Quote:
Originally posted by flyswatter77
Excellent thread guys. Getting this right will go a long way towards making for a successful trading business. If these priciples were kept in mind when the trader was developing his/her own trading style it would be much easier to recognize what the elements of a successful trading plan might be. I am convinced that adopting the mind-set shared on this thread and exercising sound money management is the single most important lesson that I can learn.
Thanks again for sharing some "real" trading wisdom.
Michael 
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Give credit to Mark Douglas's writing -- it's terrific. I especially like
his parallels between casino gaming and trading. I think for most
traders, his ideas are easy to grasp, though applying them is not
that easy. Even if you get the emotion out of your trading and
can think objectively in terms of odds, you still have to screen-
watch and stay up odd hours (if you trade currency in my time
zone, anyway). This is why automatic trading makes sense for
me. Semi-automated trading, where alarms sound when there
are actions to be taken, can also work very nicely.