The Opening Range: Still making the same mistakes

Wednesday, December 8, 2010

Still making the same mistakes

Covered copper short position profitably...great trade but still emblematic to my old wanton style.

Counter trend trading is in essence placing bets against things that have stronger odds. The better trade is simply to buy what is working.

Added to WFC today, because it is working.

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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