Sunday, May 8, 2011

Lesson No 5 - Passion

"I'm in for the money"

That's the truth, money is the main motivating force for me to be in this trading business. Trading can be lonely, boring and tiring at times, testing our patience and stretching our tolerance to the limit. Who is trading for fun and not for the money?

So, we have to develop this passion for making money by being pro-active to understand and learn more about trading. The Internet offers free information for traders who are keen to learn. Do you know any of these websites?

What trading books have you read? What have you learn from them? Most read and forget, never apply what they have learnt.

Passion is when your mind is totally focus on trading and love doing so, when you eat, sleep and even dream about trading. You make constant effort to monitor the market closely, knowing what price it open, overnight closing price, what's the high, low, volume, open interest, etc, etc at the back of your mind.

There must be a desire to know what is happening in the market, reasons for certain price movement, factors affecting it and what action you should take. One will then have a good feel of the market, that's what separate the 10% from the 90%.

5 comments:

coconut said...

how true it is!

i used to have passion for spending money, somehow through the years my passion change to making money, so much so that i hope market is there 24/7.

damn where to hell is my passion for spending?

coconut said...

still i like to view trading as a game rather than a job cos sometime i really don't mind losing money to have some fun and exitment, not through gambling but through testing and make changes to strategy to see if works.

sound contradictory, but if there is no fun in trading, i probably would have not step into trading at all. and if i don't trade for the winning, i would have force to stop trading, a straggle between consistent or change.

Lin said...

Talking about trading books, I tried to search for books on reading level 2 or some resources online but it seems that such materials are few. Do you have any recommendations on learning how to read level 2? Or is it a skill that needs to be acquired by looking at it all day and is not possible to learn from reading etc?

Fat88Trader said...

Yes, level 2 is a skill acquired by looking at the screen and gather whatever information available for a trader to make a judgment as to where the market is heading.

It's tedious and meant for scalpers. Players keep changing their strategies to outwit each other and now many are using Algos to do it.

BrokerADD said...

Hi

I have another definition for passion

http://www.youtube.com/watch?v=KuNQgln6TL0&feature=feedf