Forums > Trading for a Living > Journals > Twenty-twelve [P&L]

Old Feb 23rd, 2012, 11:32 PM   #55
Join Date: Dec 2009
Posts: 911
Still here, still trading, still at $24,XXX.

I need do some testing. Due to the results I've had this far I've kinda set trading on the back burner.
Old Feb 25th, 2012, 08:48 AM   #56
Registered User
Join Date: May 2010
Posts: 584
Quote from masterm1ne:

This is important to me because many have spent decades or longer trying to make money in the markets. I want to prove to myself I'm ahead of the bell curve in terms of time.
You need to get over this. This is completely EGO related. In the end, it doesn't even matter. No one really cares if you're a genius trader; they only care whether you're making money or not.
Old Feb 25th, 2012, 09:48 AM   #57
Join Date: Apr 2011
Posts: 3,231
Quote from artfartdart:

what particular aspect? it sounds like you're referring to the behavioral finance sections?
That plus the return calculations. Also even those IPS statements I found interesting because it helped me understand why you would trade the way you would trade.

Mostly what I found was that as I was reading the materials I would be reminded of problems I or my colleagues had encountered in the past and could not articulate well.
Old Feb 25th, 2012, 07:15 PM   #58
Join Date: Dec 2009
Posts: 911
Quote from jinxu:

You need to get over this. This is completely EGO related. In the end, it doesn't even matter. No one really cares if you're a genius trader; they only care whether you're making money or not.
This has absolutely no bearing on my trading....

@ 24k (+0%)
Old Feb 25th, 2012, 07:46 PM   #59
Join Date: Jul 2008
Location: KCMO, Kansas and Kentucky
Posts: 4,975
Quote from masterm1ne:

This has absolutely no bearing on my trading....

@ 24k (+0%)
No, it does, especially ego. If you're not trading with a system you've analyzed then you have no system, and ego is the defacto root cause of your losses.
Old Feb 27th, 2012, 09:51 AM   #60
Join Date: Dec 2009
Posts: 911
It has become clear to be good at this requires a consant process of revision, like many things.

I should take back my statements of attempting to trade pure price action. My current experience as well as study of charts show that without something other than price action, it's very difficult to find high probability trades. I have traded many technical patterns alone. Obviously, it hasn't been a stellar approach. There are possibly pure price patterns out there that can make money, but to me, there are indicators that very logically explain when and where the price should go.

So.... I revised my entry plan to include at least 1 indicator other than price, which there are several. Basically, I'm still looking for a trendline break in the direction an indicator points to.

I think the most important part of trading is the exit strategy. In the past I haven't put too much emphasis on this - except by using tight stops. This is only part of the equation. I need to figure out how to take profits as well. All my tests show in most cases you lose or make a little, and few cases you make a lot, with my current exit plan.

I still don't believe I should invest time in creating a program to test ideas. The things I observe in the market do not have an obvious fixed pattern. Therefore, as I've explained before, I don't think profitable algos are created easily and on top of that I don't think they persist well. Not only that, but because I think avoiding intra-day is more worth while (especially when it comes time to pay the piper), I only need to check the market a few times a week, which I can easily do without automation. I'll update my edge direction weekly, and check price after the close.

@ $24k (+0%)
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