Berney here's another spiritual relevation for you:
From "Technical Trader's Guide to Computer Analyses of the Futures Market"
Le Beau & Lucas
We once knew a trader, who claimed he's getting his entry signals from some mysterious beings from the outer universe. He further claimed he's getting this information via his interplanetary handy, which was constructed from a Coke bottle, topped by a half-broken radio antenna. This lucky (or unlucky) trader really made money because of his ability to close his positions correctly. He just could not stand to lose money and then have to listen to biting remarks from his colleagues, who sat in the same boardroom, so he was very fast when it came to closing his losing transactions. Otherwise he would as the reason for the losses probably quote the statics or some cosmic interference, that screwed up his secret messages .
What he did on the other hand, when he somehow accidentally stumbled upon some winning position, is prolong this experience as far as he possibly could. In this situation he just kept bragging about how his messages from outer space now have a living proof; he poked fun at the other traders and their evidently losing propositions on how to make money using fundamentals and charts. He was brutal in his critic of conventional trading methods and just one big bloated ego, when it came to his winning strategy. He was an absolute pain in the ass, when you happened to meet him in the right corner of the market.
This lucky trader knew how to limit his losses and how to let his profits run, and this is why he made money. His trading method was the talk of the floor and the jokes about this crazy trader and his speaking Coke bottle just never stopped. |
