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A question for full-time traders, What made you decide to give up the full-time job?
wolverine
post Posted: Nov 30 2009, 08:08 PM
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In Reply To: Tylergold's post @ Nov 30 2009, 07:48 PM

Good choice, the pay is often considered ordinary but the education you get with systems, teamwork is pretty helpful down the track.

Given the sit on your arse and play computer game generation is out there and multiplying we need people that want to get a job and help themselves.



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I AM THE OTHER WHITE MEAT
 
Tylergold
post Posted: Nov 30 2009, 07:48 PM
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getting an interview with maccas

 
wolverine
post Posted: Sep 16 2009, 07:45 AM
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In Reply To: bigmumma's post @ Sep 16 2009, 07:38 AM

Yeah, but you are waay cool to hang out with when standing around a BBQ.



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I AM THE OTHER WHITE MEAT

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bigmumma
post Posted: Sep 16 2009, 07:38 AM
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In Reply To: wolverine's post @ Sep 10 2009, 08:22 PM

Wolverine,

QUOTE
Shame you have to do English and can't fit in "70's Muscle Car Mechanics and Engineering"


That's what I did in the 70's (327,350,351s)!!
I guess that's why my English is so poor !



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In vino veritas
 
arty
post Posted: Sep 16 2009, 12:49 AM
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In Reply To: hungry's post @ Sep 15 2009, 08:48 PM

Thanks Hungry,

Maybe it's indeed "one for the box". I'm keeping a few articles like it on my website:

Visit http://rettmer.com.au/TrinityHome/Trinity/Musings.htm and select "On Critical Thinking".

There's quite a collection - and growing - of chats that I posted on various topics in a number of Forums.
Bookmark the link and check back once in a while.



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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)

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hungry
post Posted: Sep 15 2009, 08:48 PM
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In Reply To: arty's post @ Sep 15 2009, 06:26 PM

TG
This link (Arty's post) is a good one to keep in a file somewhere when your not keeping discipline & need a kick up the backside.
Markets are an evolving cycle & strategies should be changed with the mood/cycle.
At no time though, should you ignore your stop loss if you want to stay in this game !!!!!
Cheers & good luck

PS I like your attitude for a young fella, wish I had that enthusiasm when I was young. Things might be very different now??

 


henrietta
post Posted: Sep 15 2009, 08:35 PM
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In Reply To: arty's post @ Sep 15 2009, 06:26 PM

Hi Arty

re
QUOTE
"Each time you let a stock slip past its stop condition, take a house brick and drop it on your foot."


I love it ! tongue.gif

And such good advice.

Cheers
J

 
arty
post Posted: Sep 15 2009, 06:26 PM
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In Reply To: wren's post @ Sep 9 2009, 06:46 PM

Further to Wren's advice re: "Critical Thinking", I've just compiled a few paragraphs on "Learning" which I posted on another Forum.
Might as well paste it here on the off chance it jogs some memories and causes one or two new ideas...

On the Importance of "Critical Thinking".
Presumably, that includes a certain amount of self-critical analysis of one's motives, reaction to adverse outcomes, and lack of discipline.

IMO, that's a very important ingredient to successful trading, as I've found the worst blunders in my long list come from the conviction "I've got iy right and the Market better get used to it."

As a result of that attitude, I got stuck with a drawer full of stock that tied up capital and made it unavailable for more useful trades. It may start quite innocently - you forget to watch a stock that has moved sideways for weeks, without really triggering any stop or top condition. Suddenly, you realise "Oops - missed that drop" and continue "aww, no big drama; just widen the stop a little, it'll come good." Sound familiar? Before you know it, it's fallen so far that the next lame excuse is "hmm, I've held on this long, hardly worth scrapping now..."

The worst thing in this context is: sometimes, such a stock does indeed recover, and you feel vindicated committing the sin in the first place. "See, good that I didn't incur that loss; she's apples now."
My first mentor used to joke about such negligence; he urged us "Each time you let a stock slip past its stop condition, take a house brick and drop it on your foot." Just as a reminder NOT to be so stupid again. Either it still didn't work, or nobody took his advice; otherwise, there'd be lots of traders hobbling about...

Obviously, what goes for lack of discipline in trading by the rules, is equally valid for lack of adjusting one's rules to changing market conditions. A wide tolerance may be OK in an uptrending market or even for stocks that "must" keep going up (if there are any of that kind.) But when the tide turns and the predominant direction is down, much narrower tolerance margins may be required.

Which brings me to a crucial "lesson" I've learned in the 2008-09 Bear phase: Initially, I thought I might have overreacted by tightening my profit expectations, as well as trailing stop margins, to single day ATRs or even less. Until the first quarterly trial balance showed that, in spite of a significant increase in brokerage due to higher frequency of trades, my profits were up. And far from being a one-quarter fluke: the full FY 2007-08 ended well up on previous years, and FY 2008-09 was better still.

I'm still coming to grips with that effect: While I recognised the trend change in March 2009, and began buying more aggressively, I hesitated to widen my stop tolerances to the degree a more Bullish environment might permit. That has, on several occasions, caused me to stop too early for less profit than I could have accumulated, had I allowed trades to run longer.

Maybe it's time for another adjustment, or even paradigm shift?



--------------------
I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)

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Tylergold
post Posted: Sep 14 2009, 06:00 PM
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the money i make is going in savings or investments no spending only for 1 thing - fifa 10

 
spartz
post Posted: Sep 13 2009, 10:10 PM
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In Reply To: Tylergold's post @ Sep 13 2009, 07:07 PM

For baby sitting - get yourself one of those Red Cross First Aid certificates - I think they do courses that cover small kids in particular. That it is a great qualification that will help you sell yourself to potential clients. Then pop along to your local preschool, childcare centre etc and ask the head teacher if you can put give some flyers out to the parents when they pick-up/drop-off the littlies. Also, if you know anyone at all in the neighbourhood with kids the right age let their parents know that you're keen to pick up babysitting work and ask if they can let others know too. I picked up quite a lot this way when I was a teenager without even looking for it - babysat one kid, whose parents mentioned me to another local couple and so on.

 
 


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