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Five A Day
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Five A Day

  #341 (permalink)
Market Wizard
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Here's something on the subject of "Care."

I understand that you were referring to being careful, which I assume also means things like, being attentive and doing things right -- all very good ideas (!).

But in a different meaning, Al Brooks, the price action guy, writes of having the attitude of "I Don't Care". He means it in at least 2 ways:

1. Using a small enough position that you aren't worried about whether you lose or not: the possible loss amount isn't enough to kill you.

2. Taking a trade just because it is a good trade by your rules -- you've got the setup, it fits the current market context, you have a good stop and target, the risk/reward looks right, and here's the signal -- so at that point you don't care about the outcome; you've done your job, and you won't be perfect in every trade, and not every trade works out, but you don't care, this is a trade you should take now.

He also warns not to be careless and just say "What the heck" and take just anything. It's got to be a good trade by your lights. But if it is, you take it and don't worry about it. Get out if you have to and do it again. If the probabilities are right, your trading will work out in the long run.

The point is, that if you're worried about the trade, it's going to eat you up, and mess you up too.

This is just something I remembered when you wrote about care, and it has helped me be handle emotions and be more objective, and keep some perspective.

For whatever it may be worth....

Bob.

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  #342 (permalink)
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bobwest View Post

For whatever it may be worth....

Bob.

A lot, thanks for good input Bob.

Travel Well
 
  #343 (permalink)
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From reading up on psychology and neuroscience what I learnt is that the conscious brain where you make decisions can only hold a small number of different thoughts, between 6 and 8. (No idea whether 6, 7 or 8 is fixed or fluctuates though).

So in the heat of trading, I would sometimes overload my puny prefrontal cortex and something new would push out something crucial from my conscious stream of thought and I'd mess up the trade.

I used to think it was carelessness too, but it's just normal for a human brain. Obviously I haven't discovered a great way to fix the issue, but one way is to assimilate more trading decision-making into your subconscious by continual practice so that you free up your conscious hotspots. I see it a bit like a kitchen gas hob, one of those big fancy ones from Smeg, with eight burners on it. If your hob is full while you're cooking (i.e. trading) and something comes along and demands your attention, you aren't going to fit it on the hob unless you take another pot off.

If your cooking skills are already gourmet then maybe that's not it, but it seems like a credible explanation to me. Care and carelessness as a concept generally involves a conscious decision one way or the other to give a monkey's about something, but I think at least as far as I am concerned it's simply my brain needing more training.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #344 (permalink)
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Adamus View Post
... it's just normal for a human brain ... one way is to assimilate more trading decision-making into your subconscious by continual practice .... it's simply my brain needing more training.

Sums it up nicely I think. I've been system building for a good while now and really need to spend the next couple of months just being a user, not a developer. Actually rest of year/trading career I guess, duh.

Managed to put some care back on the stove with a decent trade to get back back half the morning's goofs, so I'm happier and do think you are right - I just need to practice my system inside out, instead of remembering tiles and beating up the damn penguin. @CPRICE76 has also suggested I put the stops in and walk, which of course I 'know' I must do so I can get past the hold'em barrier.

Thanks for the words, and if all else fails at least George has now said I can blow my pension on coke and hookers.

Cheers.

Travel Well
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  #345 (permalink)
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useful learning again

Finished the full session off just -20T, so nobody died.

Bit of a learning and dumb revelation day, as by the evening I realised a huge part of the problem was the focus I put into ultra-short term setups over the last month had completely removed any macro timescale visibility from the immediate desktop, even as I was talking to others about it. Still layered in the background workspaces - but we don't look there when it's hot do we?

So, I will be working much harder for the rest of the season to trade in interesting places and not just get caught taking setups in noise. Find a problem, fix it, sorted. Next.

Travel Well
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  #346 (permalink)
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no fan of witches

I'm no fan of typical Friday plus witch action and had a couple of data and platform issues so an hour will do for me today, two trades only, 1 each way, +18, +10 for a net +28T, covers yesterday's tosh to make it a decent week.

It could well fly out of this area but they can keep the herky jerky stuff. I'll get on with rolling charts over, cheers.

Travel Well
 
  #347 (permalink)
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man-flu Monday

Woke up with bleary man-flu, did the sensible thing and passed on the trading for the morning session. Finished off some development, did some testing and left it for lunch and a nap.

Came back feeling a lot better (i.e. complacent,) told myself a bunch of things and promptly ignored all of them, went down 5-3 in a bleary pink mist for a net -36T. Dumbest day for a long time.

Spent the last hour removing all the tosh that I built this morning and then some, for the simple reason that it's not needed and it really is time I stopped looking at anybody else's methods and just got on with the job of head-sorting and making simple, sensible trades when I'm in the right condition to.

Travel Well
 
  #348 (permalink)
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ratfink View Post
Came back feeling a lot better (i.e. complacent,) told myself a bunch of things and promptly ignored all of them, went down 5-3 in a bleary pink mist for a net -36T.

I think one thing everyone constantly forgets, a bit like the ancient Greek sailors listening to the Sirens, is that a real time chart of the market is not in fact a warm, cuddly object of familiarity, it is actually a control panel for genital mutilation.

You can discover what your enemy fears most by observing the means he uses to frighten you.
 
  #349 (permalink)
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Adamus View Post
I think one thing everyone constantly forgets, a bit like the ancient Greek sailors listening to the Sirens, is that a real time chart of the market is not in fact a warm, cuddly object of familiarity, it is actually a control panel for genital mutilation.

Yup, one of 'them' daft days. Tomorrow beckons.

Travel Well
 
  #350 (permalink)
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yesterday was


Having man-flu was the excuse, but marrying a single idea was the reason that killed the day. Understood now.

That said, daily action is compromised by some important weekly and monthly levels at the moment, hence big scrapolas.

Dax doing it's typical Tuesday thing so far, taken one pullback trade for +19T. Sense and Sensibility, Strewth.

Crashed out with full sinuses and a stonking headache, reflecting on the importance of position sizing, as in 'sinuses and headaches are helped enormously by a lot of whisky and a little aspirin.'

Also smiled when I remembered an old personal motto, 'ad lib ab init, op cit per se, ceteris paribus, fuck it'. We used to think we'd manufactured 'From the beginning to the extent desired, in the text by the very nature of it, all other things being equal, fuck it.' Which greatly amused both myself and my only friend at the first crap uni I went to. Of course, thanks to WikiKnowItAllia it turns out some of the first bit is poetic licence at best.

However, it has made me realise that is exactly what a trend is - 'From the beginning, to the extent desired', where the extent desired is always further than participants believe and, as PQ knew so well, going too far is precisely what sows the seeds for the next trend in the opposite direction.

Travel Well

Last edited by ratfink; March 25th, 2014 at 01:14 PM. Reason: EOD

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