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well had only 15 cents in their pocket and a willingness to compromise when they first arrived in this country. |
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The DAET traders who are having the most success have expanded their horizons by treating trading as a serious business venture. Managing a business includes devoting time and being dedicated to the affairs of the operation, hiring assistants, keeping proper books and records, maintaining trading strategies, subscribing to publications that give ideas and tips, attending conventions, and, for remote traders, buying state-of-the-art computer upgrades. Making trading a business also means having a strong focus and paying careful attention to detail. I have generally found that if you take care of all the small items, the big substantial matters either take care of themselves or have already been anticipated. |
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Assume that you opened a franchise business. It could be any kinda Subway franchise, McDonald's, a Blimpie, or even a bagel store. The first thing you would do is hire an assistant. You wouldn't even think of working store hours18 hours a day and weekends. Your assistant would do the chores you didn't want to do and cover in your absence. Your assistant would more than take in enough in additional revenues and profits to pay the weekly wages. The same goes for DAET. |
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It is extremely helpful to have an assistant who monitors loss control or scans for market movement in order to help you seek profitable situations. It is very easy to hire and train an assistant to provide a second set of eyes and reflexes. Any subordinate you hire should more than pick up an extra quarter of a point each week of profit or loss control, which will more than pay for the person's salary expense. College help is available at $7 an hour times 35 hours a week. This equates to merely one quarter of a point a week. If your assistant cannot save you a quarter of point a week, you have hired the wrong assistant. |
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Computer literacy is to your assistant what the slide rule was to me. A helper gives you extra eyes to watch the screen. An assistant takes the pressure off you. You tell your assistant that you don't want to take more than an eighth of a point loss on this trade. Loss control now becomes the helper's job. The helper does not have any emotion about the stop loss, whereas you (perish the thought) may abort your own orders and |
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