{"id":405,"date":"2008-04-26T10:56:28","date_gmt":"2008-04-26T14:56:28","guid":{"rendered":"http:\/\/club.ino.com\/trading\/2008\/04\/26\/can-an-egg-timer-improve-your-trading-2\/"},"modified":"2008-09-08T15:32:22","modified_gmt":"2008-09-08T19:32:22","slug":"can-an-egg-timer-improve-your-trading","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2008\/04\/can-an-egg-timer-improve-your-trading\/","title":{"rendered":"Can an egg timer improve your trading?"},"content":{"rendered":"<p><strong><span style=\"font-size: large;\">True Story<\/span><\/strong><\/p>\n<p><span style=\"font-size: medium;\"> When I first started my career in this great business in the early seventies, I worked under a guy named Gary who  acted as a mentor to me.<\/span><\/p>\n<p><span style=\"font-size: medium;\">Now Gary was definitely over the top personality wise and his trading style was something else altogether.<\/span><\/p>\n<p><span style=\"font-size: medium;\">Let me share with you one of Gary's trading quirks. Gary was a short term trader and good at it. He was talented technically when it came to charting as he kept all his charts by hand on special graph paper. Remember this was back in the seventies before we had all these wonderful computer charting programs .<\/span><\/p>\n<p><span style=\"font-size: medium;\">Well here I am next to Gary watching him trading in and out, in and out, of all these different markets throughout the trading day. Gary was a super busy, and successful trader and I was happy to watch over his shoulder and learn how the markets really work.<\/span><\/p>\n<p><span style=\"font-size: medium;\"><img loading=\"lazy\" decoding=\"async\" src=\"\/uploads\/Image\/timer.jpg\" alt=\"\" hspace=\"15\" width=\"92\" height=\"106\" align=\"left\" \/>The one thing I haven't told you about Gary, was that he had a big egg timer on his trading desk.  Every time he made a trade he would flip the egg timer over and the sand would start running.<\/span><\/p>\n<p><span style=\"font-size: medium;\">Now you have to remember, I was green to trading back then and had never seen someone of Gary's caliber and trading style. I just thought that having an egg timer on your desk was a normal part of trading.<\/span><\/p>\n<p><span style=\"font-size: medium;\">Have you figured out yet why Gary was using a egg timer?<\/span><\/p>\n<p><span style=\"font-size: medium;\">Was it because ...<\/span><\/p>\n<p><span style=\"font-size: medium;\">(A) He liked playing with egg timers<br \/>\n(B) He liked to time his poached eggs<br \/>\n(C) He used it for money management<\/span><\/p>\n<p><span style=\"font-size: medium;\">If you chose (C) you are correct. Gary did use an egg timer for money management. It's not as crazy as you might think and it suited Gary's style of trading perfectly. <\/span><\/p>\n<p><span style=\"font-size: medium;\">You see Gary was using a TIME STOP. <\/span><\/p>\n<p><span style=\"font-size: medium;\">How it worked is like this, Gary would see something on his intra-day charts that was a buy, and then buy it immediately. If it did not go up by the time the sand had finished running through his egg timer he would exit the market win lose or draw. It was just that simple.<\/span><\/p>\n<p><span style=\"font-size: medium;\">I never had the type of trading personality to trade like Gary, but I have to admit the egg timer worked.<\/span><\/p>\n<p><span style=\"font-size: medium;\">Have a great weekend and trading week.<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"\/uploads\/Image\/adamnew.jpg\" alt=\"\" width=\"100\" height=\"76\" \/><br \/>\n<a href=\"http:\/\/club.ino.com\/trading\/about-adam-hewison\/?jal_no_js=true&amp;poll_id=36\"> Adam Hewison<\/a><br \/>\nCo-founder, <a href=\"http:\/\/MarketClub.com\">MarketClub.com<\/a><\/span><\/p>\n<p><span style=\"font-size: medium;\">P.S. If you missed any of the <a href=\"http:\/\/club.ino.com\/trading\/traders-whiteboard-series\/?blog\">\"Traders Whiteboard\" <\/a>series watch them here.<br \/>\n<\/span><\/p>\n<hr size=\"2\" \/><span style=\"font-size: medium;\">Be Our Guest<br \/>\nWe welcome syndication of our content in your blog or on your trading website. Please feel free to use our content with attribution -  <a href=\"http:\/\/club.ino.com\/trading\/syndicate-our-content\/?blog\">more details here to syndicate our content<\/a><br \/>\n<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>True Story When I first started my career in this great business in the early seventies, I worked under a guy named Gary who acted as a mentor to me. Now Gary was definitely over the top personality wise and his trading style was something else altogether. Let me share with you one of Gary's [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-405","post","type-post","status-publish","format-standard","hentry","category-trading-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can an egg timer improve your trading? - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2008\/04\/can-an-egg-timer-improve-your-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can an egg timer improve your trading? - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"True Story When I first started my career in this great business in the early seventies, I worked under a guy named Gary who acted as a mentor to me. 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