I felt compelled tonight (actually, I guess 1am is technically morning) to share some heartfelt thoughts and perspectives about trading, especially to new onlookers as diary traffic is once again surging.
Have a great Thursday.
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8 comments:
hey don,
i'm one of the 'new guys' that came across your blog couple months ago. Your blog really help in my own trading and also compelled me to start my own online journal. I continue to learn to put more focus on the process (execution, learning ,etc) rather than on the everyday P/L. peace
More good stuff Don. Since starting my trading apprenticeship earlier this year I've spent about $500 on various types of education and now put it down to the same process that might make someone buy a Berlitz language course hoping to learn Greek. Much of the basics, with trading as with language learning, it turns out is available for free!
Anyway, I struggle to find the right analogy for now, but suffice to say I find your blog and the archives (and comments) another dimension of education altogether. Much more authentic and truly far more valuable. (And it's free!) Though I guess education is maybe more of an incidental by-product than the blogs primary purpose.
I have 2 questions for you though if you have time.
1 - Do you think it makes much difference what market someone relatively new to this learns on?
2 - What do you do to keep mind/body healthy and focused in-between trades when it looks like you've got a while before a set-up comes along? Or is that irrelevant!
Cheers
Hi Don, does eurex have a similar membership system like the cme that gives members reduced exchange fees?
How do costs compare trading the ES and the FESX.
Many thanks
Thanks Syed.
Ramps -
Re: Question #1, I'm not sure the market matters as the concepts are the same, although I'd probably stay away from thinly traded markets. ES is arguably a decent place to cut ones teeth on.
Re: Question #2, I'm still trying to figure that out :-) ... although keep in mind as I've mentioned before that I do have a non-market related business I have to tend to that pays the bills.
Steve - I don't believe so. It's also tough to compare costs as there are so many variables.
Don
Hi Don,
Just wanted to let you know that your diary here is very much appreciated by me. It is an invaluable resource.
Thank you
Don,
How in the world can you find the time to squeeze in a "non market related business" that "pays the bills"?
Would you recommend that an aspiring full-time trader have a non-trading or non-market related position to subsidize his/her income?
btw, what business are you engaged in (if you don't mind me asking)?
thanks,
Walt
Walt -
Absolutely. Over the years, I've long encouraged traders to have an income stream to pay bills and lessen the performance stress ... much like PGA tour golfers do with sponsorships.
Spousal/significant other income, part-time job, etc. are all possibilities.
One of course has to weigh the negative effect a second income (assuming it's not a spousal income) has on taking focus away from the market at times with the positive mentally stabilizing and stress reducting impacts it has ... and I experience both the plus and negative attributes at this end.
Don
As a regular "reader" of a few blogs, I can only say that we all hope your blog continues.
Yes it is work, but many of us do it anyways.
Not necessarily to "sell picks and shovels", but in my case, nothing has crystalized my thinking more than asking:
"What can I write about today that will be worth someone taking two minutes out of their busy schedule to read?"
Working up an appetite... looking forward to meeting some of you soon.
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