Having a solid week thus far 7 wins/3 losses & +7.5 roi% on margin going into my Friday trading (a.m. & my '1 & done' ruleset for each trading instrument I trade for Friday). ------------------------ His stuff may be very expensive; but he outlines how to be successful in the trading business... This is Van Tharp dude. I realize his prices are insanely expensive. Better to buy his book and then purchase 10 sessions with a trading psychologist (sports/performance pyschologist). Work on 'rooting' out the issues in trading that are keeping you from being as efficient as you can be. I am obsessive about this and constantly work on it because everything about my innate personality is not suitable to be a daytrader. Below is his email today. ------------------------------------------ Maybe 2 out of 100 traders will do what is described below. If they do it well--over several years they can then go about accumulating real wealth. Doesn't have to be millions of dollars per year either. Wealth can be acquired and one may live in very nice areas of the world without excessively high cost of living while still traveling whenever you feel like it. Oh yea; read the following website everyday http://heartiste.wordpress.com/category/marriage-is-for-chumps/ and get yourself 'fixed.' The best $750.00 I ever spent was in 1986 at age 19 getting a vasectomy. Staying single along with not reproducing is 80% of acquiring wealth if you are not making millions per year. Also, rent and use all of the extra initial capital investment and extra monthly expenses of a decent house (property taxes/upkeep/etc) and use it to generate excess roi%. -------------------------- The Psychology of Trading Tharp Think starts with your personal psychology, because trading is entirely psychological. Van often says, âYou do not trade the markets; you only trade your beliefs about the markets.â If you start trading a system before understanding the beliefs and mental states (like fear) that drive your behavior, youâll make mistakes. Youâll break your own rules and sabotage yourself. Youâll make irrational decisions based on whims, and your trading will end up being inconsistent at bestâdisastrous at worst. If, on the other hand, you understand your own psychology, youâll be able to clearly articulate your objectives, create a position sizing⢠strategy that gets you to those objectives, and develop a system that fits you. After researching thousands of traders over many years, Van has found four key psychological traits that top traders usually have in common. They take complete personal responsibility for everything in their lives, including their trading. They have a deep sense of commitment. They tend to have a particular psychological âprofileâ (to find out more about psychological profiles, click here). They actively work on their personal issues. Your psychological profile reflects your general personality, much of which youâre born with, but the other traits can be developed. If you donât have the prototypical trader profile but develop an intimate knowledge of how your own mind works, youâll be better off as a trader than those who do have the profile but continue to stumble across the market landscape wearing their blindfolds. Youâll be able to see that landscape clearly and chart a purposeful course across it because youâll have articulated clear objectives that fit you. System Development If youâre going to trade consistently, you need reliable, productive trading systems. Trading systems constitute a set of parameters and rules that guide your trades. Because your psychology is so integral to your trading, you will be able to best trade systems that reflect your beliefs. Even if a system works amazingly well for someone else, it may not necessarily work for you. If the rules of that system are based on beliefs you donât share, youâll never follow them, and if you donât follow the rules of a system, your trading results will be haphazard and arbitrary. Professional traders aim for consistency. Position Sizing⢠Strategies and Risk Tharp Think emphasizes the critical importance of position sizing strategies in meeting your objectives. Those objectives could focus on capital preservation or taking a lot of risk and making a huge return. Very few people understand that no matter what your objectives happen to be, your position sizing⢠strategies meet those objectivesânot your trading system. Position sizing strategies answer the question, âhow much?â throughout the life of a trade. There are as many objectives as there are traders. Some traders may focus on minimizing riskâon not having drawdowns bigger than some percentage of their account valueâwhile others may be out to make 1,000% or more per year. Still others might want a combination of both; they might, for example, aim for profits of 40% with drawdowns no bigger than 15%. Whatever the objectives, your position sizing⢠strategy achieves them. Considering how critical position sizing strategies are for successful trading, youâd think that every trader would focus on them, but the truth is, most individual traders and even many professional traders donât think much about position sizing, if theyâve even heard of the term. They think that diversification, asset allocation, or a trading system is the key to market success. But as weâve said, position sizing strategies are much more important than any of those. True, a great trading system makes it easier for you to apply effective position sizing strategies to achieve your objectives, but you achieve those objectives primarilythrough position sizing strategies. In fact, an average trader using a Holy Grail system could devastate an account by neglecting position sizing strategies or using inappropriate ones. The Fundamental Laws of Trading Van believes that there are three Golden Rules of Trading: Never open a position without knowing exactly where you will exit that position; Donât open a position unless your potential reward is at least twice the