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Gary's Place
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Gary's Place

  #151 (permalink)
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GaryD View Post
My dog is the biggest wimp. Scared of everything, to the point where it makes her miss out on things.

Last night it was Chobani yogurt. She was obviously wanting some, so I tilted the cup towards her. As silly as it sounds, that freaks her out. But I have been working on that, and so at first she just backed away. "It's OK Piper." She came closer, tasted it, got tempted and ignored the perception of 'danger' for awhile. But then for no apparent reason backed away again. Then she growled at it. That was not enough, so she barked. Then she progressed to jumping and barking, then spinning in a tight circle, as if playing, but jumping and barking. The whole time I just held the cup still.

There it was, but she could not have it, because she was afraid of something. And in that moment I understood both of us a little better.


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Losing BIG is a normal part of trading. When it happens, decide if you did something wrong or not. If not, what can you do other than trade smaller? Or not trade at all. And if you did something wrong, figure out why. Not "what" so much, that is a lot easier to answer. Why.

A lot of times it is not that we don't know better. It is that we are wired in a manner that it is hard to listen to what we know. And resolving that issue is the critical element in this game.

Max down day/week/month are there not just to preserve your account, but to break the spell. It never hurts to take a week off, come back and trade very small the next week. Or a month off. Or a year. Would your world end if you simply stopped trading? Of course not, but if it ever feels like it would, you are headed for trouble. Trust me.

It is one of the toughest games in the world, and it is won one day at a time... by learning the market, and learning yourself. To pursue the path of trading shows a competitive spirit, and that same energy is often what takes us down.

Relax, be flexible, have patience.



Last edited by GaryD; August 29th, 2013 at 11:45 PM.
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And because I have no idea where psychological things really come from, even though I may think at times that I do, and sometimes I do. I think this is journal-worthy.

My wife is nearly dead-set on getting a torso tattoo. I am not that into it, for her, because she is my wife. Not that I have not seen them on other women and thought they were sexy, but I do not require that my wife compete in order for me to love her. And so I accept her as she is, even to the point of wanting to defend it.

But, I accepted the fact that if she wants it; let it happen.

And have moved to a role of supporting and trying to discuss it deeper. Looking at images from internet searches and talking about them, what we like and don't like. And then I file them in folders marked things like "better". I bought a magazine called "Inked" in an airport recently, and then had to deal with a weird feeling related to and happening as I read it in the middle seat between two strangers for two hours.

So the timeline is; that I am accepting change. Uncomfortably maybe, but that is expected. But not just accepting, changing the response to getting excited about it.


That is what the market does.

That is what the market does.



The idea that a profit can be engineered in an environment that is not engineer-friendly... requires that we look inside. And I see that I am nowhere near as ready to change my mind as the market is. And I see that if I can bring the two thoughts closer together the more of an advantage it gives.

Jim Dalton mentions "nuances" . They are so rare to find and so priceless when you do. If you don't throw them out the first time or ten. But the ability to accept change at the same rate as the market in my opinion is one of them.



Last edited by GaryD; August 29th, 2013 at 11:45 PM.
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it just keeps going @Traderwolf...


GaryD View Post
I got booted out for some reason. But before that I laughed so hard. I agree, a skull and crossbones is not pleasant to look at. Horrible marketing campaign. What will I do without a career as a writer or poster on futures.io (formerly BMT)?

But when I wear the shirt I am not looking at it. And that is what the market does.

Polite? Reasonable? Predictable? Sane? Is that what trading is?


Not that it is not identifiable, or classified. Those are different words. But the market is pure natural energy.

I read somewhere, being in the construction world, that we still do not truly understand what electricity is. We have learned to use it regardless. And the national electrical code is prooof that it is to be respected. And to me the markets are similar. With respect we can learn to use the energy for benefit, but never once think it can't knock you on your ass if you don't follow every code.

