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A Village to Raise A Trader
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A Village to Raise A Trader

  #21 (permalink)
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addchild View Post
One of the best things I have done for my trading, was a mechanical definition of market state. For me this is a evaluation of direction, volatility, and follow through.

Yes, @addchild !! This was something I learnt from you and @josh - identifying market state FIRST! Incidentally you two are the first @Big Mike to move to the live combine step, which speaks volumes about this approach!

To me, Wyckoff is a great help for this identification.


Last edited by iqgod; March 28th, 2013 at 12:21 PM. Reason: typos
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  #22 (permalink)
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The Elusive 'Click' Moment

I make a good tick scalper when I am 'in the zone'.

It is a surreal feeling to be 'in the zone'.

However, the moment when the market reveals its true colors comes after a lot of stalking and hard dispassionate observation.

At THAT moment, you are ready to take the trade.

You know when you are.

But that moment is so fleeting and so temporary should come as no surprise!

The best minds are waiting to grab your chips - they are backed by so many computers and data and algorithms and quadrillion dollars!

YET that CLICK moment exists! Its your for the taking,


How do I manage to destroy the "Click" moment?

I HESITATE.

I AM GRABBED WITH FEAR.

Wherever the fear is the greatest, I MUST TAKE THAT TRADE. (Note: This works for me)
!

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  #23 (permalink)
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Importance of small losses


To get on the top of not hesitating at the click moment all I could really do was practice and practice.

After a lot of practice the click moment became effortless.

However getting out before getting burned is the thing that turned out to be even more important - getting out with small losses.

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Precepts Relevant to Trading

- The price of being a sheep is boredom. The price of being a wolf is loneliness. Choose one or the other with great care.

- Part of being a master is learning to sing in nobody else's voice but your own...Put your whole self into it, and you will find your true voice. Hold back and you won't.

From by Hugh MacLeod: and 39 Other Keys to Creativity by Hugh MacLeod

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On Trading as An Art

Work is what we do by the hour. It begins and, if possible, we do it for money. Welding car bodies on an assembly line is work; washing dishes, computing taxes, walking the rounds in a psychiatric ward, picking asparagus — these are work. Labor, on the other hand, sets its own pace. We may get paid for it, but it’s harder to quantify… Writing a poem, raising a child, developing a new calculus, resolving a neurosis, invention in all forms — these are labors.


Work is an intended activity that is accomplished through the will. A labor can be intended but only to the extent of doing the groundwork, or of not doing things that would clearly prevent the labor. Beyond that, labor has its own schedule.



There is no technology, no time-saving device that can alter the rhythms of creative labor.

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  #26 (permalink)
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Clarification


iqgod View Post
A Plan:

- Rule 2: Maximum three trades in a day.If I am wrong 3 times in row, I have not got the flow that day, and unlikely that I will. Also losing $450 in a single day is a bad idea for a combine.

I'm not sure how to interpret the second rule. Is it:
  1. Only three trades per day win or lose.
  2. Stop after three losing trades per day, but may have more trades when there are winners.
  3. Stop if there are three consecutive losing trades.
Just want to be clear on the rule. I'm sure you know your intent, I'm curious to follow along.

Trade Wise, Trade Well

John
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  #27 (permalink)
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Mental Check list


iqgod View Post
20 EMA


Trendline


Conflicting signals.


Traps.


Failure of a pattern.


Each of the above is used to find simple answers to essentially complex questions - good tools, but the skills of the craftsman using the tools are what we are discussing here.

Stop hit and now what is the plan from here? Is this a click moment all over again, or is this another smart n dirty trade to cover the red faced loss?

Can I look at myself before I act?

Can I see the thousand facets of 'Me' that suddenly spring to life when a critical decision has to be made?

What if I remove the 'Me' and take refuge in my 'Plan'?


Trading is a competitive sport and requires to be the best when indulging in it. Do I follow the plan when in the heat of the moment?

This is great to have a mental check list to ensure the trade matches you plan.

Trade Wise, Trade Well

John
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Making it clearer


MarketPilot View Post
I'm not sure how to interpret the second rule. Is it:
  1. Only three trades per day win or lose.
  2. Stop after three losing trades per day, but may have more trades when there are winners.
  3. Stop if there are three consecutive losing trades.
Just want to be clear on the rule. I'm sure you know your intent, I'm curious to follow along.



To be more clear:

- Only FIVE trades per day win or lose.

- Stop after three losing trades per day, but may have more trades when there are winners.


Sorry for the mix up!

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  #29 (permalink)
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iqgod View Post
So I rechecked my backtests.... I am placing a 10-pip stop. The other part is still the same - Once price moves up +50 ticks the stop moves up to +30 ticks making the reward average 3 times the risk.

I read your post as a 10 tick "mental stop" with a hard physical stop at 15 pips. Was the 15 pip stop the mistake? Just trying to figure out if there is risk the market could hit the larger stop before you could close the position at 10 pip loss.

Trade Wise, Trade Well

John
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  #30 (permalink)
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Rules for this combine



MarketPilot View Post
I read your post as a 10 tick "mental stop" with a hard physical stop at 15 pips. Was the 15 pip stop the mistake? Just trying to figure out if there is risk the market could hit the larger stop before you could close the position at 10 pip loss.

That should have read 10-ticks and 15 was a typo, sorry for that!

Also I had refactored the plan actually, sorry for not updating:

My plan for the $30,000 10-day-min combine, where I will be trading the 6E (evaluation steps will be specified in this very journal), states simply and irrevocably the following:


- Rule 1: At no point during any trade can my loss be greater than 10 pips. If I go long the 6E at 1.3035 and it goes down to 1.3025, since the loss is -10 pips I have to close. The target on the trade is +10 pips. The target can NEVER be moved. The stop however can only be tightened and set at a tipping point at a technical level on the chart, never simply to lock in profits / never to get a breakeven trade.

- Rule 2: Maximum five trades in a day. Also if I am wrong 3 times I need to stop trading.

- Rule 3: Maximum position size: One lot. No multiple open trades. No scaling in or scaling out.

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