I now post to http://www.insanemoney.com for anyone reading this blog. You can set up a free userid and password through Insane Money. I am working on the model portfolio.
Posted on September 24th, 2009 by Gekko
I had a good talk with Mojo (my trading partner) on Wednesday night after our team meeting regarding trading in general. Some things came to light that I should share with you all that may be of benefit to you. Many of you will hopefully see things for yourselves as traders…
1. I work too hard- Because of the way we were raised, most of us think this is a noble trait. We are taught to work hard through school so we can later get good jobs and make lots of money, right? My parents were from Italy and survived WWII time and we came to the US when I was very young. For any of you that come from immigrant families, you know the struggles of watching your parents work their tails off (many times with 2-3 jobs a piece at the same time) just to survive in this country. It’s not an easy life, but one that I have always been proud of. So with this, I have ingrained in me the trait of working really hard. However, with trading, I am seeing it as a huge flaw. Trading should remain simple and effective, not tedious or complex. You have to trade smarter, not harder. This is probably the biggest lesson for me. I have to “re-wire” my brain without letting go of the great lessons my parent taught me. In this, I guess everything has it’s place.
2. I rush things because I lack patience- Mojo teased me about my ROTC background back through high school and college. From this, when I am given a task/mission, I like to go all-in and start knocking things out (”Git ‘er done” mentality) This can also be a huge problem as with trading, you NEED patience or you will either lose interest or hope if you don’t make your first million in a year, or worse off- you’ll blow up your account through reckless trading! I rushed with trades before I had my most current trading rules established (for those of you that requested my rules, I did not forget, I am just hashing them out still with my trading partner)!
3. I over-complicate things- I am a VERY detail-oriented person while Mojo is a big-picture type of person, so we are trying to find a healthy balance in teaching trading and blogging. I had the understanding that most people that read this blog already know what calendars are, for example, so I didn’t explain things on a more basic level. For this I apologize if I confused anyone! :)
Ok so with my confessions today, I encourage anyone to give me feedback (you can send me a private message through Insane Money if you choose). This helps me to become a better trader, and helps you understand what I am talking about so you can become a better trader! Thanks for reading….Happy Trading!
-Gekko
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