Time and money management

Joe Ross

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You pay a price for every profit you take with time and effort required to obtain it. Not to mention the years of experience upon which your knowledge and system methodology have been constructed. The slippage, and getting knocked out on a winning trade by one tick have a cumulative mental attrition that can only be offset by constant profits, vacations and other interests not market related. Time is the most valuable commodity in every person's life because each person knows he only has so much of it. To use time wisely creates more of it. To use money wisely creates more of it. It is ironic that man is the only animal that knows he is going to die, and the only animal that laughs. There is probably some profound message in this irony, related to trading.

One of the most frustrating things in trading is knowing what to do, how to do it and when to do it, and not being able to execute. This is why it is so important to have a decent broker with good executions even if you have to pay a little more to obtain it. A bad fill hurts you a lot more than a higher commission. If you get slipped a tick in and a tick out, you will have paid a lot more than perhaps, a $25 commission. But the most frustrating thing is not being able to get the job done, when you know how to do it. This has been a plague on trading from before I began to trade. It is always a problem to a greater or lesser extent.
 
Time is the most valuable commodity in every person's life because each person knows he only has so much of it.
All that matters is being in the present moment as fully as possible. Time is irrelevant if this is done.

It is ironic that man is the only animal that knows he is going to die
How do yo know this ? in fact how can anyone know this ?

There is probably some profound message in this irony, related to trading.
You cannot be serious with this statement ?

If you get slipped a tick in and a tick out, you will have paid a lot more than perhaps, a $25 commission. But the most frustrating thing is not being able to get the job done, when you know how to do it. This has been a plague on trading from before I began to trade
Jesse Livermore had the same issue and did not consider it a plague at all. He just adjusted his trading to cater for it and that is all that is needed.


Paul
 
OK Joe, so I dropped by tonight, but then only to see that some 4000 plus posts have been added to this site since I last visited this site - maybe a couple of days ago? So, if my old dad told me that bad eggs always floated to the top, why do you think you'll fair any better against this tidal wave of dross?

Bemused. :)

Mayfly
 
Armor Plated

OK Joe, so I dropped by tonight, but then only to see that some 4000 plus posts have been added to this site since I last visited this site - maybe a couple of days ago? So, if my old dad told me that bad eggs always floated to the top, why do you think you'll fair any better against this tidal wave of dross?

Bemused. :)

Mayfly

Mayfly: I wear a coat of chainmail armor. I post. If anyone benefits, great. If not they bitch and moan and make sarcastic remarks. I give my opinion; they give theirs. If this amuses you, then I'm happy that you are entertained.
 
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