Well I make you right on all of that guv. Best book I've ever come across, and exactly how longer trades should be campaigned.
The news and all the other rubbish is just there to feed the masses. People feel they need something else, and other people feel they can sell it to them.
youre absolutely right my friend, money management is the key to this whole thing.
you place a trade and if its going your way, great if it isnt then money management gets you out.
the purest way of trading in my humble opinion is a simple entry and exit rule with a stop loss that has already been accepted as a loss in the traders mind.
discipline to follow your given signals is paramount - 2 losses and the untrained mind says that 'next time, ill wait' - thats the one that would have made the profit - guaranteed!
havent read the book you state, but i have read one called 'the way to trade' - thatis a relly good book which covers more than anything the psychology of trading and learned me more in a reading session than most so called 'courses' ever did.
oh how boring the dow's been today (and yesterday after the first hour).
About money management, the point can't be stressed enough. Put simplistically, if every trade you have a 0.1% chance of losing all your money, it's sure to happen one of these days. I made a much more substantive post on the subject over two years ago on this forum, but the present state of the market is making me lethargic.
Thursday is Thanksgiving, right? Does this mean we can expect an up move tomorrow? Comments welcome.