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How to develop an edge?
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How to develop an edge?

  #21 (permalink)
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Massive l's Avatar
 
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It's like a coach studying the opponents film. Just watch the markets. Try things that seem like they could work. Keep watching. Keep trying things and it will come together if you out in the screen time.

Psychology > Strategy ≥ Money
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  #22 (permalink)
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Any game with lots of particpants is random - hockey,footbal is random,you never know where the puck/ball goes next moment - you anticipate,but you don`t know.But there are certain rules to play these games,though.

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  #23 (permalink)
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I also emailed Andrew Menaker (you can look for him on google) asking about this same subject and he wrote me back this.

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Thanks.
Rhuz.

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  #24 (permalink)
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Re Menaker

I`d ask Menaker,what instrument is not highly leveraged or better yet,what`s not leveraged you deal with daily?That`s the main thing is about.When a boxer enters the ring,his opponet is highly leveraged.Every thing you deal with day in and day out is highly leveraged,so the defensive mode is prefferable.Activity is punished,on the other hand.You won`t recal when you got wiped out in a defensive mode,i`m sure.

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  #25 (permalink)
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Find areas in the market you can make more money than you can lose. From there learn how to lose less money with each trade. If all else fails just watch the charts. How many hours a day do you watch price action? How many days have you been doing that for?

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  #26 (permalink)
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Below is a post I made to this forum a couple of years ago. The disclaimer is that I do trade myself and enjoy it immensely. But I also attempt to see it for what it is -- and not what I wish it were --- or want it to be.
_______________________________________________________________________________________________

"Because one can point to traders who (up to this point) have a winning track record -- or died before they went broke --- does nothing to change the fact that trading is absolutely gambling.

There are lottery winners everyday -- but any fool knows that you can't play the lottery profitably from a mathematical standpoint.

Many people return home from Las Vegas winners -- but it doesn't mean they have necessarilly done so by playing an edge.

Many people have died in commercial airliner crashes -- but do you really think you can intentionally pick-out a flight that will crash in the future? But there are dead people to prove that dying this way can be done, right?

'Backtesting' pseudo-patterns and strategies on (financial instrument) charts is a very alluring, I will admit. But unfortunately, it's a trap.

Probably your best chance in this business is to hope and attempt to get lucky -- and make a big hit -- with very low risk. And then (for God's sake) -- don't go back to the well by putting any significant portion of your winnings at risk.

If you must continue, by all means follow the same strategy again. This way, you have the opportunity to either get lucky again --- or not live/trade long enough to go broke."


Peace,
Paige

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  #27 (permalink)
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Cachevary View Post
I`d ask Menaker,what instrument is not highly leveraged or better yet,what`s not leveraged you deal with daily?That`s the main thing is about.When a boxer enters the ring,his opponet is highly leveraged.Every thing you deal with day in and day out is highly leveraged,so the defensive mode is prefferable.Activity is punished,on the other hand.You won`t recal when you got wiped out in a defensive mode,i`m sure.

That's very true. But you won't win thinking you're going to lose. It's all about balance on both ends.
In a winning trade, the trader should remain in the winners mindset. In a losing trade, the trader should
remain in the losers mindset. Cut your loser, let your winner run (or at least to your first target and let the 1/2 or 2/3 left run to the next target).

Psychology > Strategy ≥ Money
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  #28 (permalink)
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Massive l View Post
That's very true. But you won't win thinking you're going to lose. It's all about balance on both ends.
In a winning trade, the trader should remain in the winners mindset. In a losing trade, the trader should
remain in the losers mindset. Cut your loser, let your winner run (or at least to your first target and let the 1/2 or 2/3 left run to the next target).

Sure thing.If by ''mindset" you mean a certain set of belives,then your best bet would be to just leave them roll on their own and observe.And if you fail,reset your set of believes.Rinse and repeat... or better yet,find a helper - Guru(which is usually hard to accomplish - the Guru can be false).

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  #29 (permalink)
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Massive l View Post
In a winning trade, the trader should remain in the winners mindset. In a losing trade, the trader should
remain in the losers mindset.

Your edge will come when
- you are mentally balanced
- you conquered the fear to push the button with real money
- when a loss is no longer taking you down on the next trade(s)
- if you are aware to take a long trading journey within unknown fields

Means: Keep calm - but run!
Good Trades
GFIs1

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