size of the pre-determined risk; Carry out those rules by cutting your losses short and letting your profits run. If you understand these three concepts along with position sizing strategies, you should be able to effectively use any valid trading concept: fundamentals, band trading, trend following, mean reversal trading, etc. Expectancy and SQN How do you know if your system is effective? The answer is actually pretty simple: your system should show a positive expectancy. You can define your gains and losses in terms of your initial risk, 1R. For example, if you exit a trade after earning triple the amount of your initial risk, your trade profited 3R. If you lose an amount equal to your initial risk, you lost 1R. Once your system has generated a number of trades, youâll have a series of R multiples that represent your profits and losses. This series of R multiples forms a distribution of results, and the mean of that distribution is the systemâs expectancy. If the systemâs expectancy is positive, itâs profitable; if itâs negative, itâs costing you money, and you should stop trading it right away. Recently, Van developed a proprietary measure for trading system quality called the System Quality Number®, or SQN®, which measures the relationship between expectancy and the variability of results for a trading systemâs R-multiple distribution. The better the SQN score for a given system, the easier it will be to use position sizing⢠strategies to meet your trading objectives. Treat Your Trading Like a Business! Learning to trade is different from learning to ride a bike; itâs more like learning a profession. Unfortunately, most traders think they can just close their eyes, pick stocks, sit back and let the money roll in. But it doesnât happen that way, and eventually, new traders figure that outâoften painfully. Successful trading takes a tremendous amount of planning, skill and trainingâjust like any business venture. Essentially, your trading should be viewed as a businessâbecause it IS a business. And if you want that business to be profitable, you need to understand the parts of your business, you need a good plan, and you need the discipline to follow the plan. If you're looking for a quick and easy way to make money in the markets, even Tharp Think wonât help. There is no "silver bullet solution" to trading success. The best way to trade effectively is to learn and adopt Tharp Think principles, and that takes commitment, time and effort. Traders who learn Tharp Think and apply the principles in a disciplined way will be able to transform a hobby into a profitable business venture. Peace & Blessings! Vice-Chancellor Hedvig Von Dikkeman V
The weather is heating up here on the lake. I am going to go destroy some snatch today. Looking for bar rats during lunch and attempting a 2 'fer' today. Fuck it; I will then go drinking with my sister (she is in town for the weekend--good thing they don't drug test hospital administrators in her employment; cause I will be hooking her up with some good stuff). That swedish cunt on wheels can pound it down. A whore from the word go (age 13)--then she cleaned up nicely after high school and got her act together. We'll be cruising in the open-air jeep while I berate the pedestrians and tourist hookers across/between/crisscrossing 3 beach villages today. I am always on the lookout for new talent/crops that have sprouted during the spring. I now drink my drink and take a hot tub. A good day. 5 trades/2 wins/1 b.e./2 keystroke errors +4.25% roi on the day Week ended 12 trades 9 wins 3 losses 75% winners Expectancy was +$1027.50 per trade +11.7% on the week. As of Wednesday around 9:30am est I was up 0.5% on the week. A positive edge and expectancy and belief system was key as later in the morning and then on Thurs. & Friday the Euro and NQ opened up nicely. Great price action this week. ----------------- Peace & Blessings you pimps! Cardinal Hedvig Von Dikkeman V
dude i ahev lost 30lbs because i realized the following was true. thanks! stephan As a man I can control a) How fat or thin I am by what I put in my mouth b) How much I exercise according to my goals/schedule c) What websites I visit d) Where I live ps i left have spelled wrong cause it reminds me i'm that way. "d" mark brown wannabe expat
This thread will change lives! I decided. Wait until I get to the good stuff in another several hundred posts. Peace Hedvig
----------------------- Every Monday is another beginning of the week to 'get it right' again. Here is what is on my mind for the week. I chanted this 20X's in the shower this a.m. before work. This week... a) I will trade with precision and error on the side of caution and clarity. b) I will work out 4X's by Sunday @1pm est. c) I will nail only biological females. d) I am updating my swingtrades for Forex by 5:30pm est each evening and have all futures swingtrades qued up by globex 'ags' open. e) I will keep a food diary to keep my 'fuel' intake very clean. Alot of 'news' this week--stay sharp! peace Hedvig
Hola pimps! I'll have some 'deep thoughts' after work on Friday. May is a volatility cycle for Indices/Crude/Euro/Gold; so I have been trading 1.5 to 2.5X's my normal size and even doing alot of CL trading in pre-London and early London hours along with Euro and Gold. Fuck!!!! Even my espresso machine is starting to hate me with my 'needy' fixes. When I need a real boost I just bang a 7gram rock (synthetic though). Winning! j/k I have been boiling alot of Ma Huang leaves on the stove though; oh yea! The real stuff (I grow them and my 'endo' in my 5 grow tents). 'Green Dragon' (I am legal--so no worries) then smooths out the highs. My version of an 8-ball. I am ready for Memorial Day. It is another of my 'top 5' holidays to stalk the meat that's between a young girl's legs. Peace & Blessings! Hedvig/S1.0
Vertebrates only?. Mammals only?. Or everything goes?. Give us some tactical tips please. Enough with the strategical generalities and basic psych discipline stuff.
