I've heard you mention "part art part science" many times. i agree with you. With that being said, how do you incorporate "part art" into your trading Plan? Without divulging "edges" or info you don't wish to give away. One can't quantify creativity. So how do you incorporate it? At the end of the day if you did something artistic, how do YOU know it was part of your trading plan? I'm looking to incorporate the same into my plan but I am struggling to do so...
I don't think a forum reply will cover everything you could possibly need to know or be aware of -- You need a whole book chapter to do so. Being a great trader...is like being a teacher, or karate practitioner, or exercise enthusiasts...it requires continual development. It's not a one-time thing or activity or goal only. And even then, trading is still a relatively crap shoot. -- It may look simple and easy in hindsight...But after each trade, I feel like I barely escaped with my life. I don't know who you are...or your trading story, or experience or what you trade, time frame, etc etc variables...so it's impossible for me to shed any light for you. Try to think of things on a dynamic, static scale. Macro and micro viewpoints. Patience can sometimes be a virtue, but like everything...it can also be a double-edged sword. Draw up your potential support/resistance levels in your mind...and see how the moody, bitchy market slowly reacts and unfolds to it. And how are you coming to these conclusions...all of this is the 'art' side more or less...and the 'science' side deals with hard facts thrown into the mix.
Just from observing Friday you can learn the fact that volatility both expands and contracts. If you traded Monday expecting Friday, it's no wonder things went bad. Regardless, you're not ready. And it ain't about discipline. You simply don't know enough, yet. If you did, you wouldn't be making these posts.
Wow thank you for such kind words. Who said I was ever expecting Friday on Monday. There's nicer ways to say things and be positive and support others on this board. . Keep your negative comments to yourself
And you've never had a bad day trading? He's doing pretty well posting here about his losing day rather than going on endlessly on winning days and falling silent the others.
My comment was neutral and factual, although I can understand that you perceived it to be negative. It was meant to be helpful. I don't see why I would support and cheer on people to continue losing money or hope that things will change when they won't. That would be a cruel thing to do. You simply need to learn more. If you're offended by that, so be it.
I still say the best lesson I learned was how to be a good loser...i.e. walking away from the losing trade. That also give the flip-side benefit of learning when to get out of the winners while they're still winners. No shame in losing on a trade or a day. I initially shied away from doing a journal here because I thought it might interfere negatively with my trading. Much to the contrary, I was surprised to find I was doing much more disciplined exits on both my winners and my losers. And now I have that nagging thought in the back of my head "this trade will look stupid if you hold it and it goes lower". Obviously, traders either need to play with small enough accounts that the losers don't hurt, or find a way to trade profitably. That's on Jdesey to handle himself. I'm not going to discourage him because he had one bad day here...hell, I had a 40% drawdown last month, and didn't get too discouraged. Even posted about it and how I plan to avoid it in the future.
today.... much better... 2 trades... one short one long.. hit my 6 point goal and done... but had I kept trading I would have ended with 3 stop outs and made $0.... hit it a quit it!