Sunday, June 27, 2010

The Weekend Trader Part 3 - The Consistency Counter

I thought I'd put the upper left hand blog counter in perspective as to its intent, objective, risks, etc.

As I mention in the video, I'm considering it a summer game of sorts to help maintain current momentum and keep sloppiness from creeping in.

Further, here are some tips on keeping current personal momentum going:

Try to identify what you're doing right. 
After all, something is clearly working & you'll need to duplicate it.

Don't listen to anyone else or let them get you off your game.
Keep in mind most traders lose and misery loves company. Make them do it solo, and remember that they're the speculator and you're the casino.

View the "pre-momentum period" as if it never happened.
You think Kobe or Tiger ever believed they missed a shot when taking the next one?


Harvey said...

Gotta keep trading fun for sure!

There is no way I could keep going after frustrating events if I didn't fundamentally view trading as an enjoyable activity.

There are many other professions I could pursue that would offer a much higher probability of success but wouldn't be necessarily be something I enjoy doing everyday.

Rich Harris said...

Page 155 in the Tao of Poker references The Winning Streak...protect thy profits and continue your solid play.

Just 167 of the Tao of Poker references White Fear that results from a devastating loss (ie the recent May 6th Flash Crash)...Do you consider the Flash Crash to have changed you permanently? It seems that it has really put you into focus overdrive. Hence the consistency in your game.

Thanks Don!

Don Miller said...

Rich -

It hasn't changed anything really, although the last decade has shown I tend to trade well for an extended period of time after similar rare events ... thus the development and implementation of the fictitious draw concept.

As I've often said, sometimes the concept loses its effect and it takes a real hit to set things in motion.

Yet every major step forward in life usually begins with a step backward :-).