International Institute of Trading Mastery, Inc | January 07, 2004 — Issue #151 | |
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Feature Article Importance of Exits: Part One By Chuck LeBeau
Listening In Happy New Year! [How Van's Course Affected His Life]
Trading Tips Trading and Christmas Presents, Part One, by D. R. Barton, Jr.
Importance
of Exits: Part One
About the Author: Chuck LeBeau is the co-author of Computer Analysis of the Futures Market, and the former co-editor of Technical Traders Bulletin. Chuck is the featured speaker at IITM's upcoming How to Develop a Winning Trading System That Fits You three-day workshop in Phoenix, January 2004. Chuck has 27 years experience in the markets and is widely known for his specialized knowledge of technical analysis. He also develops trading systems and currently runs a website devoted to trading topics; www.traderclub.com. This article is under Bulletins from the "forum" section of Chuck's informative site. |
Learn 15 ways to develop rock-solid discipline in your trading. Discipline really means controlling your mental state. Unfortunately, most people allow their mental state to control them. In contrast, real winners maintain discipline that allows them to charge ahead of others in the field. If you play in a zero-sum trading game, like futures, you need to know every trick. These are the real secrets that separate successful traders and investors from the average person. Advanced
Peak Performance Trading 202 Re-invent yourself as a trader or investor. We identified a minimum of eleven levels at which the trading game is played. Each level has its own set of rules and tends to superimpose those rules (at least for those who are unaware) on the levels below it. Most people reading this are probably playing at one of the bottom three levels. As a result, there are many rules superimposed upon you that you unconsciously obey. But you don’t have to do that – especially once you are aware of the game and how it is played.
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Excerpts from Dr. Tharp's Discussion Forum.
Happy New Year! -------
Read the full, unedited thread by clicking here. Van K. Tharp and traders, investors and wealth builders around the world connect on this site, share ideas and learn from each other. |
How To Develop a
Winning Trading System That Fits You Three Day Workshop A critical task of system development is developing sound
objectives. Jack Schwager, after writing two Market Wizard books, concluded that
the most important characteristic of the top traders and investors he
interviewed was that they had adopted a trading system to fit them. But to
develop a system that fits you, you need to really think about what you
want--what are your objectives. It’s not a trivial task.
There are at least 30 questions you need to
address when you develop a trading system. You will learn what they are and be
required to focus on them during the course.
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Peak Performance Trading Tips Trading
and Christmas Presents We love to expect, and when expectation is either disappointed or gratified, we want to be again expecting. --Samuel Johnson I learned some valuable lessons all over again this Christmas season. And whether you celebrate Jesus’ birthday with vigor (like the Barton family) or follow some other tradition during this season, you’ll be familiar with the psychology of “gift getting”. At one of the Christmas messages at our church, Pastor Bo (his real name) really uncovered the mystery of “gift getting” for me. And almost simultaneously, his insights revealed the essence of one the biggest trading problems that I believe we all face. But more on that later; for now, let’s focus on the gifts. Everyone loves getting presents. Sure, we all know some old curmudgeon who has become a jaded gift-getter. (Dickens didn’t invent Scrooge out of thin air.) But I mean deep down inside where the part of us that’s still a little kid just drools about getting a gift. Pastor Bo (I’m serious. That’s his real name.) unlocked the secret to our delight with presents. He said that when we get a gift - the wrapped kind - it is pregnant with possibility. It could be ANYTHING. It puts us in that greatest of all mental states - HOPE. As Samuel Johnson said in the opening quote, “We love to expect.” While that present is still mysterious and wrapped we are full of hope – the hope that it’s just what we want. The hope that it will thrill us. The hope that unexpected joy (or greatly anticipated joy) is just around the corner. And then we open the package. The thing that only an instant ago was filled with unlimited possibility turns into a finite reality. ANYTHING becomes something. HOPE becomes certainty. Expecting becomes knowing. The finest glass slipper, the most spectacular magic wand, or what was once our heart’s desire can’t hope but degrade into a disappointment in that brutal transition. I have seen this in my children. I have witnessed it in adults. And I have felt it in my very soul. Perhaps Christmas is much less about gift getting and much more about an annual rekindling of hope. For me, it’s about a hope that lies in a manger. For you, it may be a hope for renewed ties with family and friends. So what do we do with the recurring theme where our exciting “ANYTHINGS” keep getting turned into mundane “somethings” every time we take off the wrapping paper? Van has helped me understand that I am responsible for what I feel when I open up the present. I choose joy over disappointment and contentment over yearning for instant gratification. Have you ever taken the proverbial wrapping paper off of a trading idea? That which seemed so exciting and full of possibility suddenly becomes disappointing and fraught with shortcomings. This same dissolution of hope that we see in our gift getting forms one of the key psychological barriers that many traders face. I’d like to explore this concept with you in the next few weeks.
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Quote of the Week: "Knowledge of the self is the mother of all knowledge. So it is
incumbent on me to know my self, to know it completely, to know its
minutiae, its characteristics, its subtleties, and its very
atoms."
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