"THE MARKET... consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Alexander Elder


Monday, August 27, 2012

37 Rules



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1 comment:

Charles Longfellow said...

37 Rules for Trading Well and Living
by Charles Longfellow
2006, 2010, 2012

1. Survive.
2. Breathe.
3. Reduce risk, but accept uncertainty.
4. Know which door to leave by.
5. Take a position as an exercise in probabilities.
6. Don't overtweek your system.
7. Set the alarm, but sleep with both eyes closed.
8. Obey your rules, especially when you are down.
9. Ignore the "chops".
10. Give back some, but keep more for yourself.
11. Listen carefully to the advice of others, before you choose to ignore it.
12. If you have to decide quickly, say "No".
13. Be always flexible, because you won't always be right.
14. Don't play to win or lose, play to increase.
15. Drink more water.
16. Wear good shoes, but think like a farmer.
17. Follow the clues, not the money. There will be signs and omens.
18. Recognize timing as the critical factor. All predictions, including your own, are eventually correct.
19. Utilize disinformation as a contrarian indicator.
pop quiz: Who are your sources really working for?
20. Avoid solutions and affections that require a monthly fee.
21. Hang around people who are lucky.
22. Pray.
23. All other factors being equal, go for fewer moving parts.
24. Don't plan for the unthinkable, just know that it might happen.
25. Check your watch. Daylight savings time waits for no one.
26. Punish your adversary, whether person or the fates, with tolerance and civility.
27. Stand aside defensively, and do nothing often.
28. The plane you missed just crashed!!!
Appreciate the blessing of a missed opportunity.
29. Trade like a Samurai; flirt like a Geisha.
30. Spend wisely, but spend.
31. Consider people. Whatever you are trading, people are the market.
32. Consider an opposing view. If you are trading, there must be one.
33. Stay hungry and keep motivated.
34. Feed the truly hungry, but don't get eaten.
35. Take responsibility, but know who your friends are.
36. Holding a grudge is optional. If your enemies have wronged, their accounts will be settled.
37. One unhappy candle does not a trend make.

eXTReMe Tracker

What is a Bucket Shop?

"Bucket Shop is a specifically defined term under the criminal law of many states in the United States which make it a crime to operate a bucket shop. [2] Typically the criminal law definition refers to an operation in which the customer is sold what is supposed to be a derivative interest in a security or commodity future, but there is no transaction made on any exchange. The transaction goes 'in the bucket' and is never executed. Without an actual underlying transaction, the customer is betting against the bucket shop operator, not participating in the market."
see: Wikipedia

The SEC believes that "internalization" is somehow different, and this affects ALL of your online trading, no matter what you are trading. Trades that are executed outside of the exchange, never reaching the main market, effectively hide data from technical analysis, and skew pricing.
see: Not a bucket?


"... internalization hurts retail customers and market quality"

see: EconPapers

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