Nov Shameless Self Promoting Guru Journal

I think it would be wonderful if "Old Trader" would start his own journal. Of course I do so enjoy when he tells others how to trade.

I wonder if he (Old Trader) is a bowler?

 

what?

Are you well Db? I can only hope the above statement was in jest... If you were serious than you are a SUCKER... The techniques talked about here could be bought out of any ol 99$ trading book!

You really think playing dinky flags on a 1-min chart is going to get you into a Shwager book?

WAKE UP

And another ones gone...

 

You know, I've been a student of the market now for about 35 years or so. I'm still learning. So the first piece of advice that I would give you is to acknowledge that trading the markets is a lifetime journey. I would read anything you can get your hands on about the markets. Understand that alot of it is not particularly good, but if you can learn even one thing it will have been worth your time.

Start by acknowledging there is NO holy grail. What you'll be facing in your lifetime is change...and to cope with change you need to learn how to think about the markets. A "system" will probably not work forever, and will need to be changed as the market changes. I'm not a system guy myself....I like to "think" about the market. I like the idea of "deciding" what to do. Either way though, you will be faced with change, and therefore you need to understand the markets or you will be unable to change with it. Hope that makes some sense.

I would suggest that you not reject ANY method of analysis. In other words, technical analysis is quite important. Obviously you need to learn about it...and I would suggest Technical Analysis of Stock Trends by Edward and Magee for this. I would make this book your bible as it applies to technical analysis.

But at the same time you need to understand fundamentals. The reason fundamentals are important is that they help to put the chart into context. Don't become just a slave to technicals (obviously this is my view)....they are important to understand and important to use...but they aren't the whole game. Economics and business fundamentals are also important. You know, nearly every day there is some piece of economic news announced. The markets respond to these announcements. You need to understand what should happen, and what does happen. This offers important trading clues at times.

Victor Sperandeo has written a couple of books. I'd read these. One is Principles of Professional Speculation and another is Methods of a Wall Street Master.

Another book I liked that I read years ago was by Gerald Loeb...called "Battle for Investment Survival". If memory serves he wrote some other books as well.

I'd also read all of the books around about Jesse Livermore...there are several.

I would build my knowledge step by step. I would make long term decisions regarding my trading future. In other words, after you've done some studying, given things some thought, reviewed your record, make a long term decision about the type of trading that you believe makes sense. Note I said "makes sense", not "feels comfortable". It may be that you need to learn some new tricks to make a technique work...and in the beginning those may not be comfortable. That's OK...all learning begins with a stage of discomfort.

But make your decision about the type of trading, and then bend all of your efforts toward learning all the in's and out's of that. Make your trades that way.....don't use other techniques. Do everything in alignment with your decisions, so that you're always heading forward in one direction. Do not make the easy decision....make the one that you think is best, even if it's more difficult to implement in the beginning....because that's the only way you'll be excited about what you do, even when you run into some of the ultimate difficulties.

Now here's what I'd like you to walk away with: There have been some people who have made fortunes in the stock market. So first of all, it is possible to do. You may have to learn some new things to do it though...and those may or may not be comfortable. But if I were you I'd try to learn what it was that these people did. See if some of what they did still applies, see if it's something you could do. Understand that if you want to be a successful speculator, you will need to think a little different than many of the people you know....you'll need to ferret out the facts, decide what's important to you, then act on it.....always willing to change if the facts that you acted on change.

Hope this helps some. Ask more questions if you want.

OldTrader

 

Nope...don't have a clue who he is....but evidently you do: So enlighten me...who is he?

OldTrader

 

What could you possibly learn from a journal of mine? I don't trade with a one or two point risk....and THAT wouldn't be "comfortable" for you would it?

OldTrader

 

As can any other guru's techniques. But that doesn't change the fact that Brandon does have a certain cache, and he's willing to maintain a journal, which OldTrader is not.

--Db

 

Exactly how you trade, thoughout the day, day after day. That would be of greater benefit than general remarks about how you made so much money from something that should have been obvious to everyone at the time. Which is usually yesterday.

If you want to convert people, then show them how it's done.

--Db

 

For someone who doesn't understand the fundamentals of how ATR affects probability of price movement, and hence affects probability of stop loss or profit target being reached, you sure are quick to condemn it.

Have you ever walked into a prop firm before? Ask them how many of their best traders ever take more than 1-2x ATR losses on trades... now ask how many of them make > $500k. What other proof do you need?

 

So it's seems that you're suggesting that I take time out of a trading day, to post some live trades so that I can "convert" someone? LOL. I'm a trader, that's how I make my money...I don't have any desire to "convert" someone. I'm just adding my opinion to the topics at hand. What do you do besides bust my balls?

OldTrader