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Archives of “February 2, 2019” day
rss6 Stages Of A Trader
Very interesting description of how traders evolve over time. The pieces of advice Bo Yoder andVadym Graifer give at the end of the article are spot on. Definitely worth reading as every trader worth his salt can relate to all the different stages. Enjoy.
Stages of a Trader
Stage One: The Mystification Stage (by Bo Yoder)
This is where the neophyte trader begins. He has little or no understanding of market structure. He has no concept of the interrelationship among markets, much less between markets and the economy. Price charts are a meaningless mish-mash of colored lines and squiggles that look more like a painting from the MOMA than anything that contains information. Anyone who can make even a guess about price direction based on this tangle must be using black magic, or voodoo.
However, as one begins to observe, read, study, the mess may begin to resolve itself into something that may make sense. Sort of.
Stage Two: The Hot Pot Stage
You scan the markets every day. After a while (sometimes a good long while), you notice a particular phenomenon which pops up regularly and seems to “work” pretty well. You focus on this pattern. You begin to find more and more instances of it and all of them work! Your confidence in the pattern grows and you decide to take it the very next time it appears. You take it, and almost immediately your stop is hit, and you’re underwater for the total amount of your stop-loss.
So you back off and study this pattern further. And the very next time it appears, it works. And again. And yet again. So you decide to try again. And you take the full hit on your stoploss.
Practically everyone goes through this, but few understand that this is all part of the win-lose cycle. They do not yet understand that loss is an inevitable part of any system/strategy/method/whathaveyou, that is, there is no such thing as a 100% win approach. When they gauge the success of a particular pattern or setup, they get caught up in the win cycle. They don’t wait for the “lose” cycle to see how long it lasts or what the win/lose pattern is. Instead, they keep touching the pot and getting burned, never understanding that it’s not the pot (pattern/setup) that’s the problem, but a failure on their part to understand that it’s the heat from the stove (the market) that they’re paying no attention to whatsoever. So instead of trying to understand the nature of thermal transfer (the market), they avoid the pot (the pattern), moving on to another pattern/setup without bothering to find out whether or not the stove is on. (more…)
New Golf expressions
A ‘Rock Hudson’ – a putt that looked straight, but wasn’t.
A ‘Saddam Hussein’ – from one bunker into another.
A ‘Yasser Arafat’ – butt ugly and in the sand.
A ‘John Kennedy Jr.’ – didn’t quite make it over the water.
A ‘Rodney King’ – over-clubbed.
An ‘O.J.’- got away with one.
A ‘Princess Grace’ – should have used a driver.
A ‘Princess Di’ – shouldn’t have used the driver.
A ‘Condom’ – safe, but didn’t feel very good.
A ‘Brazilian’ – shaved the hole.
A ‘Rush Limbaugh’ – a little to the right.
A ‘Nancy Pelosi’ – Way to the left and out of bounds.
A ‘James Joyce’ – a putt that’s impossible to read.
A ‘Ted Kennedy’ – goes in the water and jumps out.
A ‘Pee Wee Herman’ – too much wrist.
A ‘Sonny Bono’ – straight into the trees.
A ‘Paris Hilton’ – a very expensive hole.
A `Tiger Woods’ – Wrong Hole.
…And A Diet Coke please I'm trying to watch my calories…(Real Indian )
Eat SAMOSA ………………..but want Water Bottle to Drink !!!
11 Gambling Habits
1. High-volume trading in which the “action” has become more compelling than the objective of the trade.
2. Preoccupation with one’s investments (e.g., excessive studying of investment newspapers or websites, thoughts about the market that interfere with work or one’s social life, constant calls to one’s broker).
3. Needing to increase the amount of money in the market or the “leverage” of one’s investments to feel excited (e.g., using options or future contracts, borrowing on margin).
4. Repeated unsuccessful efforts to stop or control one’s market activity (e.g., drawing on accounts previously declared off limits, contradicting or changing limit orders on losses or gains).
5. Restlessness or irritability when attempting to cut down or stop market activity, or when cash is accruing in one’s account.
6. Involvement in market activity to escape problems, relieve depression, or distract oneself from painful emotions. (more…)
GRAPHIC: New oil drilling vs. Old oil drilling " Donut vs Tiramisu
Who sends students to the US? Asia
Thought For A Day
Faith is Taking..
Nicholas Darvas: Trend Trader
From a Time Magazine article in 1959:
Darvas places his buy orders for levels that he considers breakout points on the upside. At the same time, he places a stop-loss sell order just below his buy order, so that if the stock does not move straight up after he buys, he will be sold out and his loss cut. “I have no ego in the stock market,” he says. “If I make a mistake I admit it immediately and get out fast.” Darvas thinks his system is the height of conservatism. Says he: “If you could play roulette with the assurance that whenever you bet $100 you could get out for $98 if you lost your bet, wouldn’t you call that good odds?” If he has a big profit in a stock, he puts the stop-loss order just below the level at which a sliding stock should meet support. He bought Universal Controls at 18, sold it at 83 on the way down after it had hit 102. “I never bought a stock at the low or sold one at the high in my life,” says Darvas. “I am satisfied to be along for most of the ride.”