Your Daily Trading Mantra
Listen to video on Dr Brett
http://www.moneyshow.com/video/video.asp?t=4&wid=4f193f72ed68419bb3b91117efaab3b31
Read under Comments on 18 Sep 08:
Once more unto the breach – our mentor is winging his way somewhere again…
Since the September seminar is coming up this weekend at SMU, I shall touch on some of the essential habits of success which students would do well to condition themselves to behave with discipline over and over again as in repeating a mantra.
Your Daily Mantra:
1. The market pays you to be disciplined.
The constant truth is discipline equals increased profits. Without discipline, you will put less money in your pocket.
2. Be disciplined 100 per cent of the time.
If you trade with discipline nine out of ten trades, you cannot claim to be 100 per cent disciplined. This 10 per cent undisciplined trade will really hurt your overall performance. So discipline must be practised on every trade.
3. Love to lose money.
Traders ask: What do you mean, love to lose money?
What the rule means is that you are going to lose throughout your trading sessions. So, get out of your bad trade as soon as you realise you have made a wrong choice. This will save you a lot of trading capital and make you a better trader.
4. If your trade is not going anywhere in a given timeframe, it is time to exit.
This rule relates to the theory of capital flow. When there is price stagnation which happens often throughout a trading session, the market is telling us that they are happy with the prevailing bid and offer. You do not want to be in the market then and best to exit. It is a waste of time, capital and emotional energy. The market will heat up again and then you can re-enter the market with a new trade.
5. Never take a big loss, only a big loss can hurt you.
Never put yourself in a position of losing more money than you can afford. You are not a ‘loser’ unless you do not get out of the losing trade once you know the trade is no longer good.
Big losses wipe out too many small winners you have worked hard for. It is also psychologically devastating when you lose big as it may take a long time to build up your confidence again. Then you are a loser.
There are more disciplinary rules as you go on your trading journey but if you can just keep the foregoing five, you will survive.
ANA aka IDKIT
Ag Moderator
09/11/2008 at 09:00
From Dr Brett at Traderfeed:
http://traderfeed.blogspot.com/2008/09/midweek-thoughts-and-site-seeing.html
IDkit aka Ana has left a new comment on the post “Midweek Thoughts and Site Seeing”:
Brett
Before I proceed, a minute of silence for 9/11 victims and families.
Your on going development of two discretionary trading systems is unique. Hope you will build in a safeguard for a Black Swan event like 9/11.
Thank you for mentioning my post on trading mantras.
BTW 9/12 is auspicious for me!
09/11/2008 at 09:07
MEMO from JimK
CME Group Commemorates September 11, 2001, with Moments of Silence
Tuesday September 9, 4:12 pm ET
WHAT: On September 11, 2008, CME Group will be remembering the victims
of the terrorist attacks of September 11, 2001. CME Group will
observe one moment of silence on its trading floors in Chicago and
four moments of silence on its trading floors in New York
corresponding to the times the planes hit each tower and the times
each tower collapsed. In addition, electronic trading on CME
Globex® will observe a voluntary moment of silence for CME and
CBOT products, as well as four voluntary moments of silence for
NYMEX and COMEX products corresponding to the times the planes hit
each tower the times each tower collapsed. Each moment of silence
will last for one minute.
WHEN: Thursday, September 11, 2008
CME Group – CME/CBOT (trading floors and electronic trading)
7:18 a.m. CT/8:18 a.m. ET
CME Group – NYMEX/COMEX (trading floors and electronic trading)
7:46 a.m. CT/8:46 a.m. ET
8:03 a.m. CT/9:03 a.m. ET
8:59 a.m. CT/9:59 a.m. ET
Best regards,
Jim Kaminecki, Daniels Trading
CNBC video
http://www.cnbc.com/id/15840232?video=851945023
09/11/2008 at 09:31
Another memo from JimK – Equity Index Futures
· Thursday, September 11th the December 2008 contract will become lead month for all equity index futures contracts
· Thursday, September 18th is the last trading day for September equity index futures contracts (pit traded). These contracts will close at 3:15 Chicago time. This includes the electronic mini DOW contract.
· E-mini CME Group equity index products will continue to trade through Thursday evening and will cease trading/expire at 8:00am Chicago time, the morning of Friday, September 19th.
· Final settlement prices for the September contracts are posted on the appropriate exchange website.
SPECIAL CONSIDERATIONS FOR PIT-TRADED CONTRACTS: Orders for December 2008 only will be sent to electronic devices in the trading pits as of Thursday, September 11th. All orders in the September contracts will be routed into the trading pit on paper. You can expect delays in execution and fill reporting. In addition, no contingency orders will be allowed in September, such as OCO’s, Stop Limits, SCO’s, etc. Cancel Replaces should be kept to a minimum. Brokers will be NOT HELD within reason in the September contract.
In addition, it is important to remember that the S&P brokers (the pit traded contract) for all months will not be held on orders placed on 10’s. They will accept orders at all recognized ticks, but can only be held (within reason, exercising due diligence) on orders that end in 00 or 50.
Best regards,
James A. Kaminecki
DanielsTrading
09/18/2008 at 07:50
Expo video on Dr Brett: Read under main post :
IDkit aka Ana has left a new comment on the post “Mid-Week Views of a Bearish Market”:
Brett
Pity the Forex Expo was too far for me to attend.
However, your delivery on video at MoneyShow is loud and clear which I would like to share at :
http://awanginvest.com/?p=737
Posted by IDkit aka Ana to TraderFeed at 8:00 PM
09/18/2008 at 17:37
Hi, I found your blog on this new directory of WordPress Blogs at blackhatbootcamp.com/listofwordpressblogs. I dont know how your blog came up, must have been a typo, i duno. Anyways, I just clicked it and here I am. Your blog looks good. Have a nice day. James.