You might be bigger than me, you might be faster than me but you won't out work me.
Showing posts with label complacency kills. Show all posts
Showing posts with label complacency kills. Show all posts
Wednesday, October 12, 2011
Monday, June 13, 2011
Playing the Game One Trade at a Time
Today I want to talk a little bit about the mental side of trading. A few recent events triggered my memory of a trader I used to train. For the first few months he looked like he had very promising future. He could scalp quickly, he showed up early/stayed late, studied hard, managed his risk, didn't speculate and was consistently profitable for his first three months.
Then the frist day of month four... WACK! His first real big down day. In the red for over 10k... and the market just opened. He priced some options incorrectly in the morning and paid a really high vol for some worthless options. Instead of collecting himself and getting right back in to his ryhthm, he rapidly begins to lose control and starts bleeding money.
Then the frist day of month four... WACK! His first real big down day. In the red for over 10k... and the market just opened. He priced some options incorrectly in the morning and paid a really high vol for some worthless options. Instead of collecting himself and getting right back in to his ryhthm, he rapidly begins to lose control and starts bleeding money.
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