Thank you for the solid advice Vienna! Douglas seems a bit confused in his book. He first mentioned that the market direction is like a flip-of-a-coin and one you placed a trade, it could go either way, but later in the chapters, he suggested an entry system. I am thinking that if he truly believe the market direction is like a flip-of-a-coin, then he wouldn't need an entry system. Pension_Admin
Seems like Jack is just encrypting his advices. He is a real deal after all. I went back and saw a posting where he mentioned the attributes of a good/bad trader (decrypted), I can see that he is right and that he must have a lot of experience in trading. So nkhoi, what are you researching on now? Pension_Admin PS:Thank you Jack for that posting!
I hate to trade. It has an affect on my emotion, but I know I have to trade, because I am very curious as to how this will end up. I just got to find out if what I have is really what I have been looking for. Sometimes I wonder if we are traders by fate. If we have a choice, would we still want to live a life as traders or would we rather live a normal life---having wife and kids, a house, a car, and no emotional roller coaster. Anyway, I hesitated earlier before I made another 7 trades. We'll see how they are doing tomorrow. Thanks! Pension_Admin
Keep looking, because if you hate to trade, this is not what you are looking for. Fate? Thats an excuse people use when they are not sure of their situation. Trading should not be an emotional roller coaster either. If it is for you, thats more proof that trading is not what you are looking for. ps: you can be a trader and have a wife and kids and a normal life.
I found out this morning that of those 7 trades I made last night, only 1 came out a winner. It definitely ruined my day. I couldn't get any work done in the office because all I could think about was why my strategy did not work. I think I wasn't being flexible enough and stuck in one time frame. From now on, I will trade multiple time frames. Pension_Admin
I don't understand why you are sticking to a system that does not work. Instead of giving away your money to the market go on a vacation or have a nice meal or buy a toy or whatever tickles your fancy. Just because this system does not work does not mean that you are inadequate. What you need to do is to find what works and then trade. Ask yourself, why should this system of mine work in the first place? It is chaotic. What does that mean? How is that useful? I really don't get it. Check out the Whipsaw song if you have not already.
Have you actually backtested your "chaotic strategy" and historically verified that it has some potential of making a profit? Flipping a coin and adding some form of money management IS NOT A STRATEGY. No wonder you can't concentrate at work, you don't have anything solid to put your faith in. pneuma
The truth is I am addicted to trading. I am addicted to trading so much that I spend every spare second thinking about trading. When my co-worker asked me what I did over the weekend, all I can tell them was, "nothing" since I spent the most weekends reading trading forums and reflecting on my trades. Trading had devoured my life, but I can not get away from it without first perfecting the art of trading successfully. It is the ultimate goal in my life. Pension_Admin
We have the same goal. Study those who have made it. Have you read Market Wizards? If not do so, it helped me to see how the real winners think.