Lessons so far....
Interesting isn't it ? That as a financial markets trader you can post pretty good percentages based on trades where gains are made versus where a loss was realised and still come out a loser !
Well my education as a trader is continuing at a rapid pace. Today I re-learnt yesterday's lessons which was not to get emotionally involved with Brent Crude Oil (laugh).
After making a loss going long on the brent crude futures overnight ( for once my stop stopped me out making an even more terrible loss but I now wish I had set it higher so that I wouldn't have lost as much as I did).
For some peculiar reason in my psychology, I seem to not mind taking very small profits but will gladly allow my losses to grow while waiting for the tide to turn ( based on what analysis?).
Naturally, I have set aside a bit of money to try to gain some insights into why I trade the way I do without much reference to rigorous technical analysis other than very rudimentary TA.
Naturally I know this is dangerous trading without a system as such but I still have to learn about what makes me tick.
I have found it interesting reading the Market Wizard books - I doubt that any two of the interviewees are exactly the same. Or actually agree exactly on the techniques of making money.
Ed Seykota I like very much at the moment. For some reason I'm in tune with his philosophy of life. I also like his TT - Trading Tribe Community idea.
Trying to finish off reading George Soros' book of Financial Alchemy where he espouses his ideas on reflexivity in the markets. It is such a hard book to get around but I'll persevere because I know that somewhere in there is a nugget or two that will resonate with something in my psyche and will put me over to gain an advantage.
