Yes, that is all well and good, but when TA is applied to a random number set ( with parameters of a financial instrument of course) the EXACT same signals, patterns and action are observed---- Does this mean that the randomness now has order or a structure that will help with decision making?? Thanks, surf
I don't think he is a fraud. I just don't believe there is any value in what he teaches since the premise is fatally flawed. I have no interest in talking with internet marketers who really have ZERO pedigree in the financial business-- there are plenty of real-life traders with proven track records who have caught my interest. surf
Thanks. It will be next year that I make it or break it. This year is study and small to medium size only. Next year will be another story...I've agreed with my wife that if I can't overcome that which keeps me from succeeding, I'll throw in the towel. I'm break even this year with heavy trading, so we'll see (insignificant loss, made nice last year on the daily and weekly frames). If I finish with profit on the year daytrading, I'm going to substantially raise my risk. Might post some trades, too (after the fact...liability and all:eek! Will always trade long term, regardless...do OK there. Thanks again, surf. And good luck to you too, Q3D. I've actually enjoyed our debate. If Brooks isn't for you, cut the loss and take the next trade that fits your style. WJK
Thanks, I have enjoyed the debate also and have deep respect for ANYONE and EVERYONE who tries to make it in the financial markets. I am happy to see that you understand this and don't take my jabs at "trading tactics" as personal attacks-- which they are never meant to be. peace, surf
Not necessary to overcome them (conquer if you will) Rather come to terms with them (become at peace with)..., so you're able to properly operate in spite of whatever issue(s) present ================ Know this Sir; We all have issues / beliefs / crap - that exists / periodically pops up - which is totally counter to proper trading (affects out ability to consistently..., and repeatedly - take the correct actions) We're not immune..., nor any less human..., nor any less susceptible We've just learned to compartmentalize / get past that which otherwise constrains us / operate correctly in spite of - whatever ============= You have correctly identified the key which unlocks the kingdom Now..., fit the key into the lock and turn the damn thing Very..., very astute..., and dead nuts accurate We must be the observer..., and exploiter..., but never a participant ================== Know without doubt Sir - you are on the right track WJK Successful Journey..., and Success to You Sir RN
Wjk, I don't see my personality in charts as they are hundreds/thousands of other people's emotions, I am just trading a visual concept of how people feel, but not of how I feel. I often think people trade well when they have to, case in point-been mentoring guy from ET for handful of months, he had his own stuff before working with him, he was doing so so, his wife was pregnant, as she got closer to giving birth, his sense of urgency to learning became more intense, she gave birth and other day he knocked down 9 ES points in couple hours. He is asking the right questions now like how could he avoided taking that loss or what was the charting saying at one point when he was in a trade going nowhere but he up 4 ticks. He can see from the charts I send him what price is screaming or a quiet thud. He has taken the good from my methods and blended in what he was doing. And I think everyone does this to get better. Brooks methods can be great for some and useless for others or in my case, what I did understand-learned elsewhere. I can't think of any book where I thought it was just total crap as some books simple don't appeal to me. Like I simple never gotten anything from Douglas books on mental. Only things that has helped me and still I go 2-4 times a year for hypnosis. I have conscious barriers of not believing in pyscho babble books or conversations, so have to go deeper. Your trade was excellent, I saw it differently of Triple bottom (Support) EMA retracement and breakout, very low percentage risk signal, I would have taken that. Have you considered it this way? You have well back tested Trading Plan? So "Trading Plan" has hired you to trade it, so if you have wins/losses, they have nothing to do with you if you follow the rules. The System take the equity curve and not you, you just putting in your time doing a job, this way you not thinking of the money, further you get away from the money the better. Trading is all about waiting for signal that meets ALL your rules, anything less is NOT a signal, You not allowed to stray from changing the system, you just working for the system. I am but a Cog for my systems.
