Friday, August 12, 2011

Story on one trader making a killing in 5 hours I think that for every one big bet that is successful, 29 fall by the wayside into oblivion. We can tell from the strained faces of the traders in the firm, of the stress and strains of recent market action, and it probably is not from making a killing.

Heard another story of a trader taking positions in crude oil futures, the first big bet landed 0.5 million profit. Next trade the market went against the position of 600 contracts. Result in topup margin of first night 2 million then 5 million the next..... It looks easier than it really is....

To make such killing, or wipeout, it is a matter of good(bad) luck, not skill...

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"There is the plain fool who does the wrong thing at all times anywhere, but there is the Wall Street fool who thinks he must trade all the time."J Livermore Manchester City FCl Crude Palm Oil

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From Dragons and Bulls by Stanley Kroll
Introduction and Foreword
The Importance of an Investment Strategy
5 The Art of War, by Sun Tau (circa 506 BC) and The Art of Trading Success (circa AD 1994)
That's the way you want to bet
Long-term v Short term trading
Technicals v Fundamentals
Perception v Reality
Part 1: Winners and Losers
Part 2: Winners and Losers
Sun Tzu: The Art of War
Those who tell don't know, those who know don't tell
Why there is no such thing as a "bad market"
The Secret to Trading Success
The Experts, do they know better?
Risk control and money management
Larry Hite: The Billion Dollar fund Manager
Systems Trading:Kroll's Suggested Method
Buy the Strength Sell the Weakness
Good advice
The 'good bets' business by Larry Hite
Don't lose your shirt
Ed Sykota's secret trend trading system