Monthly Archives: August 2011

Goodbye, Mave

Never again will traditional industries sustain the whole middle class. But the new jobs in old trades are smarter—and pay better—than in 1980  …blue-collar workers have taken a beating, but what remains of them is more sophisticated, more skilled…             … Continue reading

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The Trader’s Journey

The trader who becomes successful does so by finding his own way. The most important knowledge for a trader is knowledge of self. There are many good trading systems, but if a thousand traders succeed by using one system, they … Continue reading

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Emotional Discipline for Traders

It’s a great business, one you figure out what you want to do —Dick Diamond I understood everything about trading but I could not be profitable until I gained emotional discipline. The ability to execute a trading plan consistently is … Continue reading

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Working Without a Net

… just tryin’ to make the right mistake…                                             —The Band  I’m looking to do an end run on the behavior model, here. The standard is to learn about a thing by stepping in it. Market pros will tell you everything … Continue reading

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A Rational Plan

First published August 21, 2004 To invest in the stock market is to plunge into an emotionally charged arena fraught with erratic and random price fluctuation. We are dealing in probability and most people struggle with the uncertainty and behave … Continue reading

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A Current View

This gallery contains 5 photos.

The headline this morning in our local mullet wrapper needlessly screamed, “HURRICANE IRENE APPROACHING, BE PROACTIVE.” Please, you think I don’t know? My shutters are almost up, my generator is gassed and tuned, I have a plan for storing the deck … Continue reading

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The Bull/Bear Cycle

This essay was posted first in October 2003. I have archived it under My Essential Essays because, while it describes the bull market I experienced in the 1980s, it is the prototype for all bull markets: I got an e-message … Continue reading

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On Markets

It is held that Gustave LeBon described the behavior of financial markets with the statement, “An intelligent man becomes a blockhead the moment he becomes a member of a crowd.” For me, this statement says nothing about markets or their … Continue reading

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Staring in the Mirror

In a NYT op-ed piece yesterday, Kishore Mahbubani, professor of public policy at the National University of Singapore decries the absence of global leadership at a time of political and economic chaos. The good professor states that there is neither … Continue reading

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