debrief - days 1-10 (excluding 6) <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2147435>
Thank you for completing the 10 days. The contract adding debrief works out without day 6 in the contract debrief. As you suggested the number of contracts did rise above the ES market capacity so partial fills would have been required to make the turns. The conclusion of the adding contracts debriefing is that on a beginner level the market, daily, makes an offer that beginner trading captures to some degree. There is a severe contrast between what it takes to sit through the time passing to trade FTT to FTT in channels AND the movement of price during the multi bar hold to follow the dominant and nondominant moves where it is clear more frequent reversals could create a higher money velocity. At the beginning of learning to trade there is a major contrast in what a learning trader has available in his mind and what is required to be able to operate, mentally, in real time. The advantage of doing the 10 days as a drill the way it was done is evident. On the otherhand, doing daily drills of the sgements of beginner sequences is very possible when a back and forth critique is in play. We had some of that but it was difficult to get small parts of a day put on the table because of comunication difficulties and the personal risk that doing it represented. That doing drills helps build the mind may be clear to a lot more people than it was before. With the beginner drill spread out as it was, the question comes up as to how purposeful the learner must be to get to the point where he can do the annotations, conduct MADA and complete logs in real time. What we saw was starting out on a best effort basis and then going to a work smart orientation. The product speaks for itself. By having the record of the charts, their annotation and the logs done bar by bar and the postings back and forth, we do have the beginnings of two three ring binders if the 10 folders are put in a trading binder. The learning binder does have many posts and example in small sets whose topis may be tabbed for reference. Binders have pages and the backs of pages make good spaces for debriefing by using a ball point pen. I use a four color ball point pen. We use them here for advertising and because they are so handy our phone and email adresses are always handy. If a person doesn't keep organized the learning record has little debriefing value and even less referential value. You may see that early mechanics were a challenge, then they became a routine and everything upgraded correspondingly. There is always a subroutine going on as a consequence of our cultural orientation. Going to boot camp was designed to counter the built in antithetical cultural reward system. Namely that there is always recognition in society for coming up with something "new" and something "improved". Proctor and Gamble did the improving on already marketed products. The Auto industry mad "new" cars annually. This is how the free enterprize system does "competition". Boot camp was to build the mind to get some long term memory established. The PV relationship is not like relationships in most of science and business. Markets for traders are not competitive in the poolextraction algorithm. In CW you do hear and read about competition and keeping secrets and how an idea will not work if everyone else knows it. The algorithm, departs from the CW modus. Principles replace competition and betting. The beginner gets these principles and he works with them in boot camp. The early pages of this thread state those principles. Here we review them after our minds have worked with them pragmatically. Price change is the basis for making money. We see that price change for 10 days created profits. Each day was the same in terms of the offer. AND we applied adding contracts from profits to come to understand that profits could be used to make more money than the day before even if the day was the same in amount of price movement. It was a real and attractive debriefing because it shows how improtant details are each bar because of the huge shadow a point of profit can cast into the future of the Business Plan of the trader. Adding contracts from proits made by price change causes a greater effect than just price change. Paying attention to detail is what best assures making profits from price change. You have to be in the market to make money. We made it a goal to get in the market. We found that upon open most of the time, the tape the traverse and the channel were going in the dominant direction as we found the possibility to enter. Some days we did see an R2R or B2B within the time of market synch'ing that enabled us to enter. Few days began with internals; when they did we waited. We stayed in the market ALL day each day. We proved pragmatically that you could stay in the market if "you knew that you knew". We found out that on all levels of logic as applied to price change that tpaes, traverses and channels came to an end when price could no longer go to more extreme price change. the point of failure was when price could not complete its travel the the LTL of the boundary of the container on that fractal level (tape, traverse or channel). Our minds now know that we know how why and what an FTT is. An FTT is the beginning of the overlap of the fractal container. As SCT traders we will use this principle on each of the fractals we trade as our experience ENABLES us to acquire knowledge and skills to mentally operate on each fractal of SCT trading. We go form channels to traverses to tapes as our acument