Comments
Transcript
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DWThe Mental Game of Trading videos with Steenbarger and Schull were awesome. I learned a ton from them, and it opened my mind up to concepts and practices I never thought of or heard before. I am a substantially better trader today (and have better life skills) because of them. Although he has just had two videos so far, I put Valiante in the same category. I can't say the same about the Bensignor videos. He is like five levels below them. Nothing original or interesting. And a huge overly inflated ego to top it off.
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AlGreat staff
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HvI love it when a guest discusses “the how.” Sure, what you do is interesting.. but, how you do it is tasty meat and makes for a full interview experience. Thanks Rick.
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CBWho are the 8 guys thumbs downed this video? It was great!
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CSLot of great points, and I am nowhere near where I want to be as a trader, but I will take issue w/ Rick's view that it's futile to compete w/ algo machines, esp intraday -- if you study price, assimilate as much edu as possible, and do a lot of thinking, you can find multiple models that are not violated by machine algos. In fact, my observation is that the machines are extremely precise and consistent at certain kinds of contexts and levels; the real challenge in my opinion is to manually execute intraday strategies as fast the computers do -- the implication for me is that I need to write programs that implement the algos I've written and stop manual execution.
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PGIf it's true that 70% of trades are done via algorithems, doesn't this render technical trading worthless?
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JHRick, excellent commentary on the psychological and emotional elements of the business. Also fully agree that discipline is paramount to long term success. I also see where you’re coming from on the comments regarding anchor price of a position; our particular entry price means nothing to the subsequent price action of the asset. That said, Is there not some risk management value to drawing a line in the sand, based on a percentage of entry price, as to where you are exiting a trade? If one is using too much subjectivity on exits and incurring losses of more than 7-10%, it seemingly becomes mathematically difficult to offset those losses. Interested to hear your thoughts on this, thank you.
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fTThis is such great psychology and therapeutic speaking
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CBGreat content. Lots of key points brought together in a straight forward fashion.
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KDExcellent, thank you Rick
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JHThis was excellent, Rick - thank you. Really good advice - I am in my 30s but just starting out in trading, having formerly been an engineer. I find that bringing a disciplined and rigorous mindset is key, exactly as you say, but following one’s intuition on the longer term trades, also key. And the ability to distill / separate intuition from impulse is also key. Self-awareness is definitely vital, I reckon, in seeing where our emotions arise and how they may be influencing all of our decisions. Once again, great stuff- thank you.