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Someone on Elite Trader posted this the other day, “People never realize the monotony of trading. Making money is exciting but can you go stay in and day out with the same repetitive discipline and not get bored when the market is slow or you are accumulating losses.”
Of course not.
Which is why so many of us get in trouble with prop trading, which above else requires the discipline to NOT trade. Take a walk down memory lane and it’s almost certain that most of your biggest losers were simply bored trades gone wrong.
Which is why it’s been such a pleasure lately to hand over most of my trading to my robot who has no problem with boredom and can sit in a position for a day, a week, a month – whatever it takes.
We’ve had an extraordinary week in BK so far, capturing 500 pips in our little algo land. And sure, most of it is due to the confluence of strategy and market regime and when things change we can puke up just as much (hopefully less) but the thing that struck me the most about the past few weeks is how robots have made us much better prop traders.
I was sitting at lunch with K today (who has been absolutely killing it with her prop calls in the chatroom this week) and remarked how much better her market vision has been recently. Same with me. My own little prop account in which I putz around on the side has been consistently green every day since the start of the year.
And then it hit me.
The robots have taken all the pressure away. There was no longer a need to “find fresh” trades every day. The robots found them, took them, managed them. This gave us the time to think, to react intelligently to the news putting us on the right side of the trade more often than not. The prop-trading got better without much effort on our part.
Mind you, this isn’t an argument for 100% algo trading (although you do NEED to COME to my MT4 Traderfest this weekend) rather this is just a simple observation that sometimes the best benefits of algo trading are ones you didn’t even consider.