warrants as shown by the adding contracts debriefing for each new fractal drills series. The last principle of the three is that to make money you have to stay on the right side of the market. Here the P,V relationship stepinto the picture. As it does it dictates so many things that make up the warp and woof of the fabric of the poolextraction algorithm. It is THE basis of Analysis of MADA, our repeated routine. School is where at young ages people memorize to differentiate their minds in reading and writing and doing mathematics. Trading is not related to memorizing to any extend. Trading uses the person's first recourse in real time to conduct trading. Boot camp provides the mind's contents for first recourse. Certainly, with 16,000 points behind us we have some first recourses. the P,V relationship is being build in two ways. You see it sensorily and us M of MADA to record the P,V relationship using avocabulary that has a bank of meanings in your mind. Analysis recounts the P, V relationship in MODE, especially and in the detail columns of remarks of Analysis. It soaks in going through M and again going through A. It is simply the relationship of the two variables depicted on the real time forming charts of P and V. It is different than reading or math in school or application during the events of living. This vector statement has words that have two components in their meanings. PA deals in scalers as we all know. The P,V relation is in technicolor rather than the black and white of PA. The "fit" of the P, V relationship is in precise concert with the dynamic of the real time unfolding markets. I and D of the symbols of the volume column at some poiint MUST begin to liven your minds with this dynamic. I and D are not like values on a lab sheet; they are your "directions" for going to the right place in your mind to continue to think about what you sense and let it combine with the contents of your mind that apply at themoment as "inference". from this you get PERCEPTION. SCT trading is all about PERCEPTION and that is why the name came to be: Seamless Continuous trading. SCT has a debriefing characteristic that emerges from the above. At beginner level we just make sure we know why when things got screwed up, we know after debriefing what the mind did not do to give us the best: Sensing, Inference, and/or Perception. It is difficult for any traders to get to these words. they have been written a few times before but the "glue" is not available in the mind to put the pieces together so theystay in the mind to give you the inference. you may be able to see through this thread how repetition finally does afford the opportunity for the mind, while you sleep "to put the pieces together". you mind debriefs when it has no snesory input while you sleep. you will witness this as you continue to debrief a day's work and you "sleep on it". When you awake, like it or not, your mind has finished the work of yesterday. You are now ready for the new day.
Debrief - losses Looking back at some early charts, I noticed truly egregious omissions in annotation. Like navigating with only half a map, while my imagination fills in the blanks. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2148887>
Both the charts you posted are powerful debriefing charts. They go in the learning 3 ring binder. I can see that you went through the days in the best order and it is easy to see the learning curve in effect. Were you to have added a bar column, you would see the locus of you success and the locus of where improvements come last. You need to focus on doing complete annotation on the late 50's and going through the 60's in bar terms. As this comes into effect, the effect will ripple through the MADA from left to right. The key is to notice how thnings change in charater as the PACE of the market becomes the lower PACES of the day. At this time more internals crop up AND it is possible in this low signal to noise ratio time of the day, that during the lateral midday period, the dominance of traverses does reverse from on sentiment to another. fortunately there is no consequence to speak of in beginner since price volatility is lowest and overlap is highest, the setting for low price movement. In the next two levels of skill we will attack this and take care of the ramifications. Some trades had to do with staying on the right side of the market. Always note that that was part of the ananlysis and then the analysis precipitated the appropriate action The final aspect of the 10 day debriefing (it is included in words) could be one column on "too early" and "too late" and "anticipated" and "not anticipated". When you see something coming, you can note it in the column where what you are seeing relates. This is how more color and flavor may be added. Here timing is introducing itself for your consideration. timing is most important on holds and extending the holds. You are doing that and I am recognizing here that it is your greatest accomplishment in the ten days. The second great accomplishment you have made is to DO decisions that are founded on reasoned analysis. You slipped over into the work smart to take each grain of information your growing awareness gives you AND you kept these grains in the designated thinking segment of each segment of MADA. Many aspects of your life, life style and personal standards are showing in your good work. These will stay in the process and other aspects will fade as you use the good aspected continue to be consistent first recourses for you mental efforts. These all come to be part of the "infererence" you generate