November 1, 2008
—————–The Key to Winning—————
Warren Buffet’s number one rule of investing is very simple. Don’t lose money. His number two rule is don’t ever forget rule number one. A while back I showed how Buffet’s success can be directly attributed to this one key variable. From 1999 - 2007 Warren Buffet actually made less money than the S&P index 5 out of 7 years, but he outperformed the index by a wide margin because in the disaster years of 2001 and 2002 he only lost several percent while the index was down by double digits each year. for us as traders the key to winning lies in Warren Buffet’s formula for investing.
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October 24, 2008
————–Top 5 Stories in FX This Week—————-
This Bailout Doesn’t Pay Dividends
The Quest to Cut Social Security
Will Your Recession Be Tall, Grande, or Venti?
The Coming Pink Slip Epidemic
Velocity And The V-Shaped Recovery
—————–How To Trust Your Setup—————
One of the great ironies of life is that as traders we often trust ourselves least of all. Most traders (myself included) approach the whole enterprise with deadly combination of overweening sense of arrogance in our ability and underwhelming sense of confidence in our trade setups. When it comes trading no one can second guess or sabotage us better than ourselves.
All it takes is one or two stop outs in a row and suddenly the setup that we worked on for months, goes out the window. Impulsive trading takes over as we “try to get it back from the market” and the account soon plunges into a deep drawdown.
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October 18, 2008
————–Top 5 Stories in FX This Week—————-
A Short History of Modern Finance
How the Credit Crisis Could Forge a New Financial Order
Destructive Creation not Creative Destruction
Turning Japanese
Baltic Dry Shipping Collapses
—————–How To Win After Losing—————
One of the hardest things to do in trading is to win after losing. A losing streak can be triggered by a number of factors. Bad trade selection. Bad luck. Bad market environment. Unfortunately in their eagerness to “make it back” most traders usually make it worse. Typically after two or three losing trades the urge to win overtakes the ability to think calmly and collectively and a wild orgy of stop losses follows.
Despite trading for twenty years I still fall victim to these problems, especially when I experiment with new setups. Lately however, I learned to curb my worst instincts and correct my behavior before doing real damage to the trading account. In short, I learned how to win after losing.
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