Changing and adapting minds (2)

I posted before about changing your mind and adjusting. Let me put it again with the words from this writer (adjusted by me):

Some of us think success and being right are one in the same thing. That is wrong . The truth is that it’s OK to be wrong; just don’t be wrong for long. In other words, cut those losses short.

Each investor must look at himself in the mirror and ask what is more important – being right or making money? If profit is the ultimate goal and not pumping the ego, be wrong but adjust.

I totally agree.

MAGAZINES I READ

I read a lot about trading. Mostly from the internet and some books I got. There are so many good books available it is useless to sum up only some of them. Also magazines give some good insights in new and old trading methods and strategies.

Two of the best are Traders which publishes in german and english. The august item is just out and of special interest is an article about gaps. I am trading opening gaps on the FDAX, they occur so often so what else can you do than trade them? I am working on a article about trading these gaps. Other interesting articles:

• An interview with Steve Nison, the the father of modern candlestick analysis.


• A comparison of the game of poker and trading. I already posted about Trading, Poker and Zen. The book which I read then Zen and the art of Poker should every trader read.

The second magazine I recommend and read is Stock, Futures and Options Magazine. There is an online version too. The cover article is of special interest to me: Why Large Winning percentages are a bad measure for trading systems I am working on an article about a mechanical system for future daytrading, a system in which expectancy of possible directions is of key importance.

daytrading
FDAX