9 life lessons from Rock Climbing

This is another great video from TED. Matthew Childs talked about 9 life lessons he learned from rock climbing. Good stuff for your weekend. Check it out.

Shaking at the First Tee

A nice video for the weekend. In fact, I found some similarities to trading. Watch it carefully, you might find some wisdoms for your trading. Enjoy!

TED talk :Dan Gilbert

H/T to Eyal, I found this interesting talk.  I am loving it.  Just how often we are deceived by our own miscalcuations of the future, and make the wrong decision. Good stuff for the weekend.

Trading Edge, Less is more

A couple of blog posts that I found it to be useful. Enjoy reading.

I am quoting this from Tremble Hand Trader.

you don’t need more stuff you just need to practise what you have. That the endless search for market knowledge is wasted time. You are better taking what you know and testing�and practising that to death. After you have the basics everything else is just another layer of wasted complexity. Whats required is working on your strengths – niche development.

Full post here

Sometimes, we just forget. Again and again we spent time readings books, blogs, forums to search for new strategies, new systems or the worst, new indicators. Focusing on what we’ve already known, practise repeatedly, enhance it and develop it to become our unique edge. I like the term, niche development.

Here is another post from TraderFeed

It could be argued that the mechanical accuracy of the trading method would be less important to long-term success than the trader’s ability to adapt to market shifts with risk management that takes maximum advantage of periods of valid signals and minimizes risk during periods of invalid ones.

Full post here

I fully agree with the importance of developing the ability to adapt to market shifts. Nothing is going to work forever, being able to see the change, and develop a plan to work in the current environment is the way to go.

We are the Champions, We are Manchester United

Look at this! You know we are Manchester United. You know We are the Champion of UEFA Champions League!

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Are you ready to trade?

prepared.jpgTrading is a job that requires constant high quality performance. You can relate this to a stage performance, a tennis competition or even a business presentation. You slip, you screw up your own performance, and you will be penalized in one another way. Losing your audience, losing US open championship, or losing a potential million-dollar deal.

The fact is, you do not have to be in the market every single day. It takes tons of work to get yourself prepared before go on to the stage.There are times that, traders try to trade their day out even though they are lack of sharpness, having hangover, or even sick. They feel ‘it is my job to trade, I am a trader’. Yup, you are a trader, a stupid trader, or even worse, a losing trader.You have to respect your job (being a trader) by putting in effort to make sure yourself are in good condition and ready to give your best shot.

In the corporate world, you might be able to fool your colleague or your boss even though you are in bad shape. But not in trading. You can’t fool the market. You will get penalized for the poor performance. Good performance does not mean you are earning good profit, it includes making timely decision,getting a good entry, a good exit of a winning or a losing trade and trade with the correct risk measure etc.

If you know you can’t give the best shot today, please, stay away from the market. Come back tomorrow.