Apr

22

One of hardest things to do is nothing. To rest. It goes against everything. The urge to do something can result in disaster. Especially the urge to catch up say when price passes you by or you miss a fill.

Victor Niederhoffer writes:

In reading Deep Survival ( which one has eschewed for many reasons), one comes across the chapter on panics. The conflict between trying to achieve a goal, of food shelter and a mate, (always there) , and being lost causes great discombobulation. Great foolish activities leads to people refusing to survive when it was so close. One finds the same conflict between lost and goal in markets. For example, one has a target. You put your limit in. The algorithm boys move in front of you. The price moves away. You are lost. You have a goal. There is a tendency to panic, to die when it would have been so easy to go down the previous path, or use your tools. A terribly poignant and applicable sensation.

Chris Cooper responds:

Those lessons about paying attention are reiterated in depth in a book I recently finished, "Traffic: Why We Drive the Way We Do" . It is full of counter-intuitive evidence regarding driving and safety. Especially noted is that seemingly unsafe situations can be safe simply because people pay attention.

Dan Grossman replies:

I agree with Chris, Traffic is a great book. Both for understanding driving/road safety and for other aspects of life.

Book was the only advice in my life that changed the way I drive. For example, now realizing statistically how dangerous changing lanes is (what a high percentage of accidents are caused by it), I change lanes far less frequently.

Also makes one appreciate how less safe red light cameras (now common in NYC) are: More accidents caused by stopping short at red lights to avoid camera tickets, than by finishing scooting through.

Alan Millhone writes:

Hello Mr. Sogi. I had an old friend that told me , " if you miss one deal there is usually another around the corner somewhere ". Regards, Alan

Legacy Daily comments:

So true… I don't know which is a bigger regret: the buyer's/seller's remorse or the regret of chasing a price to get a fill then seeing the market go back to the original order level. The price frequency distribution helps (not always) against my wrong instincts so the new routine is to remember the eye exercise program in those moments. :)

1. Blink ten times by closing the eyes as if falling asleep (very slowly). This help re-wet the eyes.

2. Look away from the computer and gaze at a distant object outside or down the hallway. Looking far away relaxes the focusing muscles inside the eye to reduce fatigue.

3. Look far away at an object for 10-15 seconds, then gaze at something up close for 10-15 seconds. Then look back at the distant object repeating the cycle 10 times.

4. Take a break, stand up, move about and stretch the arms, legs, back, neck and shoulders.

Kevin Eilian writes:

Wisewellian - that which effects your move the least effects your opponents the most (courtesy of chair).


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4 Comments so far

  1. Steve Leslie on April 23, 2009 7:52 am

    A great essay to reread is Acres of Diamonds by Russell Conwell, founder of Temple University in Philadelphia. It is generally considered one of the greatest speeches in the history of America. Mr Conwell gave this speech hundreds of times to audences across America to raise money to build Temple University. It is quite inspirational and is just a remarkable story that one never grows tired of hearing. It speaks to the inner soul as to the reward that one can get in life if one remains committed to a goal and doesn't get discouraged.

  2. Nish on April 23, 2009 4:08 pm

    I read Deep Survival upon the recommendations it received on this website and i think it's a very well researched book. I would love to know why the Chair did not like it.
    Thanks
    Nish

  3. vniederhoffer on April 23, 2009 11:39 pm

    @Nish:

    the Chair liked it very much and knew it would be good before he read it, but was afraid to read it because he should have read it many times, many years ago, and taken notes. vic

  4. steve on April 24, 2009 9:30 pm

    Chair you are such an ardent student of the adventurer spirit exemplified in such as Obrian, Monte Walsh, Steinbeck, Hemingway, Jack London and many more. My thoughts are this have you ever undertook a voyage or journey on a long scale. Perhaps like Jim Rogers did around the world on a motorcycle or rather like Hopkins in The Game where he travels to Alaska and has to kill a Kodiak bear and save the life of Alec Baldwin who had tried to kill him.

    In fact, I would like to invite the group to open up a thread for those who wish to share a personal story on adventure and danger that had a life changing experience effect thrust upon them. Perhaps the distinguished professor Dreyfus would extract a column from her many journeys and post it to begin the cavalcade. suggestions would be an atlantic voyage, rock climbing, offshore fishing, skydiving, spelunking, white water rafting, long distance driving, big game hunting mountain hiking and/or climbing to name a few. I would love to read from Mr Brooks, Sogi, Sears, Rogers, Dr. Janice Dorn, The aforementioned Prof Dreyfus, Mr. Williams, and the long list of amazing people who regularly visit this website.

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