Over the years I have come to realize that I have 2 major demons that I have when it comes to trading.
1) The need to be "right". I hate being wrong and as such I have held onto my losers far too long.
2) The need to be "perfect". Pinching for pennies. Either wanting to get in on a pull back to support (i.e. 50 day moving average) at an exact level or trying to squeak out a little bit more profit when the stock has clearly stopped moving higher.
The second one also applies to blogging as I want all of my posts to be perfect.
Fortunately, I am making good progress on both.
Monk
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Monk,
ReplyDeleteI could use your help. I am trying to locate Kav? He developed a small app called "News Finder" awhile and I would like to get access to it, but I downloaded it and it appears that it expired... Any help would be great.
Thanks.
Hi guilda,
ReplyDeleteSorry don't know how to reach Kav.
Monk
Monk,
ReplyDeleteThanks for responding. Do you by any chance have a working copy of his "Collective News Finder". Really interested in seeing it.... Know of anyone who might?
Guilda
No sorry.
ReplyDeleteMr Monk - are you the very same who ran the PMTC blog in 2005? If so, I note that you returned to private trading life however I found your blog invaluable and inspiring.
ReplyDeleteThis is an extremely difficult, lonely, and isolating profession indeed. I am only five or so years along the road. Had I known at the outset the degree of introspection required...perhaps I am indeed another Monk as I eventually chose to live in isolation studying the market to the exclusion of all else. I believe this is required. When discussion occurs between two such people they recognise it in each other at once. I have had the privilege to know two such people, who each spent their own years (and many more than five). I am now firmly entrenched in this life path and could not go back if even I wanted to.
One begins to perceive more deeply how the market is structured and how all of this is caused to operate. Interesting powers at work...
In my view the personal challenges posed by the profession of trading are of a unique and special nature. I would go so far as to say that one truly cannot know himself until he has attempted trading, and in that arena above all others, except perhaps the armed forces, all cracks in the personality are laid bare.
The single minded effort required to persist in isolation, first developing a model to interpret the markets, and secondly on developing the correct temperament to operate successfully renders the vast majority unsuitable. All those who choose to walk this path are condemned to a certain intellectual isolation as a result.
Enough of my witterings for now - perhaps with your consent this blog develops into a discussion of the mutual experiences of those who have chosen to walk this path?
Hi Another Monk,
ReplyDeleteNo I am not the same fellow that ran the PMTC blog. I did follow him and am still not sure if he was the real deal (honest trades and results).
I wish every new trader could read the remainder of your post. And reread it until they completely understood it.
Well stated.
I'm confident he was the real deal for two reasons.
ReplyDeleteFirst, I recognise part of the process he was using and it fits in with what I know to be logical. If takes considerable effort to arrive at those conclusions and I think it inconsistent that one would do all that work and then stop short of being successful.
The second reason is a little more tentative, but valid nonetheless. Market Monk did a Mentoring Monastery - and some of his students commented on Elite Trader.
http://www.elitetrader.com/vb/showthread.php?threadid=51597
http://www.elitetrader.com/vb/showthread.php?threadid=66635
Jonathan Swift once wrote: "When a true genius appears in the world, you may know him by this sign, that the dunces are all in confederacy against him."
Thank you for your kind words. You mention earlier that you are working on another project which this blog may become a part of. What did you have in mind?
Well then I am sorry he decided to go private.
ReplyDeleteI don't have a major venture. Just offering up a fully populated and categorized AmiBroker database of symbols based on Yahoo (free downloading - EOD).