Great Points. Today I'm currently reviewing past charts, because I've noticed that I'm a bit too discretionary on exits--needs to be defined. Discretion needs to exist sure, but I prefer to limit it to some well-defined entries, management style, and exits. I agree. This is a great defense against CHOP/RANGE. You prefer I think through it so I'll own it. I couldn't agree more. Even though I disagree. What? No seriously tell me. Kidding. I want to own it and make it mine. The resources you're offering are great and how many successful traders suggest you do the work is real. Hard, but real. I would definitely prefer to have part of something, EOD. So that means I should probably set some profit targets. I generally do, but in an effort to increase more of a move, I move them. OTOH, If my set-ups were that well defined and tested, one could simply exit for "some of the move", and re-enter at next available set-up---which like you said, also limits emotional capital, which I learned last week, is something very, very real. I'm drained! Thanks again, J
Discretion is little more than another name for random variable Can any of us afford to induce random variable(s) - if our true desire is consistency Every time you enter the mkt; Know exactly what you are looking for (signal wise)..., Know exactly how/when you will act..., Know exactly what you will do throughout the entire trade... Then; seek out / act / do - exactly that Nothing more / nothing less If you desire consistency - then this is exactly what is required - every trade / every day Learning to trade is hard - no two ways about it We must be harder - period "Do..., or Do not - There is no Try" - (quote from Kung Fu Panda) and appropriate for our actions The quintessential day trader's scalp It is important to rest.., and be 100% The mkt is a void... that until you've built the necessary barrier..., will suck every bit of energy you have This emotional drain creates stress..., and stress will cause us to do really..., really..., stupid shit (experience talkin here) Building the necessary protective barrier takes time..., until then... every time you are in the mkt - KNOW..., you are at risk - not only monetarily.., but also emotionally =========== Trading is strictly pay for performance (which is why I love it so... not in love mind you - simply love it) Best ensure we're cable of performing @ 100% when trading No more / and certainly.., No less RN
There is a certain mixture of hardness – yet pliability – a trader must possess It a quite interesting enigmatic..., paradox RN
Don't buy into the long term stuff, Day trading your in control the market is moving up, you get in, ride it exit, pure no issues. Swing trading, you enter based on X, 3 days later, X is well forgotten your just hoping it'll hit TP before SL, multiday trends and big pips sound great but realistically they don't happy, not met 1 swing trader via index's or Forex over the years which can make more than 20% per year. The longer the term the more it's just a gamble, ie nearer 50/50 if your a poor trader then it's hard to drop much below 50/50. Shorter the term, more skill based the nearer you can get to 100% or 0% if your poor. Therefore poor traders think Longer term is better, which it is for them as there money lasts longer despite there still losing.
Damn - no pressure - :eek: JS Tomorrow..., stick to each trade's plan - screw the results of each trade placed btw.., I had some wings and cold beer - very delicious - Thanks for the recipe RN
So discretion = random variable. I agree with you. Loved this quote. "Know exactly what you are looking for (signal wise)..., Know exactly how/when you will act..., Know exactly what you will do throughout the entire trade..." I hate admitting when I'm wrong, but like I said yesterday, I'm working on actually defining these things. I sat in front of past charts all day yesterday, almost in awe of how there are really repetitive behaviors in price action. How I am wrong --> there are A LOT of questions a trader needs to know the answer to before initiating a trade, upon entering, managing it (which includes MANY questions, because price can do anything), and exiting it. Not to mention a simple money management plan that must be followed... I actually had to to look in the dictionary for "quintessential". I had an idea, but wanted to be sure. Thanks. Yes I have felt drained ever since last week, being the first week live. Up then down, up, up a little more, and down so far there is no more up down. Up down.
I've seen this too. An unwavering discipline, almost Army Serg approach to a plan. Then, the, "it's ok, some trades lose. Next one!". The rigorous testing of a plan with statistics, yet the trade that scratched...again. Interesting..