I notice several feedback posts, Jack. Much appreciated. I feel unreasonably exhausted. I'm going to take a brief break from the computer, prepare some food, and return re-energized, to read through the feedback, assimilate it, then do the 8-part chart comparison debrief.
I'm glad it was helpful, lj. And belated thanks to Mr Black for posting his charts for our edification.
MADA, when done, is hunch proof. You rarely, after annotating, look at the screen. Annotating gives you permission to turn to M of MADA. Look up at the screen if you do not remember what goes in the row columns FOR THE LEFT PART OF THE LOG UNDER M OF MADA. Either block the screen view or turn 180 degrees to your writing surface To do the A D A of MADA. The screen is NOT involved in doing the separate thinking processes for these individual three parts of MADA. While you do this a traverse is going on on the slow level 2 of traverses. You do not see the progress because you are mentally disposed to really bear down on the mental work smart of completing the remarks and the MODE. MODE during a continuing traverse is ALWAYS C. C invariably leads to H of the D column. How long does it take to Annotate? Not very long and the annotations on three levels extend into the future on the right. You look in from the right back towards to left. Nothing happens suddenly. We have everything in hand LONG BEFORE the price begins to move towards the traverse RTL which is ALWAYS inside the Channel RTL. How many bars of the day are near both RTL's of the channel and the NON DOMINANT traverse to the RTL? You may be sitting INSIDE an INTERNAL most of the way to the RTL which you ALWAYS HOLD through. we are focussing soon, if you will, on making money. This is pleasant as you face AWAY from the screen doing the A D A of MADA. Over the weekend I will do a fill in of missing aspects of Advance beginner. I will be shifting from the ball park towards the batter's box where the market pitches and we are the hitters. Boot camp is designed to get the routine to function. Once we get this rolling with the four separate parts of thinking associated with MADA, then we are free to work on batting. As we all see the making money is opening a faucet (to quote a Spyder comment recently) where the opening is doing the routine as the market "transfers" money to you from the huge pool. The 10 day family of curves will explain how having a lot of contracts in the market comes to be as a consequence of skills being applied level by level. One of your closeby neighbors, took great interest in how adding place holders to the daily profits feels so good. We already see that an order of magnitude at the lowest skill level occurs every other day in our day 1 to day 10 trip. We will see that trading traverses improves on the second curve of the family of curves. we will refine level 2 through three more skill levels of improvement. Then 5 curves will be present for the 10 days. The major single mental step you have taken is your ability to get very tired in 6 1/2 hours while STAYING IN THE MARKET ALL THE TIME; staying on the right side of the market ALL THE TIME; and trading on the market fractal your personal skill level warrants. CONGRATULATIONS.
Lots of information to assimilate. Thank you, Jack. Annotating tapes fully, and appreciating sequences gave me much more clarity. I also found the narrative useful, even though it may have veered off topic a few times. Given the utility of the recent synopsis (which I will promply print and file under my binder's clear plastic front) I will cultivate the habit of refining a trading plan. I knew the most challenging of the three fundamental tenets had been hard-wired, when even during the discomfort and uncertainty I experienced during midday today, it still felt far more natural and comfortable to hold than to exit. It's instructive to note that deficient annotation was culpable for much of the confusion. Also, had I acknowledged that the correct decision during non-dominant traverses in periods of very low volume and internal preponderance was to simply HOLD, every single losing trade would have been prevented! As an illustration, I refer you to the blue channel on Spyder's chart (or as Romanus would say, Traverse with a capital T ). <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2166692> In the next post, I'll add to the trading plan.
Refinements to the Trading Plan Introduce carryover channels Carry out preflight checks, and record the relevant information on the initial rows of the log Add Quarter and Day of week to Date when entering log ID Focus narrative on slightly distant Future (i.e. WWT, WMCN and IBGS) Improve the log if it does not include all information contained in the narrative Continue to slice segments in the log Increase TRUST in the market, to hear it's TELLs and obtain VALUE Annotate all three levels of Gaussians Complete MADA as bar begins to form, turning away from computer after M and hardwire Analysis to Decision Participate in an interactive dialogue in real-time, during the market day Reintroduce Day 6 to the beginner debrief, then commence with Advanced Beginner drills, utilizing abbreviated logs that show the turns p.s. Do NOT add a column entitled 'daily score of OBs'
Three quick questions... When doing the Advanced Beginner drills using the existing Beginner charts, should faulty annotations be corrected and incomplete annotation added? You mention the '32 blanks of the preflight check'. Does this refer to the 'Preflight Plus' list that I mistakenly turned into a visualisation? 'We have the verso's of all the log pages.' What is a verso? I'm not familiar with the term and can't locate a definition. Many thanks!
Your trading plan is done for now. It is available on the cover of your learning binder. It is prima facia that when you do the work of SCT you do not have losing trades. Corrections of mistakes, if or when made, yield small profits. This IS the anti whipsaw nature of SCT. Please do not do the chip counting as a way to measure how you would be experiencing an improvement by doing the given SCT level correctly. As you get used to making money your feelings will improve to support, comfort and confidence. Then at that time, you can use the CW set of feelings as a detector that indicates you do NOT "know that you know". Right now your narrative "shows" these feelings entering the picture occasionally. If you will, please insert the missing day into the correct slot in the debriefing called contracts added and post the semi log chart of that curve. Then do the 10 days in order using the new Advanced Beginner log in an abbreviated manner. Use the 10 file folders to store this weekend effort. Plot the curve on the original Beginner curve semi log chart. You know now approximately how many cycles are required on the semi log paper. Each cycle represents an order of magnitude shift in performance as a consequence of adding contracts. Later we will add a curve set to depict the capacity of the market during an assortment of conditions. From this comes a definiti0on of how using partial fills work as a means of applying capital at a multiple of the market's capacity. the capacity shifts intraday and it is extremely important to eliminate slippage due to incompetence. This will lead us to the discussions of one of the 5 books main topic: effectiveness, efficiency and optimizations in trading.