Any long term strugglers out there?

Discussion in 'Trading' started by Eddiemorra, Aug 16, 2014.

  1. Nice. Target was hit.
    Out at 25 for +5
     
    #341     Oct 2, 2015
  2. Shorted 1921
    stop at 26
     
    #342     Oct 2, 2015
  3. So far today:
     
    #343     Oct 2, 2015
  4. OUT +1

    flipped long now at 1920 stop at 17
     
    #344     Oct 2, 2015
  5. OUT here at 1924 for +4 :)
    (Another one that wasn't my trade, but i'll take the money)
     
    #345     Oct 2, 2015
  6. -4
    +5
    +6.75
    +7
    +5
    +1
    +4
    TOTAL = +24.75!! :) :) :)
     
    #346     Oct 2, 2015
    lawrence-lugar likes this.
  7. spent the last 5 hours going through all of the charts that I took a screenshot of when the skype guy called a trade. Trying to find any potential patterns in his entries just on the off-chance that he IS using technical analysis/charts for his trades (though I don't think he is)
    Eyes are starting to bleed!
    Great day on Friday with the ES. Sticking with it on Monday.
    I think maybe dax is just too choppy to trade
     
    #347     Oct 3, 2015
  8. Visaria

    Visaria

    Your friend is a tape reader. He's looking at prices as they move, which gives him a feel for what the market is doing. His (right hand side) brain analyses this in real time and tells him to buy here or sell here. Being a right brain method, he wouldn't be able to explain it to you.

    TA (including charting) otoh is a left hand side brain activity. You look on charts and make decisions, logical decisions to you, that you could explain to someone else (although they might think it's all baloney).

    I did a mix of charting and right hand side brain methodology on Friday. I shorted the ES at around 1895, and kept shorting it as it broke 1890. This was based on chart. However i was intently watching the market for some time after those trades...the market went to new lows, went back and retested lows, did this a few times i think, but then suddenly came back very strongly above 1890. You could feel the buying pressure (right brain). When it hit 1895 my right hand side brain was screaming get out and go long. I listened and covered my shorts on es but my more dominant left hand side brain overruled the instruction to go long (there was no LOGICAL chart based signal to go long at that point). Just shows you should use both sides of your brain!

    I think the best traders out there rely on both left brain and right brain to succeed. George Soros uses left brain analysis by looking at fundamentals and charts. But he then has the right brain tell him when things are going wrong and to exit (he has talked about how he has a twinge of back pain which tells him to exit a trade, he has talked about how he relies a lot on animal instincts for survival). When he feels he's right, he increases his position (he talks of going for the 'jugular', sort of a killer animal instinct).

    We all need to start training our right hand side brains more and end the dominance of the left brain if we want to succeed in discretionary trading. There's a limit of how much we can gain from doing TA/charting, PA, and fundamental analysis.
     
    #348     Oct 4, 2015
    k p and dartmus like this.
  9. Hey, I disagree with your lateralization of the brain and I disagree with involving the emotional side of ourselves in trading. In tape reading there are techniques that compile and display all the data you talk about but in a exact, resumed way. One should read that data and have rules based on such data, instead of acting on emotion. We probably agree on what we are thinking but what you see as emotional is not really emotional, it's just hard to teach, it's complex and it's context based (TA can and usually is also context based). Emotional is irrational and can't make money in the long term.

    Now it's important to know that both methodologies are subjective, as everything in the markets. Two great traders won't always see the same, or do the same, given the same conditions. And both methodologies have limitations and use stop loss points.
     
    #349     Oct 4, 2015
  10. dartmus

    dartmus

    My right just told my left your left should be more open to input from your right.
     
    #350     Oct 4, 2015
    Visaria and Redneck like this.