Tuesday, April 24, 2012

Who would be a full time trader?

This story of the rags to riches and then thumping back down to earth and rising from the depths of hell of a certain trader bears testament to the adage 'You are only as good as your LAST trade'.

The fortunes and mishaps this particular trader went through is reflected in the car he owned through this journey through the jungle of futures trading.... In this business one can make lots of $ and equally the market can take the $ away...

Proton Waja
Toyota Camry
Mercedes Benz CLS (2nd hand)
Proton Inspira (after selling the CLS to cover for losses)
Mercedes Benz E class (2nd hand too, spendig future profits I think)
Oh, and this infatuation with cars as an expression of wealth is a fool's game, as the cost of cars is inordinately expensive in this country due to the Proton protectionist auto policy.

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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