This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
1) you don’t have to be good at it to enjoy it
2) the more control you have, the better you get
3) some of the ugly ones turn out to be the best
4) believe it or not, experience doesn’t necessarily mean you’re any good at it
5) can’t learn by reading — you need skin in the game to try out your technique
6) take advantage of the desperation at closing time — that is actually a tip for women — the closer it is to closing time, a woman can get a guy that normally would be out of her league — take advantage of desperate traders who have to get out of a losing position with the clock ticking
7) if you’re carrying baggage from the last trade, take some time to clear your head before you get back in the game
8) take advantage of the “liquidity” if you will…if it changes hands a lot, you can get in and out easier, but you may not want to marry the trade — maybe you will - we all have a past
9) there are no shortage of either one…don’t let the current one weigh too heavily on your emotions
10) recognize the look — if you get the look, shut up and close the deal — however, unless you’re Brad Pitt, you can’t just wait on the look…the same goes for trading…one or two setups will be money, but they may not come around often enough to support you…don’t pass them up when they come along…its a sure thing
11) its harder to perform with people watching
12) if it doesn’t smell right, stay away
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
September 9th, 2007 at 5:13 pm
Thanks, John. From now on whenever I hear the phrase “Mother Market” I’ll need therapy.
I guess as a married father of 3 that makes me a “trend trader”? I’m definitely not a “scalper” like you are, John. At least I’m not a “paper-trader”, always putting on trades by myself in a simulation ;-)
September 10th, 2007 at 7:40 am
LOL
September 10th, 2007 at 4:12 pm
Well, maybe not a “trend trader”, more like “buy-and-hold”, though that could have a bad connotation too…
September 10th, 2007 at 5:17 pm
the commissions are cheaper for trend traders…the kids are like dividends
if u ever move to utah, u can initiate a split (not divorce - extra wife) and double or even triple up
September 10th, 2007 at 6:08 pm
LOL I’m from Utah. Managed to get out of there with only one hostile takeover–no splits yet ;-)
September 10th, 2007 at 8:27 pm
LOL…as i’m taking my foot out of my mouth