Check out this interesting piece in today’s New York Times. Day traders are alive and well apparently. I’m not real interested in the angry part. The beauty of being an independent trader is that we are the only ones in charge. If I choose to make the trade it’s all my decision. Taking my profits too soon (ok enough) or letting my losses run (it’s going to turn around) is all about me. It’s the freedom that the Grinder Trader loves – it’s like a cruise down the beach on a long board.
I was most struck by the profiled traders thoughts on algorithm trading and how they often gripe about being hit by the “algorithm boogie.” I am in a dance all right, but I’m the only partner. It’s not the program, my broker or even other traders. I guess this is why I identify so much with Mark Douglas’ Trading in the Zone. This is a must read for any “day” trader who is looking to grind this into a money making venture. The challenge is great; those who stick with it will be rewarded. I don’t subscribe to the conventional wisdom that trading on your own is giving your money away. I can and we will make Forex and Options trading a big success.
It was great fun trading the EURUSD last week until the EU meeting in Brussels. Initial reaction was a rebound at the end of the week when the current idea du jour to bail out Greece was announced. What about Portugal and Spain? It will be another interesting week.
http://www.nytimes.com/2010/03/28/business/28trader.html?src=linkedin
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