Great Post! I would probably say 3 of my personality issues which are a problem in the market are, and this is what I mean by seeing my reflection: Anger (getting much better about that) Seeking Perfection (I've done this in all aspects of my life) Lack of patience These have all hurt my trading in the past, and are still a work in progress. Anger over the years has made a lot of other people money on the other side of trades I took at just the wrong time because I would be angry over a loss. I've now reached a point where I play small enough not to care. Since I don't care, I don't get angry over losses, and I've had my share over the last few months. Trading down to less than an amount that is meaningless to me was something I took from Brooks. I also no longer get mad if I miss a good play. I used to, even though that's more of a hindsight thing. There will always be more opportunities. Seeking perfection in the markets was probably re-enforced years ago when I studied other mentors who never bothered to show a "typical set-up". This was absolutely a problem until I got into Brooks, who constantly reminds that perfection, when it occurs, is fleeting because everyone sees it. I would never have looked for some of the patterns I now play because they weren't perfect. Additionally, accepting losses is in the same category as accepting lack of perfection, though I now try to view a loss as perfect if I took my stop, and didn't move it further away to give my play "a little more room". Patience is a big thing, too. I would want to immediately get into plays, would enter too early way too often, or after getting into good plays, exit way to fast, and on the failed plays (often a result of the too early entry), get stopped out followed by anger and the "revenge trade". The reason I'm focusing on the 15' now instead of the 5' is to deal with patience since I've learned to remove the anger (except once in a very long while). The double leg pull back I posted 2 or 3 days ago forced me to take over 2 hours just to get my full size on...I am learning to apply such patience to waiting for certain plays, like that pullback to the MA last night ( I see that triple bottom now, {Oanda chart}, and had factored in the recent double bottom at the 20, though not a perfect one (lessons learned), and last but not least, the outside bar, which after going down to test the micro down trendline break (that test was nearly perfect on the Oanda chart, and right at the 20ma, too), became the high 4 above the doji (the bar before that doji was a H3 IMO), where I bought at market.(Only posting the chart again to show that broken micro trendline retest). I was already planning on taking that play after the close Fri providing there was no gap up or down (which gave me ample time to think about it), but still, wanted to wait for a while after the open, not only to let the spread tighten, but just to make sure it was still valid when more traders start entering. Work on my patience. Strange difference on TS chart verse Oanda at the open on the 15, though the charts did line up on the second 15 min bar, which would have been a potential H2, and making my play a H3 at TS. I don't use TS to enter trades on Oanda because the spread is different. Another thing I take from Brooks is how he often discusses that different traders will see different reasons to take the same play (as you indicated with your reason why you would have entered), and that helps me to overcome the perfection issue in a certain way, too. Anyway, I now want to apply the patience to getting my win average higher, also, by letting the final part of my position run until it trails out, or hits a strong S or R. I want to be able to wait hours or days for tradable moves or setups, or wide enough ranges to fade the edges of. I don't fear fading ranges if they are wide enough, though I don't scale. I only use limit orders with money stops in those trades. My accounts will never have money added in to again accept by successful trading (I have 2, one for day trading, one for longer term trades). They will have to grow from successful trading to reach the level where I can make the kind of money that traders dream about. I believe it can be done, though that, too, will take patience, but it will have then been earned if achieved. I will have developed my tolerance to where I won’t even blink if I lose 10k, as long as I make 20k on the next trade ( some years ago, I had lost 4k in a very short period of time {a lot of money for me at the time} because I was angry over something not even market related. Not good to trade when outside issues are in play. I stopped trading for a year after that, then came across the Brooks articles in futures mag, and got interested again.) His books are the primary reason I’m now coming to terms with these issues, as RN indicates, and I like the technical stuff lessons, too. (Lots of great trades to be taken in those less than perfect setups). This may be incorrect, but I believe the only permanent edge a trader can have is rock solid discipline to follow the rules one sets for one’s self, and for me, that means getting the emotion all the way out of the game. I wouldn't be surprised if the issues I'm learning to control have been the death of many other aspiring traders. I like your ideas, and thanks for you very informative post. Good Trading!