Sunday, April 21, 2013

So you want to be a full time trader

Read this
http://www.meetpips.com/members/TonyIommich/blog/28869-how-to-be-the-25-a-month-man
Many wanabes turn up at seminars, where the speakers are brokers or exchanges trying to replenish the cannon fodder stocks. Tneir objective is to get more to sign up for a lucrative career as Independent traders as members of the exchange.
The reality is masked. In the professional trader ranks, the attrition rate is 50%. It's more guns than roses.
Read the article onhow Marty Schwarz approach the career to get the better chance of success in the dog eat dog world of Local Participantship.
In particular, the need to trade to get a sizable grub stake of 292,000. "You need to develop a methodology that suits your personality". "I read widely on everything trading related. I am a synthesizer of useful concepts."

You see, when the broker points to some successful trader who clear trades with their firm, he is trying to impress you to sign up, stating stuff like how that guy made into the millionaire ranks through trading futures. In fact the broker is propagating bullshit. The way to success is to know YOURSELF, get the methodology that suits your personality. Have a good enough 'grub stake' so that the pressures of fear and greed don't pound your account to zero.

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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