• http://www.capitalobserver.com/ Tsachy Mishal

    Excellent post. I would just add that i think that financial accounting classes are very important to students who want to be involved in markets. 

    • http://www.dynamichedge.com/ DynamicHedge

       I agree.  I mentioned math and computers for anyone interested in short-term trading.  Long-term there are lots of ways to find your niche.

      • http://twitter.com/wavestock ►►► WaveStock.com

        let’s not forget human psychology courses (fear and greed) that can also be very helpfull ! and observe, listen, read … carefully.

  • http://twitter.com/ALSITRADER Igor Marinkovic

    This is most probably best read in quite some time, even with 10 years of experience always nice to refresh memory. 
    Thanks for this

  • bertRaven


     I don’t want to discourage innovation, just know that the ideas aren’t what make you the money, it’s the execution. ” spot on!!

  • AP

    This is like reading into my soul! I don’t have many colleagues who trade – none in fact – and reading a lot of this post has made me realise how similar our experiences are in losses and wins – I like the nirvana followed by crushing agony line – it holds true for me even after 10 years.

    Thanks for validating my own experience!

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  • http://twitter.com/AgnosticTrader AgnosticTrader

    Great post, process, process, process 😉

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  • PB

    Enjoyed the post. Thanks for sharing. The only thing I would suggest to students in school now who want to get into trading after they graduate, is to not only take lots of courses on math, but economics as well. I strongly believe that having a much deeper understanding of how the different asset classes affect one another is an edge over most people. You gotta have a top down macro view before you even start looking at trades.

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  • Capcube

    Very good post … a lot of truth here

    • Firsttrades

       First you have to discover what kind of trader you are. No, you don’t need 25k to start out and be successful.  Key is position size and how to handle draw downs. I started with 10K and trade 1-7 buck stocks exclusively. I personally know others that have done likewise. Cameron Fous for one. Great article otherwise.

      • http://www.facebook.com/nils.meyer3 Nils Meyer

        Well right now you need 25k or you can’t day trade more than 4 times in 7 dayss. 

  • Rudiustrading

    True risk managers understand how unsexy this business really is. If I am trading well, it should be as exciting as watching paint dry….in slow motion. It has taken me years to figure out why I participate in the game I love so much, what my strengths are, and where my flaws lie. It isn’t easy and most of the time, it isn’t “fun”. It’s not supposed to be- it’s a business.

    There was one line that I especially enjoyed in this post about relying on yourself. If you are not hacking your way through the jungle yourself finding your own path, just stop now. You need to battle the jungle yourself, find your niche, and exploit it as long as the market supports it. And when the market inevitably changes, you need to switch gears without getting your ass handed to you. The most dangerous time to trade is when the market-type changes and you don’t recognize it.

    In my opinion, there are really two types of traders: the ones who want to “say” they’re traders and the ones who are actually traders.

  • Guruprasad V

    Brilliant stuff.

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  • michaelbigger

    You are too kind my friend.

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