Wednesday, November 22, 2006
For Speculation Mastery
I read the following from Niederhoffer's book 'The Education of a Speculator'. He wrote down the following when he compared the education of a speculator and a musician.
- Study the market every day.
- Start with the stock market first.
- One position is enough.
- Don't boast or tell friends how great your system is.
- Keep a record of all your losing trades. Were you in over your head?
- Paper trade before you start. Save up adequate capital.
- Get to work before the markets open.
- How would Soros have traded that one lot?
- Take a break when you are losing.
- Stay away from badlinage with those former models who cover you.
- Forget about the great prices you could have traded at. Should you enter, add, or exit right now?
- Study the market every day.
- Start with the stock market first.
- One position is enough.
- Don't boast or tell friends how great your system is.
- Keep a record of all your losing trades. Were you in over your head?
- Paper trade before you start. Save up adequate capital.
- Get to work before the markets open.
- How would Soros have traded that one lot?
- Take a break when you are losing.
- Stay away from badlinage with those former models who cover you.
- Forget about the great prices you could have traded at. Should you enter, add, or exit right now?
# posted by Lobo @ 3:20 AM 
