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Monday, January 08, 2007

Monday morning Update

I need to learn how to manage my time better.

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I wonder if I am second guessing my stops. I need to start reviewing all of my positions once each night, and modify stops where necessary. It is essential that I have confidence in my stops, because that will free my time up to do other things (like re-visit the ER2). If need be, and to avoid tinkering with stops during the trading session, I can always set the stop and an additional warning alert level on my position PRIOR to the market open.

Watching ICE today, picked up some GS calls @2.90 (chart after trade is closed).
BRLC and STEC both look interesting..... not sure if I will bite, will see what happens.

UPDATE: Market is still sluggish from the lunch hour pullback. I went to the library and borrowed VanTharp's "Trade Your Way To Financial Freedom" and Schwager's "The New Market Wizards." Actually, VanTharp's book I had previously borrowed, but had to renew (because it was such nice light reading). Van Tharp is so analytical in his book, that I sometimes got the feeling that the guy is some automaton.
Example (paraphrasing):
"This section is going to be difficult to read, but you better read it if you want to be a successful trader."
"You call that a trading system? Wait till you read my next 5 chapters....." And yes, the next 5 chapters detail a better trading system (maybe too detailed), but man, it's not the most interesting read. I think he should talk to Victoria's Box, or Trading Goddess's bottom line to add some "colour" to his monotone descriptions.

Hopefully Schwager's book is a bit more "alive."

3 comments:

TradingGoddess said...

LOL!

I will have a word with him and perhaps we can collaborate on the next book.

Glad you enjoy my bottom line! ;)

Phileo said...

Hi T'Goddess,

I left a comment on his blog, but apparently he doesn't reply to comments (or maybe it's just my comments that he's ignoring).
Maybe you'll have more influence with him.

And I hope you weren't serious with your comment about whether your blog serves a purpose. With over 28,000 hits, it must be serving some sort of purpose. You're doing something right, just figure out what it is.

TradingGoddess said...

LOL! Phileo!

I was indeed serious...who knows if those "hits" are just roaming spiders or bots?

But, I am pushing forward! I am giving it the good 'ole "college try"! LOL!

As far as people who don't respond to comments, that is very bizarre in my opinion. There are some who say paying attention to comments throws them "off" their original purpose of blogging. So, you see...there all kinds out here in this cyberspace.

I myself have posted comments to Herb Greenberg a coupla times, but have not seem him post them. *oh well* ;)

Wishing you many greenbacks my friend!