20 hours ago
Friday, March 2, 2012
Patience
"The practice of patience protects us from losing our composure. In doing that it enables us to exercise discernment, even in the heat of difficult situations. It gives us inner space. And within that space we gain a degree of self-control, which allows us to respond to situations in an appropriate and compassionate manner rather than being driven by our anger and irritation." by Dalai Lama
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Kudos to the Dalai. But it seems strange to have it posted by a mechanical trader who (I suppose) isn't supposed to give a whit about anything but pushing a button when the computer says to. I will never understand mechanical trading. And then I read Solfests post that says we discretionary traders are just doing charity work?? And that humans can't be rational?? The Dalai is just one who disagrees. I think a big key to success is to ignore much of the trading advice put out by "experts" and most/all trading bloggers lest you get strange ideas impressed on ye old brain. Or just plain quit reading blogs. I'll go with that idea. (Sorry to cross-link blogs here) Well anyway, good luck on your search for computerized excellence MBA. I wish you the best.
ReplyDeletePistols at dawn!
ReplyDeleteNa.
YM you forgot about my random mooing.
Another example to reinforce your never listen to a trading blogger mantra.
Hmmm, should I even respond as you may not read my reply YM if you give up blog reading? Is this just for Lent? I will ponder this dilemma all weekend.
ReplyDeleteMooo to Solfest. Whatever that means.
Wow, not sure what to make of YM's post? YM has been a regular contributor here on these trading blogs? Was that personal frustration or just sarcasm? YM if you start a blog, I will still follow you despite the advise of not reading most these trading blogs : )
ReplyDeleteYM's comment seems a bit odd to me, it feels (yes that's a discretionary term) a bit angry. Which is strange, if you are a successful discretionary trader why would my comments anger you?
ReplyDeleteYou could simply point out that I am wrong, I'm prepared to be wrong.
YM is right about "experts" and "trading bloggers", you should not base your trading on any one thing they say. (yes I am a "trading blogger"; don't think I'm an "expert")
You cannot base your trading on anyone other then yourself. It's your money.
That said I do see value in reading other traders thoughts on the subject. Why not? I would like to read more of YM's trading ideas. You take a very wide range of thoughts and ideas and after years of pain and loss you may come up with something that works for you.
But you cannot just take someone else's method and claim it as yours. Even if you pay for it. It won't work because you are trading your money not theirs. When the drawdown occurs with your money and their system you will bail out of the system.
Is discretionary trading a system? Maybe I need a definition of discretionary trading?
The stats we are hear quoted suggest that the odds of success in this business are very low but we all assume the losers in the stats will be someone else.
We assume this because we are all over confident in our own abilities.
So at the end of this journey if your trading is discretionary or mechanical or based on the reading of ox entrails and you find success with it good for you.
When I write I can only state what has worked, and not worked, for me and what I have seen work and not work for others.
If those musings offend someone.....
Too bad.
Hmmm...I have a nice reading here :)
ReplyDelete