Wednesday, April 30, 2014
Tuesday, April 22, 2014
Monday, April 21, 2014
Friday, April 18, 2014
Thursday, April 17, 2014
Wednesday, April 16, 2014
Tuesday, April 15, 2014
what i listened to today: The Vocabulary of The Media with Michael Covel on Trend Following Radio (15 apr 2014)
Labels: 9.2 what i listened to today
Sunday, April 13, 2014
Every forecast of a statistical model can be wrong. Every trading judgment is fallible. If you have a 50% hit rate on your trades and you trade once a day, on average you're going to have an occasion in which you lose every day for a week during a trading year. That doesn't mean you're in a slump; it doesn't mean you should change what you do. It's going to happen and you can mentally prepare yourself--and size yourself in such a way that five consecutive losing days won't take you out of the game.
The goal is not to eliminate losses--that would require omniscience. Rather, the goal is to anticipate losses so that you're never surprised, never overwhelmed, never thrown onto the back foot. True confidence comes, not from believing that you must be right, but from knowing that you can survive and even thrive if you're dead wrong.