I think I'm now the frontrunner for the Most Straightforward Reply from Grob Award (or is he just getting better at dumbing himself down to his particular audience?) But seriously, after racking my brain for some time, your solution is an *ideal* one that I most likely cannot put into practice immediately (yet the merits of which I realized instantly after your post). The difficulty comes from the fact that I do not continuously trade a single market day in, day out, but rather go from one market to another days or even weeks at a time -- the wavelength of waiting for the next entry before modifying a position just seems far too long. However, only recently I made a promise to myself to automatically reverse upon exit any profitable position that I held longer than a certain period; your advice seems to already assume the mindset necessary for confidence in this action. More and more I am realizing that the root of my exit problems might just be my relative inexperience in the longer term, and that the first step is to push out my mental time and price frames for each given setup (and quit whining about retracements which merely signify a failed trade, rather than a failure to lock in a successful one). Only after that would it be possible to synchronize your advice effectively -- does that make sense? Nice
Ive gotten lots of straight answers from Jack. You have to catch him in the right mood. This idea of always looking for entries is new to me too. More food for thought.
so if understand this right - your style of trading is that you are always in the market - and that any exit signal equals an entry signal in the opposite direction. ok - why not. but tell me now if you are in the market every day for about 6 hours - how many trades on avg. do you then make per day - and how many of them are winning/losing trades? simple question - i hope for a simple answer (and i think i'm not the only one here). thank you.
I am sorry I can't answer in trades too easily. The nature of the market does not allow a person to trade with entries and exits per se. I enter, hold and reverse, and repeat the pair(hold and reverse) and finally sideline.. I sideline when there is no price movement. Just before that time I may do a wash or two. An action for me is hitting T so to speak. The 90% is win and lose. The 10% is wash. Of the 90% the losses are missed washes. Some of my washes are a part of a reversal during a more or less fast paced market but not a fast paced market. To complicate it for you I would go into prep before open and know the fact that every day is more or less an M or W. M or W meaning that there are four trends and a middle point or period where the noise exceeds the signal. I call the middle period centering in DU where no money can be made. Centering comes after convergence which comes after congestion that forms on insufficient volume to support a long or short trend as in the four parts of the M or W. An M or W represents 5 actions minimum; the other 15 come from how the legs of the M and W play out. One of legs is usually minimal actions (2). Two of legs (not consecutive) are usually a small even number of actions each; the remaining leg comprises a lot of actions. I know you will be wondering how an even answer was given in the first place. That is because I usually sideline at least once on the centering. Take a blank sheet of paper and zig zag out what I wrote 10 times. each time increase the 15 a little bit until you get the 15 to be 35. The best way to do it is if the sheet of paper has a day's 5 minute bars on it (81 bars in my case.) and each of the ten sheets are different days of the market.
The tapes referred to are probably HEMI-SYNC from www.hemi-sync.com. They are very effective. Look at Norman Hallett's Subconcious Traing CDs also. they work. SP Mike
grob, your recently described trading techniques would only generate $$ for the brokers. Please define more precise trading rules to avoid whipsaws, rinses, shallow pullbacks. Also which timeframe are you using for your examples. Weekly, daily, intra-day. chip
Nononesense, kindly leave your negativity at the door! I have been dashing hither and yon this last week trying to trace Grob109 from one abandoned thread to the next. It never occurred to me to look in this one, because my old eyes kept misreading the thread title as "The UNconscious Mind". No matter. Grob109 flourishes in the absence of carping by lesser minds. (Hmm, why when I typed flourish did I read it back as flour-ish? That pesky subconscious, again.) Noblesse n'oblige pas! I am in the midst of a depth analysis of his postings, and I will thank you not to chase him off! Regards, Al.