The Opening Range: Setting mental stops

Monday, November 1, 2010

Setting mental stops

Covered my short oil position. Time to tighten up the book for some volatile days ahead.
Wait to the smoke clears and we will see what happens.

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Purpose

I have learned quite a bit over the years in trading markets. Writing this blog helps me solidify those concepts and make them concrete in my mind.

"The most depraved type of human being is the man without a purpose."

-Ayn Rand

"By proper mental equipment we do not mean the mere ability to take a loss, define the trend, or to execute some other move characteristic of the professional trader. We refer to the active or dormant qualities in the make-up: viz., the power to drill himself into the right mental attitude; to stifle his emotions, such as fear, anxiety, elation, recklessness; to train his mind into obedience so that it recognizes but one master-the tape. These qualities are as vital as natural ability, or what is called the sixth sense of trading."

-Wycoff circa 1910