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What Trading Is
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What Trading Is

  #1 (permalink)
Live Your Bliss
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What Trading Is

From my trading journal, after the trade. My personal reflections on the nature of trading and the process, prompted by today's PA.

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I REALLY did not feel like taking the trade. It seemed to
me that the market wasn't going to do much on the long side, and sharply reverse down.

My opinion isn't worth anything.

Trading consistently is.

And that's trading. Putting on the trade when the conditions are met, and taking off when it's time to exit.

Did I know that the market was going to do this? Not at all.
Did I have the feeling it was going to be like this? No.

Trading is not about feeling, or guessing, or trying to outsmart the market.
It is about executing a strategy that has a long-term edge.

I FINALLY UNDERSTAND WHAT TRADING IS.
It is not thinking or bluffing or outsmarting. (though many traders think that)

It is execution, patience, and discipline, in the context of each trade having an uncertain outcome.
Trading is NOT KNOWING and ACCEPTING RISK WHEN YOU HAVE AN EDGE.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #2 (permalink)
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  #3 (permalink)
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Anagami View Post
From my trading journal, after the trade. My personal reflections on the nature of trading and the process, prompted by today's PA.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


I REALLY did not feel like taking the trade. It seemed to
me that the market wasn't going to do much on the long side, and sharply reverse down.

My opinion isn't worth anything.

Trading consistently is.

And that's trading. Putting on the trade when the conditions are met, and taking off when it's time to exit.

Did I know that the market was going to do this? Not at all.
Did I have the feeling it was going to be like this? No.

Trading is not about feeling, or guessing, or trying to outsmart the market.
It is about executing a strategy that has a long-term edge.

I FINALLY UNDERSTAND WHAT TRADING IS.
It is not thinking or bluffing or outsmarting. (though many traders think that)

It is execution, patience, and discipline, in the context of each trade having an uncertain outcome.
Trading is NOT KNOWING and ACCEPTING RISK WHEN YOU HAVE AN EDGE.

I see you're a fan too.....Thought this was appropriate in addition to the awesomeness you just laid down....

01.07.2016-10.02.31 - Ron

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #4 (permalink)
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Anagami View Post
From my trading journal, after the trade. My personal reflections on the nature of trading and the process, prompted by today's PA.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


I REALLY did not feel like taking the trade. It seemed to
me that the market wasn't going to do much on the long side, and sharply reverse down.

My opinion isn't worth anything.

Trading consistently is.

And that's trading. Putting on the trade when the conditions are met, and taking off when it's time to exit.

Did I know that the market was going to do this? Not at all.
Did I have the feeling it was going to be like this? No.

Trading is not about feeling, or guessing, or trying to outsmart the market.
It is about executing a strategy that has a long-term edge.

I FINALLY UNDERSTAND WHAT TRADING IS.
It is not thinking or bluffing or outsmarting. (though many traders think that)

It is execution, patience, and discipline, in the context of each trade having an uncertain outcome.
Trading is NOT KNOWING and ACCEPTING RISK WHEN YOU HAVE AN EDGE.

Can you post a larger chart?

Why did you consider the pullback a sharp reversal?

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  #5 (permalink)
Live Your Bliss
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tturner86 View Post
Can you post a larger chart?

Why did you consider the pullback a sharp reversal?

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Three pushes up, progressively weaker, with the last one being a trend channel line overshoot. And indeed we got a good reaction down to the EMA... Could the market continue going straight down (like couple of days ago) after making new recent highs? Absolutely. And that's the point:

1. Nobody really knows.
2. To make $ you don't have to know.

More often than not, it will bounce in this spot. That's the edge.
Sometimes, it will not. That's the uncertainty on each trade.
Embracing both is trading.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #6 (permalink)
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Very cool.

Someday, and that day may never come, I'll call upon you to do a service for me.
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  #7 (permalink)
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What Trading Is

Great.

I go through the same doubt everyday. Now can you do a post on What Trading Isn't?

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  #8 (permalink)
Live Your Bliss
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zkendr View Post
Great.

I go through the same doubt everyday. Now can you do a post on What Trading Isn't?

I thought I did too:
"Trading is not about feeling, or guessing, or trying to outsmart the market."

I would add to that:

Trading is NOT about making sure the current trade is a winner.


I know that will sound strange to lot of people. They think it is all about that. In reality, we have no power to make sure the current trade ends in profit. And the attempts to do that sometimes end in disasters (blows accounts...etc.). If you are trying to force your open trade to be a winner, you will ignore your stop, average your loss, and make all kinds of other significant mistakes.

Not preaching here, just speaking from experience.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #9 (permalink)
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zkendr View Post
Great.

I go through the same doubt everyday. Now can you do a post on What Trading Isn't?

Trading is not about being right more than you are wrong.

Trading is about making more money when you are right than when you are wrong.

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #10 (permalink)
Live Your Bliss
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deaddog View Post
Trading is not about being right more than you are wrong.

Trading is about making more money when you are right than when you are wrong.

There are successful traders who make less when they are right than they lose when they are wrong.

However, there are no successful traders who do not embrace both their edge and the uncertainty of each trade.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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