Trading Career in One Chart
- Posted by admin
- on June 5th, 2012
My partners and I were talking today about our 6 yr anniversary coming up for the HCPG newsletter on June 13. It made me think about my life as a trader, now spanning 15 years:
The toughest part of this 15 year span was, without a doubt, the years 2000-2002. Looking back now I think I was actually clinically depressed for many days during that two year period, knowing I wanted to be a trader more than anything else, but not being able to generate consistent profits in my first ever bear market. No regrets though, I am grateful for having cut my teeth as a young trader in a brutal bear market and having to learn risk/management the old-fashioned way, engraved on my skull.
Click to enlargen:
As the years go by the tool-box gets bigger – I started out a long only equities trader, then became long-short equities, and then added futures, trend and reversion to mean. It hasn’t been an “easy” career, but after 2002 thankfully it’s been trending for the better. The most important factor to be successful in this business in my opinion is discipline: discipline to take the loss, discipline to hold on to your winner, discipline to sit in cash until your set-up appears, and the discipline to overcome your emotions of greed of missing, fear of losing, and stubbornness to be proven right.
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- Keep swimming but with an eye on the shore
- Make peace with not catching every move
- 21 days and counting
- Trade against it
- What’s your edge?
- Wait for it
- Keep Calm and Carry On
- Even if you don’t trade it, you have to watch it
- This is where we would buy AAPL
- No matter what your time-frame, be patient enough to trade against an edge