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  1. #11
    Junior Member
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    Feb 2008
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    Queenstown
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    Quote Originally Posted by AMR View Post
    1. A system with an edge
    2. Money management
    3. Psychology - A faith in your system and not panicking because you know that this drawdown is part of your plan.

    Take a read of the books by Brett Steenbarger. I'm going through them right now and wow they are good.
    Hey AMR - which of Steenbarger's books did you think was better?

  2. #12
    Senior Member
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    Jul 2007
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    North Shore
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    I thought the second one (Enhancing trader performance) was much better, more practical and applicable to trading. I'm only halfway through it, so I'll report back later
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

  3. #13
    Senior Member Halebop's Avatar
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    Jun 2003
    Location
    New Zealand
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    1,172

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    Not a great fan of the term "Day Trading". It sets you on a path that might not be ideal. If we called it "Active Investing" the "how" instantly widens in scope and probability. While I'll dig around for a quick buck with the best and worst of them, medium term trades are far more profitable me. Picking a strong trend is much easier to do when you aren't requiring a fast screen refresh to achieve a result. There are also some reasonable statistical and practical foundations that demonstrate TA working best in a moderate time frame - say a 12 month view. $200 per day is not a very tough ask, but the mindset of "per day" is the value destroyer. I recently cleared the sort of annual income he desires in a few months shorting a single share (MQG). My only goal was to make money and beat some undemanding benchmarks (interest rates, market indices). If the process was constructed as an amount of money or a daily target the results would have no doubt been much poorer.

  4. #14
    Junior Member
    Join Date
    May 2008
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    7

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    Quote Originally Posted by Halebop View Post
    Not a great fan of the term "Day Trading". It sets you on a path that might not be ideal. If we called it "Active Investing" the "how" instantly widens in scope and probability. While I'll dig around for a quick buck with the best and worst of them, medium term trades are far more profitable me. Picking a strong trend is much easier to do when you aren't requiring a fast screen refresh to achieve a result. There are also some reasonable statistical and practical foundations that demonstrate TA working best in a moderate time frame - say a 12 month view. $200 per day is not a very tough ask, but the mindset of "per day" is the value destroyer. I recently cleared the sort of annual income he desires in a few months shorting a single share (MQG). My only goal was to make money and beat some undemanding benchmarks (interest rates, market indices). If the process was constructed as an amount of money or a daily target the results would have no doubt been much poorer.
    good points ^

    Is trading your main source of income?

  5. #15
    Senior Member Halebop's Avatar
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    Jun 2003
    Location
    New Zealand
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    Quote Originally Posted by Captain Haddock View Post
    good points ^

    Is trading your main source of income?
    Yes, although more broadly Investing is my main source of income. Don't have a fixed modus operandi and am happy to turn a dollar by any ethical means. My methods tend to change by what the markets themselves facilitate (for instance I'm not a big fan of debt but have more recently made money shorting, using a facility that requires debt despite having matching funds available).

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