Hi Trader777 and thanks for your post.
I haven`t been trading for the last few months now, that big loss really shook me.
However, the desire to be successful at trading is still there. I decided to give it a break and will be looking to the new year with a clear mind to get back into it.
Only this time I will have stops at the forefront and working towards defining a system.
Thanks for the book suggestions.
All the best.
I haven`t been trading for the last few months now, that big loss really shook me.
However, the desire to be successful at trading is still there. I decided to give it a break and will be looking to the new year with a clear mind to get back into it.
Only this time I will have stops at the forefront and working towards defining a system.
Thanks for the book suggestions.
All the best.
Trader777 said:Hi BF1,
Been there and have the TShirt to prove it, but lost my shirt!
I call it Forced Awareness.....where the pain of loss just forces you to have insight into your mind, method, and money management deficiencies.I am a professional trader for a firm and the price I paid to get here would put most sane people off and back to 9-5pm land.
But if you have the fortitude...read on.
I am sure you have read some of the classics and that is a great start. I am an aquaintance of Mark Douglas and know he no longer mentor's trainees- be wary of those who claim to be wizards or great teachers. Most of the truly great trainers are down to earth guys who understand the struggle.There are a few books of merit I recommend apart from Mark's.
"Dancing with Lions" - by Trader X. An American also a friend of MD. A great book but you will need to order it from USA. Tells of his journey through losing it all then becoming a disciplined trader and doing very well to day. His boat didnt even sink during the recent hurricanes!
"Trading for a Living" - Alex Elder...easy to get hold of and addressess a number of pertinent issues.
"Financial Risk Taking" by Mike Elvin - a trader and psychologist who developed a whole sytem of learning with a workbook in the back to check off your progress .
But reading is only the beginning......get to know professional traders and find out how they got there. Then halve your postions, then halve them again until your exposure is very, very small. Then find a mentor...there are alot of nutters out there and Elvin's book describes a few to be wary of.
Having said that , I wish you every success and a safe journey. Its your personal journey and the price you pay is a personal thing.
But one rule above all.........ALWAYS USE STOPS....never trade without them
Trader777