Reply to Traders and Trader Wannabees
From
Phil Madsen
February 6, 2010
This is my general reply to people who have contacted me privately to share their trading experiences and advice, or to ask for information about trading. Instead of sending the same response to individuals again and again, I provide a link to this page.
Trading is a highly individualized activity. Because no two people are alike, no two trade alike, nor could they even if they tried. While I appreciate the time and kindness offered by people who send me their trading experiences and advice, I heed first the advice of the great trader Jesse Livermore and others, which is to "play a lone hand." For the same reason, I have no information or advice to share with others. For those who are interested, there are far better sources of information about trading than me.
I know how good it feels to talk with others about trading, but resist getting drawn into such conversations because the great traders advise against it. While it would be fun and perhaps even helpful to exchange thoughts about trading, I don't because the great traders say not to.
Trading is a difficult and dangerous game. If I am not careful, I could lose significant amounts of money to the highly-skilled people on the other side of my trades who mean to take it. With that in mind, I am playing a lone hand and learning the ways of the masters.
Who are these masters? You can get to know some of them by reading Jack D. Schwager's books; Market Wizards: Interviews with Top Traders and The New Market Wizards: Conversations with America's Top Traders.