Oct

4

Possibly the most major inhibitor of short term trading is not reacting enough to fundamental changes in the environment of changing cycles and inter-market relationships that you're not privy too until long after the flexions and insiders have pushed their boat into the pond. Discipline is the only way to combat this. The more the deception, the greater the chance of failure.

Gary Phillips writes: 

I try to think of myself as simply an observer, not a trader, but an opportunist, which means I do not initiate arbitrary trades that inevitably degrade my P&L. This entails allowing questionable trades to go uninitiated, while waiting for trades that are well defined and have a proven edge, and levering up when a real opportunity is presented.


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