Scott - this is just amazing. Your take on the market and about any individual stock is beyond amazing. I looked at your overnight BP trade, and sure enough - the stock dumps right after your exit. You get the gap open and just off the high for the day. It makes me want to laugh... I believe everything you say about your approach, but there is a huge disconnect between believing it and actually implementing it.
I can't believe how tough this is to do. It is said over and over again - the most simple thing: buying and selling at the click of a button, and yet somehow I manage to twist the process so it is extremely tough to implement. It is nuts... really. I was paper trading today, I wasn't even an active market participant, yet I couldn't keep the 'market is out to get me' thought out of my head. Go figure... Unbelievable.
Let's say someone wanted to trade just like you do, to develop the same skill set. Starting from scratch - what would be the steps?
dtf- the easist person to teach how to momentum trade would be a person that has zero knowledge of the markets. no ideas, no concepts, no clue of how things work. they would be emotionless like mr.spock, be responsive to visual signals, be ultra disciplined in all aspects of their life, be quick witted and action orientated, have good eye sight and physical conditioning, have the ability to concentrate 100% on the matter at hand,have no regard for the opinion of others yet accept teachings without compromise, have a single-mindedness of purpose and an iron will. this is the type of person that I could mold into a super trader. I would start out paper and sim trading for an unknown period of time together with psychological training, examining the fields of abundance, self worth, fear, greed, opportunity, hate/anger, love, joy, pain,risk, reward, money, winning, losing, right, wrong, desire,confidence, self-reliance, concentration, gut feelings. syncronicity, willpower. i would prepare"flashcards" for learning pattern recognition, study chart patterns, beginning, middles, ends. i would prepare audio files on all the above subjects so the person could listen as they sleep to get it directly injected into their subconscious. i would explore mediation. study order entry and platform navagation. i would have them undertake competitive sports and intense physical and mental exercises to test their will power, pain/discomfort threshold, their "stick to it of ness" under adverse condition and see what they are really made of. I guess my five year old daughter has no idea what is in store for her the next 10 years....
lol - you could say that you only trade while standing on your head and I would start following suit. I like the birdies =)
Your daughter has a good dad - not necessarily because he is a master trader, but because he is pretty level headed and cool about the whole thing too.
if someone gave me that description of a job i would probably say no thanks. so that gives me something to think about.
i think you and dtf are nuts. i would take a shotgun or a firework and scare those birds away. i can't believe that is a recording of a bristish country hillside. it sounds like the took recordings of 20 different birds and mashed 'em together. one bird or two birds okay, but man, you can hear sparrows, and doves, and god knows what else.
6 comments:
Scott - this is just amazing. Your take on the market and about any individual stock is beyond amazing. I looked at your overnight BP trade, and sure enough - the stock dumps right after your exit. You get the gap open and just off the high for the day. It makes me want to laugh... I believe everything you say about your approach, but there is a huge disconnect between believing it and actually implementing it.
I can't believe how tough this is to do. It is said over and over again - the most simple thing: buying and selling at the click of a button, and yet somehow I manage to twist the process so it is extremely tough to implement. It is nuts... really. I was paper trading today, I wasn't even an active market participant, yet I couldn't keep the 'market is out to get me' thought out of my head. Go figure... Unbelievable.
Let's say someone wanted to trade just like you do, to develop the same skill set. Starting from scratch - what would be the steps?
scott is sighing/screaming "leave me alone already, you people are driving me mad!"
dtf- the easist person to teach how to momentum trade would be a person that has zero knowledge of the markets. no ideas, no concepts, no clue of how things work. they would be emotionless like mr.spock, be responsive to visual signals, be ultra disciplined in all aspects of their life, be quick witted and action orientated, have good eye sight and physical conditioning, have the ability to concentrate 100% on the matter at hand,have no regard for the opinion of others yet accept teachings without compromise, have a single-mindedness of purpose and an iron will.
this is the type of person that I could mold into a super trader.
I would start out paper and sim trading for an unknown period of time together with psychological training, examining the fields of abundance, self worth, fear, greed, opportunity, hate/anger, love, joy, pain,risk, reward, money, winning, losing, right, wrong, desire,confidence, self-reliance, concentration, gut feelings. syncronicity, willpower.
i would prepare"flashcards" for learning pattern recognition, study chart patterns, beginning, middles, ends.
i would prepare audio files on all the above subjects so the person could listen as they sleep to get it directly injected into their subconscious.
i would explore mediation.
study order entry and platform navagation.
i would have them undertake competitive sports and intense physical and mental exercises to test their will power, pain/discomfort threshold, their "stick to it of ness" under adverse condition and see what they are really made of.
I guess my five year old daughter has no idea what is in store for her the next 10 years....
actually here is my secret weapon
http://www.birdsongradio.com/
lol - you could say that you only trade while standing on your head and I would start following suit. I like the birdies =)
Your daughter has a good dad - not necessarily because he is a master trader, but because he is pretty level headed and cool about the whole thing too.
Thanks for that response.
if someone gave me that description of a job i would probably say no thanks. so that gives me something to think about.
i think you and dtf are nuts. i would take a shotgun or a firework and scare those birds away. i can't believe that is a recording of a bristish country hillside. it sounds like the took recordings of 20 different birds and mashed 'em together. one bird or two birds okay, but man, you can hear sparrows, and doves, and god knows what else.
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