Sammy, Quick reply; I'll go over that in detail on my Friday 'deep thoughts'--it really requires an appropriate detailed reply with 'tips' to your prurient {and appropriate} query. I hold nothing back in my thread; you were wise to bring this up because I was hoping someone would catch that a few weeks ago! peace hedvig
Friday quickie; getting the boat ready for a weekend of fuckery & feigning on females. *Sammy '1 post' Gold* After further consideration, you don't get a full answer because you are not a long-term member here. Briefly, I meant exactly what I wrote. Boundaries can blur when under the influence. ------------------------ Excellent interview (audio/video): http://hw.libsyn.com/p/0/8/b/08b5f1...37951551&hwt=fd9617f2df9f1fbd6c609721d1da9d4e A friend turned me onto the above link: Here is the summary from him: "Interview with one of our frequent readers, Larry Tentarelli. Michael Covel talks to trader Larry Tentarelli. Tentarelli started trading his own account after leaving Merrill Lynch in 2003. Covel explores some of Tentarelliâs influences: from Napoleon Hill (taking accountability for your own actions), to Jesse Livermore (âThe money isnât made in the daily fluctuations; the money is made in the big swingsâ), to Ed Seykota (âeverybody gets what they wantâ). You donât have to be a computer engineer or rocket scientist to come up with a trading system, nor do you have to have all the time in the world: Tentarelli spends less than 15 minutes a day on average trading his own programs. He also relates several âlight bulbâ moments he had that led him into trend following: from an investment in Chinese oil to reading about Tom Bassoâs experiments with coin flips to determine entry points. Further topics include the distinction between predictive and reactive technical analysis; the importance of connecting and asking questions to those who have more experience than you; and the idea of knowing what you want out of the market." This week was glorious {Natural Volatility Cycles in Indices/Crude/Euro/Gold for the month of May '12}; I won't bore y'all with a full breakdown. I will approach next week with ultra-discipline and consider this past week for what it was--opportunity presents--I took advantage by being prepared and putting in the work. There is no wealth without work. 30 trades 22 wins 6 losses 2 b.e. +20.24% roi on margin +$1,416.80 per trade expectancy ------------------------ Although Memorial Day weekend/Monday is one of my top 5 holiday and/or weekends of the year; unfortunately I have to be careful on the lake {I hire a teenager with boating skills to sail}; Sometimes there is so much pussy in the world I feel like I can't take it (re-phrase of an 'American Beauty' quote). Then I remember it is my duty to teach young foolish little hookers wearing basically no clothes and acting like skanks 'lessons.' I give back; it is what I have to give. It is almost like a 'mitzvah' for me. Though I come at it more from the Marquis De Sade libertine lessons vs that silly little morality booklet the Torah. Have some chill time this weekend and enjoy the holiday during the last years of the New Rome in Estados Unidos! I'll probably trade Gold/Crude/Euro pre-London & early London on Memorial Day {if price action & volume confirm}. p.s. Thank you for your service Rennick (if reading this thread). peace Hedvig