When I started at the Chicago Board of Trade in 1975 it was filled with pit brokers of all ages. Lots of the young ones were sons/cousins/friends of the older successful brokers
There were guys who fought in WW2 on the beaches of Omaha with scares to show for it. These guys had guts in both WW2 and at the Board
The old guys had lots of wise sayings
Too bad us young traders had to make all the same mistakes on the way to understanding these sayings
There is an incredible amount of wisdom in people who can make it 10, 20 even 30 or more years as self-supporting and wealth-building independent traders
The young today are no different. They will learn the most important lessons in painful ways. That is the way of the markets. Happens every generation
The amazing thing to me -- a 50-year career, self-funded trader is that each new generation knows more than the generation before them. At least that is the lie we will let them keep believing -- at their expense
I hope to have time in this book to unpack many nuggets of the wisdom of experience
One lesson that has stayed with me over the decades is that I should never carry a losing trade home with me on Fridays
Several obvious reasons
One - my experience after 10s of thousands of futures contracts trades is that losers on Friday seldom get much better the following week. This is what I call the "probability" factor behind the saying
Two - why would I ever want a losing trade to mess with my head and interfere with a weekend. This is what I call the "pleasure" factor behind the saying
I have shared this saying with new traders for many years. Never had someone "no-thank-me" for sharing the concept
Try it. I think you'll like it
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