by James Lee

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As a professional no-limit holdem poker player prior to my trading career, I find that both professions share many similarities. Poker and trading are both a game of probabilities. Individual psychological makeup is also important to control emotions during times of tilt and euphoria. In poker, a player can choose the stake he is willing to play. In the futures markets the stakes are chosen by the size of the trade. However, one of the biggest differences I found is as follows: 1....

Frank Butera

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I have some free time right now so I thought I’d submit and entry on some aspect of trading that most people pay no attention to yet can play a very big part in your trading success. What I want to talk about is what a lot of traders call reading “order flow” or just “the tape”. I think a lot of people spend a lot of time working with indicators for their charts and don’t even think to just watch the orders moving in and out of the market as well as the...

By Janice Dorn, M.D., Ph.D.

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DROWING IN DENIAL Janice Dorn, M.D., Ph.D. The Trading Doctor Nothing is easier than self-deceit. For what each man wishes, that he also believes to be true . . . Demosthenes (statesman and orator of ancient Athens) Why do we run from our own truth? What makes us close our eyes and bury our heads in the sand rather than confront what appears to be a harsh reality? Why are we compelled to cling to dysfunctional relationships and losing stock positions in the midst of increasing drawdown...

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ANALYSIS PARALYSIS http://www.traderslaboratory.com/forums/attachment.php?attachmentid=2166&stc=1&d=1185976723 The ability to simplify means to eliminate the unnecessary so that the necessary may speak…Hans Hofmann, Introduction to the Bootstrap, 1993 Emails from traders and investors of every ilk come to me on a daily basis. I am grateful, and urge you to keep them coming, as you inspire me, challenge me and force me to think. Everyone has a different way of being in the...

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Whether you’re a doctor, a basketball or tennis player, a musician, or even a cowboy, knowledge and skills are going to determine your status in your “community� of peers. The level of your knowledge and skills can either catapult you to world class status or usher you out the door; the demand for your services or performances will either increase or falter; you may even win awards and generate tons of money if you’re the best, or no awards and little money...

by Trader X

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Basics of Volume and Open Interest Trader X Chicago, IL It's my opinion that successful trading for the long term is not possible without a sound understanding of both trader psychology and market psychology. Often individual traders focus so heavily on the results they are seeking that they forget that every other trader out there is doing the same thing: attempting to profit from price action. But it is the very nature of this conflict that creates price action because it is...