Wednesday, August 16, 2006

Hard Tools or Soft Tools

Psychology vs Tools

More important than the tools, equipments, news is one's psychological or personality make-up. In the long run, the most experienced traders realize the battle is only against onself. The more you polish yourself, the more profits pour.

One of the first excercises i teach my trading students is just to toss a coin every day and take paper trades: heads you Buy and Tails you sell. After that is the important part. How you hold on to winners well and cut out the losers early. Adding to winners is an art that comes much later.

But this in itself is a perfect profitable package.


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