In my opinion, Steve Burns runs one of the best trading streams on Twitter. His concepts on swing trading and trading psychology are always quite sharp. There is also some superb material on his website NewTraderU. Check it out.
When a trade starts showing a profit right from the start, its a very promising sign that the trade will turn out to be a winner.
Most traders are obsessed with their current trade/trades. If you start thinking in terms of the next 100 trades you are going to make, all of a sudden this current trade does not seem so damn important, right?
I tend to disagree with Monroe Trout. I think systematic traders are much more likely to succeed than discretionary traders. But we also have to consider that systematic trading has many discretionary inputs…like how many shares/ contracts to trade, what kind of drawdown we should tolerate, which system to use and why. So all in all, probably Monroe is just right.
Michael Steinhardt was one of the most successful hedge fund managers on Wall Street in the 1980`s and 1990`s. Michael was a pure contrarian investor with a very peculiar trading style that would ruin most traders that could be tempted to copycat his methods and trading style. Yet, this market observation is of great value to all traders and investors. Trading is indeed a balance between convictions and tight risk management rules.