I was just wondering if you were ever going to post about your trading methodology, the journal-like stuff that you mentioned earlier in the thread. And if you already did, and I missed it, could you point me in the direction?
I know this is your "scattered thoughts" thread and I've tried to follow along and it sure is scattered. but i'm a newbie anyway so its alright. Your book recs will have me going for quite a while anyway.
But, to be serious for a brief moment, I doubt I will discuss my trading in more depth. I really tried, but I just don't have it in me. This thread has had far more readers than I intended, and I don't feel that my secrets would be safe here...
However, I will compile some worthwhile resources and speak in generalities like every other poseur on the internet! It's just that my generalizations will be far superior to the junk that all the other clueless idiots spew out...
I agree. There's so much junk out there that it boggles the mind. I think people are suffering from information overload, leading them to simply pick something and defend it to their death. It's sad, really. All that energy could be spent learning to know oneself, and one's surroundings, with an open mind. I find a lot of that pseudoscience harder to understand than real science, but people won't even give it a chance. Probably because there are far too arrogant people using science to feed their own ego, which ruins it for all of us.
Engineers are often the worst. There seems to be a ton of engineers on trading sites, and they like to tell other what can't be done. They are just displaying their own ignorance; they have no flair for the abstract. I would say that abstract algebra is more useful to a trader. I am, of course, talking about discretionary trading, or possibly an adaptive automated strategy, as I don't classify other approaches as real trading. I'm referring to the art of intuitively capturing the essence of an immensely complex system, not jerking around with infrastructure-based trading. Latency arbitrage is not "true" trading; those kinds of approaches are for the uninspired.
There's so much ego on trading boards; everyone is looking to justify their failing trading careers by claiming superiority in the cyber realm. Or they actually make money, but are simply severely disturbed human beings.
Before I get many hostile replies claiming that I am the most arrogant of all, I would like to reiterate that I am simply a great humorist. It is just that it is so subtle that it's hard to pick up.
I really liked the article about Einstein. It pretty much summed up my thoughts on the subject. Music is also a very visual experience for me and I've spoken about the link between music and trading a few times before. I quickly got corrected, of course, by the people who must use war metaphors and other aggressive approaches to trading.
Yes, I made the transition from J to X in my teens, but I still feel like punching hippies in the face!
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I have always opposed quantifying my trading, mostly because I thought it would be impossible. But, after trading for nearly 10 years, I am bored with trading. I feel that I've mastered it, and I've been struggling with my motivation for the past year. I am not easily motivated by money. That's why I started posting on message boards; it's become so routine that it's mind-numbingly boring. This hopeless feeling of despair sparked my interest in the quantitative side. Although I have my concerns about the viability of my project, I am sure it will be a lot of fun regardless. I always intended to retire from intraday trading before turning 30, but I've spent far too much money traveling the world to be able to justify such a drastic move at this point. However, I hope to sufficiently compound my way out of this meaningless endeavor over the next year or two, or possibly manage to automate it. Mind you, I will still continue my global macro trading until I my early death, which is where the real fun, and money, is. To quote the great PTJ:
"I love trading macro. If trading is like chess, then macro is like three-dimensional chess." (AR)
I don't understand the renaissance of MP. It's been around forever, why has it suddenly caught on? Probably because it stopped working! EW talks about waves, while MP revolves around rotations. I liked the compact charting MP offered, but I always split the TPOs. The distribution aspect of MP is meaningless, but MP itself charting isolates some metrics that can be made useful. Most (?) used it in combination with the Liquidity Data Bank, but I hardly see that mentioned. However, all of those things are just tools to filter the markets (aside from the LDB, which provides additional information), and once one gets a feel for the underlying principles they become irrelevant. People thinking about this theory vs that theory are deluding themselves; there are only underlying processes and various attempts to decipher them. The only right answer is what makes the most money at any given time. There is no point in growing emotionally attached to any particular market philosophy. I might be completely wrong, of course, but I generally look at the markets as dangerously close to random most of the time. I rarely have a clue about what's going on. But, when I do, I use it for what it's worth. That's enough to make quite a decent living, but people seem to long for total enlightenment. To each his own: I've developed my own approach and I ain't sharing.
By the way, thanks for making me aware of "Mind Changers", it seems interesting.
I just wanted to follow up my psychotic rambling with this:
Never spend too much time trying to learn a theory that describes the market, study the market itself instead. Start with the ridiculously simple, and then add and remove complexity in a never-ending quest for an ounce of understanding.
IMHO, people trade too often. Try to isolate certain conditions and build from there. If I could pick only one thing, it would have to be my spreadsheet. It is a brilliant piece of art, if I am allowed to say so myself...
Most important of all, to all the lurkers out there, don't listen to anyone on online message boards. Not even me. Fuck me! Who am I to tell others what is right?
I feel that this journal has nearly reached its natural end.... I will try to give it an honorable kiss of death in the near future.
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Thanks! I had to put that in there because I can't know for certain. I can think of a poster or two on ET that might fit the latter description.
It's very clear that nearly everyone that posts on these boards are not making consistent gains, excluding the premium sellers that works for scraps.
How's your Dual N-Back training going? Are you still experiencing positive effects?
What about your paid thing, @Deucalion? Is it worth it?
I'm thinking about getting my parents to start doing mental exercises, and I'm contemplating which one to chose. Does the IQ Mindware require a certain level of English proficiency? I saw a screenshot of stuff like "Lornz is to cool as @Deucalion is to uncool"...