The system performs extraordinarily well on days like today. - Spydertrader ------------------------------------------------------------------------------- Pr0 and I were wondering if you had retired!!!
Just decided to only papertrade until I'm consistently profitable because I was not satisfied with the results :-( regards, Ivo
Could be months before the initial TL is touched again. Did anyone take out more than the H-L range? (Too busy holding onto your hats, I bet!) Actually this is a serious question - on days like today is it harder to stick to the system absolutely and not get blinded by the P&L?
I imagine more than a few people did today. Although many will prefer to remain under the radar so to speak From Another Thread. I'd say he is pretty happy with his day. I know I am with mine. - Spydertrader
In time you will see everything and know which monitoring tools are better for the task at hand. Today was an IF1/IF2 STR/SQU PRV day. These are down the line type of things. You see PRV redline and you are effectively keeping minimally back from the action. The tip off was the 75K am volume bar 9:35am and persistent 50K plus volume in the PM. There were a number of things charging. It was more pronounced then Bernanke... Keep in mind that the market doesn't keep track of P&L. When you start mentally tracking the P&L, it can start taking your head out of the game. This is the absolute worst for a trader. It's like Kobe hesitating to take the shot because he misses several consecutive jump shots. We have to take each and every opportunity that we can handle and fully play them out. Homerun days like today pay for all the washes. Do not let your P&L take you out of the game. Seeing an outlying P&L trade has nothing to do with where the market is going next...
We all have been at this for a few months now, and before moving forward, I wanted to take stock of where people stood. Without placing anybody on the spot, I'd appreciate it if we could temporarily digress to see how everyone's reality meets with their expectations. How did everyone do today? You don't have to provide actual blotters, or execution reports, but I would prefer you gave an honest opinion. If people continue to experience some difficulties, I'd like to have those difficulties resolved before moving forward. Specifically .... How did your trades (real, simulated or monitored) go today? How did you feel during the trades? Anxious? Nervous? Ecstatic? Can you 'see' the market as it unfolds? Where do you see difficulty, and where do you see improvement? Can you correctly use Channels and Gaussians to correctly anticipate direction? and finally .... How can I help, or what additional aspects need further clarification? I realize this slight digression may take us somewhat off track with respect to the syllabus. However, I feel it is extremely important that everyone work through whatever difficulty they currently have before adding any additional tools. With that said, I look forward to everyone's honest input and critique of the process thus far. Thanks in advance. - Spydertrader
Hi Spyder, I've been playing catch-up for the last couple of weeks, so I'm sure a lot of my difficulties will be resolved with more practice (though I'd be happy with a couple more weeks before adding new tools!). But since you ask ... When the market proceeds in a fairly orderly way from channel to channel I'm happy with my progress and the way I'm seeing the PV relation and how it telegraphs change. Much of Monday's action had a kind of textbook clarity. I've also found the YM extremely helpful. In general, my 'reading' of the market is becoming more specific and more accurate, though with ups and downs. I often have trouble getting working channels going (and therefore an entry) after the open, and then the same trouble repeats when the the market goes sideways or a battle between 2 channels seems to go past both channels without resolving in either direction. (11:00 - 12:00 yesterday, for example, though in that case I probably would have washed or almost washed any actual trades.) When that happens I become frustrated, and lose concentration, and can then miss the real move. (In general, concentration is a problem for me during the long stretches where nothing much happens.) Of course, it will be a lot more compelling when I actually have trades at stake (I wish I'd been trading yesterday!). I wonder whether it might be a good idea for me to do some simulation...so far I'm following your advice in not doing so (and in everything else related to this method). Superb thread: your generosity, dedication and patience are truly extraordinary. palinuro
A somewhat troubling technical point. Toward the end of the day my volume values are very different from those on Spyder's chart, and to a lesser extent the relationships. (I've also noticed pricebars with different closes and opens, though that's generally minor, and if you're keeping an eye on what's happening intrabar not worth worrying about.) Did this happen to anyone else using Qcharts? Edit: the image should of course be named 02-27--I mistakenly used today's date (I don't debrief after 10 pm market close, the day is long enough as it is!).
How did your trades (real, simulated or monitored) go today? > profitable How did you feel during the trades? Anxious? Nervous? Ecstatic? > nervous at first, but became mechanical at the end. Can you 'see' the market as it unfolds? > like watching an old movie Where do you see difficulty, and where do you see improvement? > I still hesitate in action, although I see the signal in advance. > when I missed a signal by, say 5 minutes, I would pass up the opportunity instead of making a late entry, although I knew damn well that it will still make a good trade. > I need to work on my debriefing. I read somewhere that Mak debriefs in his sleep. I want to start doing that to build my NLP pictures. Can you correctly use Channels and Gaussians to correctly anticipate direction? > channels ok. I need to work on gaussians, especially when the day is not a textbook case. and finally .... How can I help, or what additional aspects need further clarification? > I need to understand the transitions into and out of CCC. I can see "signs", but I am not reading the messages.