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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #1061 (permalink)
Elite Member
Vernon, BC, Canada
 
Futures Experience: Beginner
Platform: Sierra Charts
Broker/Data: Zaner Group (Transact)
Favorite Futures: ES
 
Posts: 103 since Apr 2010
Thanks: 113 given, 62 received

Patience - congratulations on patience to FOCUS for 2 hours for ONE trade. I guess the patience and Focus comes with practice. Do you practice any techniques to develop Focus. I listen to music on the MP3 player and this seems to keep me occupied

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  #1062 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
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PandaWarrior's Avatar
 
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Superdoug3 View Post
Patience - congratulations on patience to FOCUS for 2 hours for ONE trade. I guess the patience and Focus comes with practice. Do you practice any techniques to develop Focus. I listen to music on the MP3 player and this seems to keep me occupied

I wish i had what it takes to focus on one trade for 2 hours but I'm afraid you misunderstood me. I was done trading in about 3 minutes this morning. I spent the next 2 hours just watching the market and seeing where potential trades might be. Observation mode.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1063 (permalink)
Elite Member
Bay Area California
 
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Platform: TT T4
Favorite Futures: Futures
 
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PandaWarrior View Post
I wish i had what it takes to focus on one trade for 2 hours but I'm afraid you misunderstood me. I was done trading in about 3 minutes this morning. I spent the next 2 hours just watching the market and seeing where potential trades might be. Observation mode.....

Patience outside of the trade is just as important as patience during a trade.


"If I agreed with you, we'd both be wrong."
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  #1064 (permalink)
Elite Member
In the heat
 
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Awesome video from Tony Robbins


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1065 (permalink)
CL Assassin
Near Dallas, Texas, US
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: ZenFire
Favorite Futures: CL
 
Gary's Avatar
 
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PandaWarrior View Post

Quick note: don't include the "www." portion of the URL listed at the end of the video.

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  #1066 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
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PandaWarrior View Post
today is four days looking at MTF in a new light. I should mention this is on sim. No sense trying something new with real money. The real trial is increasing size at certain key moments. No way I'm doing that live until I've done it in sim for a few days. Even when I go back live, I'll increase size in smaller increments than I am now to start with. I have a max size I can work with anyway and so will never go above that.

Four days in and I'm up substantially more than I would be otherwise. Size is the difference. But so is waiting for the key inflection points when all three time frames line up. These trades also seem to last longer in terms of distance traveled. I've done two 50 tick trades this week. A first for me.

Tuesday was a full stop out day. Took all signals for 2 hours, ended up down my full daily stop. Did the same thing Monday, today and yesterday. Monday offset Tuesday and yesterday and today are very nicely profitable. More than any previous 4 days worth of trading sim or otherwise.

The chart is my entry chart. I have two higher time frames than this. The largest one is a 15M chart.

One thing I am noticing is this, I am trading MUCH less than before. Monday I did one trade. Tuesday was the loser and there were 5 trades. One trade yesterday and 4 today. Two of which were break evens. I could have quit after the first one and been perfectly happy with the day's results. I only took the third and fourth trades because the risk on them was small enough that I could take a full stop out and still be almost double my daily goal. So it was a no risk proposition in terms of overall objectives.

As to the chart, all three time frames look identical to this one. I also have a totally naked one just to make sure I didn't miss something on the others in terms of levels. Sometimes the indicators obscure levels just a bit.

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Cheers......

Great to hear.

You have to trade what you feel comfortable with, but not too comfortable, otherwize it would be impossible to pull the trigger.

Congratulations on your newfound mindset. ( or better application...or whatever it is) Sounds like its beneficial.

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  #1067 (permalink)
Elite Member
In the heat
 
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Got in a tad late today but the trend was with me so felt real comfortable taking the trades. Two trades today. Both winners with a third passed on because I was emotionally done. No need to give it back if I'm not in the groove.


In the interest of showing what my multiple time frames look like, here is a screen shot.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1068 (permalink)
Elite Member
PU , India
 
Futures Experience: Intermediate
Platform: Ninja Trader
Favorite Futures: Nifty Futures
 
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Posts: 51 since Aug 2010
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MTF

Good to see charts Back PW..

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  #1069 (permalink)
Elite Member
Philly, Pa
 
Futures Experience: Master
Platform: NinjaTrader
Favorite Futures: ES, ZB
 
tigertrader's Avatar
 
Posts: 5,948 since Jul 2010
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There is no single indicator, charting technique, or quantitative measure, that can accurately produce a forward looking view of the market. Rather, it is an aggregation of a variety of different inputs that forms the context for what should be the primary focus, which is price action. In any case, confirmation bias is likely to be an attendant factor in any analysis and/ or decision, so ultimately success will come down to risk, money, and trade management. However, this too must be pragmatically applied within the context of the market, i.e., liquidity, volatility, etc. - the blind or rote adherence to an arbitrary set of rules, without taking into consideration the context of the market, can be ruinous.

The market doesn’t announce it’s intentions ahead of time. Instead, it prefers to remain an enigma, manifestly unclear, or clearly un-manifest, as to what direction it is headed. At times, the market will even offer up a head-fake, or some form of dis-information in an outright effort to deceive. Most traders would prefer, and some even expect, the market to tip its hand, which it often does to those who know how to listen to what the market is telling them. Of course, the market assumes the listener(trader) is completely aware of the context, and subtext, of its remarks (price action), and that he has dismissed any predispositions for the moment; left only to dispassionately analyze the arguments before him.


Last edited by tigertrader; September 5th, 2012 at 04:59 PM.
 
  #1070 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
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tigertrader View Post
There is no single indicator, charting technique, or quantitative measure, that can accurately produce a forward looking view of the market. Rather, it is an aggregation of a variety of different inputs that forms the context for what should be the primary focus, which is price action. In any case, confirmation bias is likely to be an attendant factor in any analysis and/ or decision, so ultimately success will come down to risk, money, and trade management. However, this too must be pragmatically applied within the context of the market, i.e., liquidity, volatility, etc. - the blind or rote adherence to an arbitrary set of rules, without taking into consideration the context of the market, can be ruinous.

The market doesnít announce itís intentions ahead of time. Instead, it prefers to remain an enigma, manifestly unclear, or clearly un-manifest, as to what direction it is headed. At times, the market will even offer up a head-fake, or some form of dis-information in an outright effort to deceive. Most traders would prefer, and some even expect, the market to tip its hand, which it often does to those who know how to listen to what the market is telling them. Of course, the market assumes the listener(trader) is is completely aware of the context, and subtext, of its remarks (price action), and that he has dismissed any predispositions for the moment; left only to dispassionately analyze the arguments before him.

Very good description.

I particularly like the emphasis you place on risk, money (management) and trade management as having eqval importance (over many trades) to successful trading. Of course, I think thats what you are saying.

Many traders seem to focus exclusively on setups, or entries without any consideration of the other factors which have equal importance. (sometimes greater importance, depending on the trade)

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