Morning ... at home. Getting lazier ... listening to some clips regarding trading.
KLCI dived ... minus 12 points, recovering to minus 7 now.
I wanted to write about 'life' being a trader ... but I could not gather my thoughts. clustered. congested.
I feel that without self-discipline, self-employed(S) is difficult for many. We are so used to being employed, hectic days ... packed with schedules. Now, I m free to make my own schedules. Many things to be done ... but, we will get lazy if we stay at home ...zzz ...
According to Jesse, never say it is a bullish or bearish market. haha
ok ... let us search about Jesse Livermore.
To give you a brief taste of where we will go, here are some comments from Jesse Livermore himself:
"The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the man of inferior emotional balance, or for the get-rich-quick adventurer. They will die poor."
Those are words from Jesse which has been with me for 3-4 yrs now. Each time I am getting lazy, I will remind myself of him. Haha ...
I do many stupid mistakes ... and if I continued to be stupid, I will die poor.
I will always say NO to get-rich-quick ... thanks to my sifu, Jesse's words.
Inferior emotional balance ... interesting topic to write about. Many in markets having this issue, and over the years, I have to remind myself about not being inferior. It is a mindset shift.
"...the fruits of your success will be in direct ratio to the honesty and sincerity of your own effort in keeping your own records, doing your own thinking, and reaching your own conclusions."
So, we must keep our records. I called it trading-journal.
"I am tired of hearing the public and papers blame Wall Street for parting fools from their money... It's the successful business man who is the biggest sucker of the lot. He has made a fortune in his own line. How? By being on the job for years; by learning all there was to know about it; by taking reasonable chances; by utilizing his knowledge and experience to anticipate probabilities. He wants to increase that fortune at a faster rate and with less effort."
Blame ... blame ... blame. Blaming the remisiers/dealers, blaming the IB's reports, blaming those given them tips, blame bloggers for pointing guns to their head to buy, blaming someone's analysis in-accurate as they are losing money ... emm ... blaming the media, the companies'management ... blame on the not-so-good market sentiments ... blame on the anything and anyone EXCEPT themselves.
On the other hand, we should learn the tricks-n-trades. Media may be yelling at us to BUY or SELL, we learn to be analytical ... and use our own judgment to make decision. It is fully our responsibilities. We use our knowledge, experiences to take reasonable chances and think in probabilities. Yes, I do learn well from Jesse Livermore ... and will read his book "How to trade stock".
Ok ... one may buy that good book to read(I prefer books) or read from some websites.
Time for lunch ... and hope to pick up my pace!!