And, that reminds me of the best thing I ever heard from a planning official. "Necessity is the Mother of Interpretation."


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I think about ... how fast futures prices can change compared to something more tangible. Adding firepower to something already considered a myth. But it seems that is the final step. It is in the mind. It is against what the mind is designed to do. Why, knowing that, do people push on?

But, some do.

Humbled, beaten, ridiculed, to the edge of questioning their own sanity. To the point of, having a decision to make. Do you quit, or evolve?

Becoming a trader is related to the concept of evolution. The environment to survive in changes.

Some things that do not transfer;

1) It is not what you know, but who you know

2) Success comes to those who work hardest


It is Thursday night, my wife is off tomorrow, so it is our weekend, we are drinking, I am drawn to this journal to explain myself as to why it is ok to trade for a living. Psychologically, it does not make sense, really. There are so many more reliable options I am not even going to try to count.

Personality. Passion. Life.

I read a quasi-quote from a great trader in bonds, "Live by the sword, die by the sword." That IS what it is like, in some ways.

It is dedication, self discovery, persistance, deeper than anything anyone who has not been through it could understand.

Even the LOVE of it can be wrong.

The answer, is balance. Simple, Complicated.



and

"I am prolonging the pursuit of bad behavior. "

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"My two biggest problems related to trading;

1) Not holding a runner (dealing with uncertainty)
2) Whatever that other thing is. "


Last edited by GaryD; August 29th, 2013 at 11:43 PM.
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"In trading there is nothing to make happen. No amount of money, no superior degree of negotiating, no number of hours... there is no "problem" to fix. The market is never wrong.*

Being still, listening, waiting, pausing, watching, digesting, resting. And then being ready to strike without hesitation or doubt. And then being ready to change your mind if the situation changes, staying open to listening, watching..."


Last edited by GaryD; August 29th, 2013 at 11:43 PM.
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"The cure to all is balance. Center. But we all swing away from center on some path, closer or wider, circular or linear, violent or subtle. And that is normal. The goal then, if looking for balance, seems like it would be to reduce the path of travel. But possibly balance is obtained by increasing acceptance of the volatility."



And that is what so many traders do wrong. Attempt to find a "system" that makes trading feel more believable. Attempt to engineer an entry with a 5-10 tick stop. Allow themselves to put unreasonable*limitations*on profit expectancy. Hold the belief that the way to win is to be right more often than wrong... In other words, attempt to "tame" the market.*

But the opportunity exists in the appreciation of it being wild. Not without respect of course, without which, ego has taken control.


Last edited by GaryD; August 29th, 2013 at 11:42 PM.
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"We spend so much study in the pursuit of perfecting our trade that we ignore what makes trading successful;

#1 - What is happening?

#2 - What, as a result of #1, is most like to happen next?

#3a - If the odds of the net of #2 are only 25%, is your target at least 8x risk?

#3b - If the odds of #2 are 80%, are you comfortable with the thought of 1.2x risk to 1x reward?

#3c - If you answered yes to #3a or #3b, do you have the patience to prove it after you are in the trade?


And if you really get this post, you are closer than most. "


"You are a lion in Africa. You eat other animals. Each one has a certain weight, maximum running speed, number of population, intelligence.... And statistically you could determine your odds of eating or starving. I spent some time in Africa, and never did find a lion with a calculator... But I saw some fat lions.

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3/13/13 - "I should document that I have gone back to something I used to do in sim, and that is to see how long it takes to double an account with acceptable drawdowns. It is not something I think about daily, and the account size is not large, as I struggled intensely psychologically with the concept of size. But this is the first time I have tried this exercise in a long time. I needed to take a step back, stop pushing so hard, and at the same time it is a step forward. It is a task I did in sim enough times to believe in it, and by going backwards in practice I feel relaxed, can laugh at a loss, can maintain expectancy of the next win, etc.

It is not as dangerous as it may sound. It is a place of calm."

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