One must always remember Slansky’s admonition which is that you have to take account of whether you’re a winner or loser, and what your average rate of win is relative to the distribution of losses. If you’re a good player, never accept a bet with a small edge if it might subject you too close to gambler’s ruin, or getting stopped out of you position even if you have an edge. Many a good player doesn’t call bets in one’s favor if it has too high a variability relative to his bank roll. Many a t-grade should not be taken when the variables like an announcement put the normal tit and tat into jeopardy. I hate to force a weaker player, (assuming I might ever have that luxury again) into making a good shot. Board players are the same way. They can sometimes create a crisis, a tension where if the weaker player makes the rite move, he might pull out a draw or victory. Much better to grind the poor sinner or market into oblivion.
Archives of “admonition” tag
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101% U all Should Buy this Book and 101% u should read…………..!!
Just completed reading this Book (Already read 3 times and everytime …..Something NEW…..I learn )
Here are 10 Lessons from the Book :
1. The Process and the Practice: “Confidence doesn’t come from being right all the time: it comes from surviving the many occasions of being wrong” (27).
2. Stress and Distress: “Thinking positively or negatively about performance outcomes interfere with the process of performing. When you focus on the doing, the outcomes take care of themselves” (56).
3. Psychological Well-Being: “We can recognize the happy trader because he is immersed in the process of trading and finds fulfillment from the process even when markets are not open” (72).
4. Steps Toward Self-Improvement: “Your trading strengths can be found in the patterns that repeat across successful trades” (105).
5. Breaking Old Patterns: “Many trading problems are the result of acting out personal dramas in markets” (133)
6. Remapping the Mind: “When we change the lenses through which we view events, we change our responses to those events” (168)
7. Learn New Action Patterns: “Find experienced traders who will not be shy in telling you when you are making mistakes. In their lessons, you will learn to teach yourself” (203)
8. Coaching Your Trading Business: “Long before you seek to trade for a living, you should work at trading competence: just breaking even after costs” (230)
9. Lessons From Trading Professionals: “If you don’t trust yourself or your methods, you will not find the emotional resilience to weather periods of loss” (267)
10. Looking For the Edge: “The simplest [trading] patterns will tend to be the most robust” (311).
And a final admonition: “Know what you do best. Build on strengths. Never stop working on yourself. Never stop improving. Every so often, upset the apple cart and pursue wholly new challenges. The enemy of greatness is not evil; it’s mediocrity. Don’t settle for mediocre” (341).
Technically Yours
Anirudh Sethi/Baroda
GEMS from :The Daily Trading Coach
The Daily Trading Coach covers just about any psychology or behavioral issue the trader may face. I cannot help but recommend it. There are 101 lessons here divided into 10 chapters. Let’s dig into each chapter and uncover a gem within.
Today again completed reading this Book…Yes 5th time !!
1. The Process and the Practice: “Confidence doesna’t come from being right all the time: it comes from surviving the many occasions of being wrong” (27).
2. Stress and Distress: “Thinking positively or negatively about performance outcomes interfere with the process of performing. When you focus on the doing, the outcomes take care of themselves” (56).
3. Psychological Well-Being: “We can recognize the happy trader because he is immersed in the process of trading and finds fulfillment from the process even when markets are not open” (72).
4. Steps Toward Self-Improvement: “Your trading strengths can be found in the patterns that repeat across successful trades” (105).
5. Breaking Old Patterns: “Many trading problems are the result of acting out personal dramas in markets” (133)
6. Remapping the Mind: “When we change the lenses through which we view events, we change our responses to those events” (168)
7. Learn New Action Patterns: “Find experienced traders who will not be shy in telling you when you are making mistakes. In their lessons, you will learn to teach yourself” (203)
8. Coaching Your Trading Business: “Long before you seek to trade for a living, you should work at trading competence: just breaking even after costs” (230)
9. Lessons From Trading Professionals: “If you don’t trust yourself or your methods, you will not find the emotional resilience to weather periods of loss” (267)
10. Looking For the Edge: “The simplest [trading] patterns will tend to be the most robust” (311).
And a final admonition: “Know what you do best. Build on strengths. Never stop working on yourself. Never stop improving. Every so often, upset the apple cart and pursue wholly new challenges. The enemy of greatness is not evil; it’s mediocrity. Don’t settle for mediocre” (341).