Long Weekend. Time To Think, Reflect and Re-Energise.

Tuesday, October 13, 2009

Long weekend. Trading will only restart on Tuesday because of the Memorial Day. I was just re-reading one my favourite trading books, Pit Bull. Its written by a self made trader, Martin "Buzzy" Schwartz.

Its fun reading and you can also learn a thing or two. I will just post here some of my favourite quotes from this book,

"The market does not know if you are long or short and could not care less.You are the only one emotional involved with your position. The market is just reacting to supply and demand and if you are cheering it one way, there is always somebody else cheering it just has hard that it will go the other way"

While I don`t think Schwartz was a truly great trader, he has made big money trading S&P Futures and knows what it takes to succeed.

One of my favourite parts is this, when Marty was down big and very worried about his trading position he called his mentor, a guy named Zollner and asked him for advice. His mentor answered, "When it gets so bad that you want to puke, you probably should double your position". I think the same way too. Its dangerous, but hugely profitable. So, the question is, you have to know the markets very well to win at trading, but even more important is to know yourself.

Petroleum Oil Gas info Blog is a website for active online futures and stock traders. I will provide my real time trading decisions and my market thoughts on this webpage. Trading is not as hard as some think and definitely not as easy as some wanted it to be.

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