Wednesday, November 04, 2015

I was having lunch with a couple of friends and we were discussing how most wannabe traders are always looking for the 'method' to success in trading futures. In addition, they are looking for the guru or mentor who will steer them towards riches in their endeavour in the futures. They are amisguided, thinking that sitting alongside the 'experienced' trader will somehow show them the holy grail.

They need to realise that apart from the Method, there are another 2 M's that make up the 3 M's of trading success:

Money Management
Mind

the latter being most important making up over 50% of what it takes to succeed. No point following the guru, learn from doing in the market....

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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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THE END OF AN ERA

From Dragons and Bulls by Stanley Kroll
Intro 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/a>
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
Good advice
The 'good bets' business by Larry Hite
Don't lose your shirt
Ed Sykota's secret trend trading system