Pinkmans' technical analysis journal

Sounds like you dont have a clue what you are doing. If you are not trading with clear profit targets, you should not get in the trade. You should have an idea how long you are going to hold if the trade moves the way u expect. If it begins to move in a way unfavorable to your trade, you can adjust your target. But if you dont have a plan before getting in, you shoulda stayed out !

I shorted the open of the ES with a clear profit target in mind. Once it hit, I exited with my buy limit already set in place. So when it crashed minutes later, I couldnt say woulda coulda shoulda.

 

Well done.

 

I'm in again!
Can't drag myself away from the screen today!

 

out +20 ticks

 

I figured it was probably an oversight..I like much of what you post

 

I’ve never met DB, nor spoken to him other than our posts on this forum.., and a couple of PMs

But I can tell you about him with regards to your post excerpt

He only waits for the better setups

Once he’s entered – if the trade goes the other way – he’s out.. absolutely no futzing around

And he’ll reveres with the same keystroke when appropriate

Over and over and over and over and over and over and over….
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On one hand; he is hard, and as inflexible as granite – managing and exiting losers/ waiting on a proper entry

On the other hand he is as flexible, and malleable as water – getting on board with price

Those two qualities;

are exact opposites
are necessary to trade
do not naturally occur in a human (least that I’ve ever met).

Rather those qualities/ skills need to be created/ nurtured/ matured within one’s self

The way he suggests is correct, and ultimately the goal – but for a non experienced trader nearly impossible to implement

Several steps of development must occur first

Its akin to asking a baby to run a marathon

Until and unless that baby matures and develops the skills – it ain’t happening


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Classic example;

Enter a trade, it goes your way a bit then turns against you… but instead of going strong against you – price futzes around bouncing back and forth, then goes a little more against you.. but then almost comes back to B/E – not quite – but almost

Then it goes against you even more – giving you cause to hesitate exiting as you think possibly it’ll return and I’ll exit this time

Then it goes way against you – now you hesitate because it’s a big loser / bigger than what is was a few seconds/ ticks ago

Then the.., only what if – what I should have done – why didn’t I – creeps in causing further hesitation

Meanwhile the mind is racing with all sorts of thoughts (crap) and you're losing money

======================================

Conversely DB has simply exited…, or exited and reversed – and is sitting there twiddling his thumbs – la de da de da

There is never any ambiguity / thinking / second guessing/ or angst with DB

Whenever PA is not giving clear signals – he waits patiently

Whenever its time to act – he acts

And you can replace DB’s name with any experience trader

============

So to answer your question directly;

Yes I agree with his statement… but I also understand what’s required to implement it

Taking it solely at face value – is a disaster looking for a place to happen

RN

 

I clarified my statement, somewhat, earlier. But there is an additional clarification which may be required, which is that one has to decide at some point just what it is that he wants. Only then can he determine how to go about getting it.

Beginners have to decide whether they want to trade or make money. Nearly all decide that they want to trade, which is what leads to the scenario that you unfolded in your post. If they instead decide that they want to make money, they will then do whatever is necessary to make money, which includes studying the market, reading, experimenting, taking the time to understand just what it is they're looking at (which is a prerequisite to knowing what to do with it).

At bottom, I'm just too cheap to crap away good money, which prevents me from trading the way just about everybody trades. I find the lack of respect which so many have for money to be appalling, but it's not my money, so it really isn't any of my business. But, given the hundreds of failures I've seen over the past twenty years, the story is familiar, and I know the ending. In fact, if my name hadn't been invoked, I wouldn't be posting here at all. But it was, and I want to make sure that I'm understood. If everyone wants to move on, that's perfectly okay by me.

 

Very nice trade. Was in a similar one myself a few minutes before you

 

No sense reinventing the wheel...., its all right up there ^

Leaving you to it PM

You get fed up – do the work


RN goin fishin (for you TD )

 

Lets see what next week brings.
Method has help up overall so far, despite a few bumps along the way! But that's real time trading for ya I guess.
Pleased to have had 3 winning weeks in a row.
Certainly expecting a losing week at some point soon, so maybe next week.
I'll settle for one losing week each month, though!

Nice to know that I was in the same trade as you, Airwaves!