Jack, thanks for your words...So true about expanding risks when you are on a streak, cutting back when you are on a losing streak...The tendency of human nature is to try and trade your way out of a losing streak, but that only complicates the problem as you end up overtrading and losing more...What I try to do is stop trading for a couple of weeks when I am on a losing streak and analyze what I am doing wrong...I did that recently when I attempted shorting stocks in December....
My biggest battle remains with emotions which at times tell me that I can succeed without always following my disciplines...Every time they get a grip on me, I make dum trades...If I just stick with my disciplines and technical trading, I do very well...
You are right about the addiction of a trader...It consumes a person, at least it does me...It is almost like one feels a peaceful release when you are on vacation away from a monitor...As you know I have a full-time job outside of trading....I wanted this to be just a hobby, but I find it becoming more than that...And I am not ready to give up my present profession to pursue trading...
Here are a few words from Howard Gardner in his book, "Extraordinary Minds", which state what makes a great trader from a good trader....
"The number one factor in determining whether or not one reached the highest levels in their field was the amount of time these individuals spent on 'deliberate practice'....Deliberate practice is defined as the amount of time one spends in attempting to improve their performance...Simply performing the act is not deliberate practice; deliberately attempting to push oneself further is..."
Drs. Ericksson, Krampe, and Tesch-Roemer found that those who achieved greatness in their fields spent anywhere from 30 minutes to 2 hours more per day on deliberate practice than those who were only good in their field....
I must say Jack, I am one who follows deliberate practice...I will read any trading manual I can get my hands on, digest it, and make it my own...I have a great desire to be the best I can be...I will listen to every word Lizard or any other trader will share with me,so I can learn and improve...
Connors states in his book that it is virtually impossible to reach the pinnacle in one's field without at least 10 years of concentrated effort..I have only had this focused dedication now for 2 years, so I have a long way to go...
Take care Jack...All the best to you...Mark
P.S. I don't know if you follow AKSEF, but it did a great reversal on Thursday....Looks like 1.46 is all she wrote on the downside there...
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