Update: Been a while since an update. I've been studying and working on The Method, only to discover that I need to continue executing what I have been executing with only minor tweaks. It's amazing how one can lose site of the goal if they get 'paralyzed' by too much TA. Well that happened. As a friend tells me, TA is great. it's a very effective tool. But TA alone doesn't make traders better. One change that's needed in The Method, is not using a mechanical stop. I've decided to also enter the signals with the one minute chart. I still identify signals and targets on the 5 minute, but the 1 minute helps me to not only choose better/wiser stop placements, but to also manage the trade. ============= One final note: I'm still absolutely amazed at how I still look for certainty in a completely uncertain environment. One must admit these things if they are to improve/change/embrace the uncertainty. ================ I'll be here tomorrow and friday, and look forward to updating with notes and thoughts. -JS
It is very true the markets, by their nature, are uncertain. However, you need to have a framework that is certain (or constant if you will; constant does not mean absolute, but does mean objective) that will help you anchor in the uncertainty of markets. To have a "certain" framework does not mean that markets will act that way -- it is just an internal compass for you to help navigate the uncertain markets. So, when you think about trading, separate the framework (on which 'The Method' relies) from the market; this might make it easier for you to embrace the uncertainty of the markets and the uncertainty of the results from 'The Method', while still accepting the certainty of the framework. Don't know if that helps, but thought to share my thoughts with you. All the best. Regards, Monoid.
6 Trades: 5L 1W = -$219 Today was the first day back in over a month or so. Having not reviewed or having not been consistently in SIM, things were very rusty. Technical Analysis: The signals were not objectively identified today. Rules are in place for a reason, they help the trader make decisions without having to 'second guess'. A violated rule, which didn't even come to mind today was, "no trades after two losses, take time to regroup and evaluate." This rule didn't even come to mind. The suspicion is that I don't fully believe at a core level that this game is a probability game. I'm not embracing uncertainty and operating out of a belief that every trade has a random outcome. ======================= Trading stopped today having hit daily loss. ===================== In previous months, I would have a mental questionnaire before even entering a trade. This approach really helped keep The Emotion neutral. Of those questions, one is whether or not I predefined the risk, and if I fully accepted the risk. When I say fully accept, in my mind the question is really, "am I completely ok/neutral with the possible consequences of this trade breaking down"? If yes, we have a go. If no, the trade is not taken, and I must evaluate the inoperative belief or fear that keeps me from this neutrality. ==================== I noticed I was "jumpy". All over the place. ================= Still learning.....back tomorrow. -JS
Jordan, I have noticed a bit of a “Hurry Sickness” in you lately. You seem like you are in a rush to do things because you feel that in the doing, you will learn something. And while it is true that it is in the doing that we learn,we must be careful and cognizant of WHY we are doing something. You are now doing things not for the purpose of learning, but for the purpose of "getting things done quickly", and there obviously is a quality of what can and will be learned as a consequence. You need to come out of "Warp Drive Light Speed", and do some engine and airframe maintenance. In other words,...get back to basics, like you were before this pattern fiasco. By the way, I too must share in some of the fault with your current dilemma. Because I failed to temper my praise with the necessary cautions, and I didn't warn you of potential obstacles as a consequence of letting you "run wild" for a while. That won't happen again on my part....now you need to get back to your part....which is to; GET BACK TO THE BASICS. If you had your helmet on...it wouldn't have hurt so bad, and maybe not at all. KDA
Who are you? You open your mouth and gems of wisdom falls out! I envy you! Has been a pleasure reading your posts (my favorite till date: your definition of discipline!) Regards, Monoid
Agree. kdasftg rarely posts, but when he does, its like one of those old E.F. Hutton commercials from when I was kid - when he talks, I listen.
Right on. I have been rushing to do, and not spending time learning from what it is I'm actually doing. I've felt the "hurry sickness". I don't like it. Time to stop. Yes. As much as I don't want to humble myself and go there....again...I have to. I have to take those steps back to move forward. -JS
Greetings Guys, Thanks for the kind words. But the truth of the matter is that this message to JS was supposed to be a PM, I just screwed up this one. The PM route is how I have chosen to operate on ET. And yes, my words are truly "wisdom born of pain" I can assure you. Having had a dear friend put a gun to his chest in 1991 because of his trading losses, has had a deep and profound effect in my life. I tend to view the words I write on ET from that perspective, and thus attempt to provide good solid value in what is written. I'm glad to know that the words help. Now...back into the PM woodwork.... KDASFTG