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10. Continuity is important; don't leave the pit. |
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11. Work on one or two reasonable goals at a time. |
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12. Be more interested in establishing a working pattern than making it big on one trade. Spreading generates economic advantage and an informational edge. |
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These are still valid tips, but today I would add four more. |
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13. Know options and how and when to use them. |
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14. Never stop learning. Make sure that you are as good as your kids on the PC. |
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15. A trading system is only a model. It is not the real world. |
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16. If someone were to create a perfect trading system, that person would not sell it. |
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Question 2: I've heard of something called the trader's prayer. Is there such thing? |
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Neal: I have heard all kinds of prayers in the pits. The one I most enjoy is one I saw on a poster distributed by Futures Source, a cutting edge software company based in Chicago. |
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May I never be facing north when the market's headed south,
and may locked limits always be on my side.
May the money left on the table be someone else's,
and may my pockets be deeper than the correction.
May I always be five minutes ahead of the market,
and may my runner have a clear path to the pit.
And if this one is a winner, I swear I'll quit. |
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Question 3: What is meant by "freaking out" when trading? |
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Neal: Well, that can mean a lot of things. According to Frank Zappa, the late wizard of our age: |
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