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The Holy Grail Is For Real
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The Holy Grail Is For Real

  #1 (permalink)
Elite Member
Las Vegas, NV
 
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The Holy Grail Is For Real

I don't post much, but here and there...
But wanted to give struggling traders something to think about (my 2-cents).

We have all been there.
Jumping from one system to another.
We hear Trader-A is doing great on System-A.
We try it, but doesn't work.
We then hear Trader-B makes good money on System-B.
We try it, doesn't work.
On and on it goes.

As struggling traders, we continue the quest for that Holy Grail.
Guess what?
It does exist!
Where?
Look in the mirror.
That is YOUR Holy Grail to call your own.

Confused?
Let me say, I can make any system or set of indicators profitable for myself.
If I study the system long enough, I will be able to spot a few set-ups that work time and time again,
Yes, any system can be profitable for ME only.
Just because one system works for someone else, and doesn't work for you, this alone does not make that system garbage.
What it is telling you is that this particular system may NOT fit your trading personality.
I don't care what chart, set-up, system or package you have up on your platform.
They are all the same, just plotted differently in many pretty colors and lines.
What is the same and will always be the same? PRICE, current and past price of the instrument.

So here is your Holy Grail:
Find a chart set-up (set of indicators) that you have identified certain set-ups that fit with YOUR trading personality.
Now, put up various charting times that fit your trading personality.
Meaning, if you are comfortable with tick charts on the ES, put up tick charts from small to larger tick increments.
If you like range charts, put up various range charts from small to big...etc etc....
Now pick out a select few charts (entry and trend charts) that fits with YOUR trading personality.
Now trade YOUR favorite set-ups on your favorite charting time frame over and over again.
YOU will miss many price moves, that go for huge amounts of profit.
Let it go.
If that is NOT your set-up, then let it go and wait for YOUR set-up.

Don't try to trade every single set-up.
If you do, you will fail.

The morale of the story:
"Celebrate what we have earned, and don't dwell on what we left on the table."

This is not a competition.
Just because your on-line trading buddy makes X amount of money, it doesn't mean that YOU have to make that amount.
Just because your online trading budy takes X amount of trades in a session, it doesn't mean YOU have to trade that amount as well.

What matters is that you are true to your OWN goals.
Do not trade to a dollar amount, you will fail.
If you start to trade towards a dollar amount, you will find that you will start to revenge trade and start doubling or tripling down on the amount of contracts traded.
This is the BEST way to BLOW your account.

Take what YOUR set-ups give you in a session.
If it gives you $100.00, that's a $100.
You then trade the next day.
If your set-ups give you $4,000.00, then that's $4,000.00
Whatever the markets give you, that is what you have.
If you trade towards your NON money goals everyday, then you are on your way.

Patience and Discipline...THE Holy Grail for me...

Hope this helps a few struggling traders here in this forum....

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  #2 (permalink)
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  #3 (permalink)
Elite Member
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Marker, that is an excellent summation of the process I have been through for a number of years.

Know thyself.

Thanks to futures.io (formerly BMT), I have finally found the system, with some modifications, that works best for me.

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  #4 (permalink)
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Thanks MGTRADER,
We just need to be honest with ourselves, and find what fits with our trading personality.

If you can be profitable scalping a few ticks and executing 20-30 trades a day, then so be it.
Don't listen to the nay-sayers.
It is your method and you are profitable.

If you can be profitable executing 1-3 trades a day going for larger targets, then so be it.
It is your method and your are profitable with it.

Whatever works for you, works for YOU.
It is that plain and that simple.



mgtrader View Post
Marker, that is an excellent summation of the process I have been through for a number of years.

Know thyself.

Thanks to futures.io (formerly BMT), I have finally found the system, with some modifications, that works best for me.


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  #5 (permalink)
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Good post.
Lost opportunity is better than money lost.
Stick to your game.

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  #6 (permalink)
Logician
Chicago, IL/USA
 
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This is a highly pervasive issue. The human mind struggles with the probabilistic nature of markets. Many, in attempt to deal with cognitive dissonance, scrap an otherwise profitable methodology for the next, in the process of seeking the perfection that the mind craves. We want the system that never loses, and thus keep chasing ghosts. The sooner the trader gets beyond this, the better.

What Dr. zer0 prescribes, is understanding well the methodology in use. Creating one's own methodology is a great way of understanding it well. Start from scratch. Develop a system using deductive logic and it becomes much easier to stand behind it. The 'itch to switch' is much less of a problem under the above circumstances.


Last edited by zer0; September 6th, 2011 at 02:13 PM. Reason: missing word
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  #7 (permalink)
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zer0 View Post
This is a highly pervasive issue. The human mind struggles with the probabilistic nature markets. Many, in attempt to deal with cognitive dissonance, scrap an otherwise profitable methodology for the next, in the process of seeking the perfection that the mind craves. We want the system that never loses, and thus keep chasing ghosts. The sooner the trader gets beyond this, the better.

What Dr. zer0 prescribes, is understanding well the methodology in use. Creating one's own methodology is a great way of understanding it well. Start from scratch. Develop a system using deductive logic and it becomes much easier to stand behind it. The 'itch to switch' is much less of a problem under the above circumstances.

I don't know if it's because we are both from Chicago or not, but I totally agree with you. Most aspiring traders want a strict rule based system which has a high degree of profitability, and where there is little to no risk incurred and minimal capitalization or knowledge of the markets required. They want rules they can count upon to make money, now and forever. While it is alluring to think that there is a single, unchanging order to the marketplace and that some particular contrivance can discern that order, past experience and current practice, consistently contradicts this fantasy.

A heuristic methodology is far more intelligent and dynamic and could best be described as the Socratic method of trading. It's a common sense approach where one gains an understanding of what is actually transpiring in the markets and what is truly behind the price action. Along with objective technical/quantitative analysis, this allows one to formulate a forward looking view of the market. Then, like any other system, it boils down to the trader for timely execution and prudent trade/money management.

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  #8 (permalink)
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tigertrader View Post
I don't know if it's because we are both from Chicago or not, but I totally agree with you. Most aspiring traders want a strict rule based system which has a high degree of profitability, and where there is little to no risk incurred and minimal capitalization or knowledge of the markets required. They want rules they can count upon to make money, now and forever. While it is alluring to think that there is a single, unchanging order to the marketplace and that some particular contrivance can discern that order, past experience and current practice, consistently contradicts this fantasy.

A heuristic methodology is far more intelligent and dynamic and could best be described as the Socratic method of trading. It's a common sense approach where one gains an understanding of what is actually transpiring in the markets and what is truly behind the price action. Along with objective technical/quantitative analysis, this allows one to formulate a forward looking view of the market. Then, like any other system, it boils down to the trader for timely execution and prudent trade/money management.

Is there anything beyond trial and error that helped you develop your heuristic methodology?

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  #9 (permalink)
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eudamonia View Post
Is there anything beyond trial and error that helped you develop your heuristic methodology?


There are no short-cuts. It's not like losing weight where you have a choice between liposuction or diet- and-exercise. It takes a lot of time, money and deliberate practice to become a proficient trader.

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  #10 (permalink)
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Well said.

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