to merge with the sensory input you are getting. This was a very good cycle in the debriefing. Now we will be adding columns in several places. They will increase the clusters of data in each part of MADA. The order on the log in which the columns are placed has pro's and con's associated with the placement. Everything we do and everything we record has a purpose of contributing to the whole. Many people do not "get it" that you do not drop the coarse and only focus on the new stuff that is being learned. In annotations we build from the smaller to the larger since logic demands that we operate from a null hypothesis foundation. This solidifying as a routine then leads us to the log where MADA is laid out from left to right in the manner in which we learned to read and write. Beginners spent huge parts of days in a hold for one channel. Four to 7 Actions happen per day and closure is reached on each cycle of MADA. You are not getting closure on each pass at this time. Try to get closure and then try to add to your analysis the ability to compare the column entry symbol you are doing AFTER you write the entry symbol. Better still enter all Monitoring symbols and THEN as part of Analysis compare the progress of each Price AND Volume combination as you go down the rows. Learn how far up the log is impotant. To do this use a colored pen on the log and draw horizontal lines to "LOCK out" old data that is not pertinent. The starting point on this will be to NEVER look back into a prior traverse data set for analysis record logging. In advanced beginner you will only be looking at HOLDING through traverses. this will take the trades per day up to 7 to 15 reverses per day. The profits will be in high contrast to the beginner profit velocity which was an order of magnitude every other day (in these times of the financial industry dealing with the consequences of the Quant era that ended about JUN06).
As we get into the real time trading mode, we can do the debriefing at the end of each trading day. I am confident that the annotaing, logging and especially the debriefing is beginning to set up good first recourses for you. they will be tested as we switch over to real time trading. By compressing the subconscious cycle to daily during sleeping hours. you will be noticing aha's as the days go by. PLEASE RECORD IN YTOUR LOG IN BLUE INK ANY AHA YOU HAVE. UNDERLINE IT AS WELL. We will do many days in Advanced beginner. Then when the level has been completed we will do two debriefings as we did for Beginner: contract adding and trading debriefing. As we saw you did CAPS on certain aspects of the trading debriefing contents. Continue to do that. If you review the RIGHT side of the market commentary, you will see that you had a FUZZY moment before you had to ACT to regain the right side of the market. your comments about this fuzzy period are incomplete. The place to add more comments in ink and bright color are the charts. Give consideration to having a platform that has "internals" as an automatic representation on them as the real time day unfolds. We do the trader internal level following the Advanced beginner. The seven cases for adjacent bars give us the two we use for beginner, the trending cases. In advanced beginner we continue to use these 2 cases and just improve taking the offer more effectively by moving into the center fractal of the three. Beginner intrernals is where we boot camp the remaining of the seven cases that lay the foundation of the algorithm. as we do advanced beginner we keep the same focus as beginner and we reapply everything the the traverses of The channels we have established as the coarse boundary of Price and Volume.
We will start on the 29TH with the Advanced beginner so I need to add the columns to your log for Advanced Beginner. Pleas put up a clean log so I can write some word blocks on it to indicate where to put what. We can take the days after day 10 and before the 29th as work sheets to fill in some annotatinf and logging on particular Ideas. I will put up clean charts for those days that have the internals on them. Once we have the columns added, the instructions will be clear as well. We will make it a custom of posting a two traverse slice of each day. From open and entry we will do the first two traverses: from point 1 to point 2 and from point 2 to point 3. The next slice will include an FTT the BO and going to point 2. I consider this two traverses in terms od decision making. One traverse ends with a HOLD and the other ends with a reversal. We can get into Midday by this time and we will do a slice that goes past the midday BO into the afternoon trending. this section of the day is improtant from the viepoint of keeping current on how the dominant moves are being made and IF their is an R2R or B2B in the price movement during the midday. We will continue to do the hiking and stay current on the traverses in volume. So far, in boot camp we haven't done each day in real time this way. Let's hope we can proceed in this manner. I will work on the 29th right up until I have to depart.
Thanks for running that up for everyone. I will post two charts from today that deal with bars in that reange of bars. Again, when the signal to noise drops to a low point in the day, we see that on the PACE and when PACE goes through a transition DOWNWARD. I will put up three elderly charts that were done before this curent financial industry super increase for making money that has arrived. They just show further how differnt parts of the day have potential and hoe different parts of the day have noise as an ingredient.