speaker and very good on live calls during meeting on RTH.
TOS merged with somebody. Ninja?
thanks.
ToS merged with TDA...