I started this journal with few objectives initially.
First, I want to have a track of my progress however small that is, and look back to the setups I post here for later analysis of progress.
Second, I don't actively trade, just sim trade currently - and even that is not consistent. One thing I've learned from this forum, is don't do it if you're not ready (either psychologically, financially or if you don't have the time to put into it). I am still limited in terms of time available to this, and also start up capital. Many come here, on this forum, spend some time and go, according to Mike's feedback. For me, this will be at least a long term and favorite hobby if nothing more. The moment I feel ready - when that moment comes, I will know it.
My hope is, that through this journal, I'll build a schedule, a habit of looking at some instruments, mark down what I see, describe my hypothesis and assess the result later on. Assess myself through an objective lens and through any welcomed comments that might come from you.
I'm a Wyckoff follower by mind and heart and do like the Volume Profile approach of which I still need to learn and understand. I believe that any method you have/prefer, be it based on Bollinger Bands, Moving Averages, Ichimoku, etc - what matters is to stop at one, and practice it till becomes a second nature to you. There are people profitable with a naked chart. As a matter of fact, the less indicators you have, the less reasons you have to blame for your mistakes.
Read them daily:
- Anything can happen in the Markets.
- You don't need to know what's going to happen next to be successful.
- Measure your-self NOT in P&L, but in ticks.
- There is a random distribution between wins & losses for any given set of variables that define an edge.
- An edge is nothing more than an indication of a higher probability of one thing happening over another.
- Every moment in the Market is unique.
- You have no reason to be afraid of missing out. Many opportunities will follow.
- All you need to know is:
*) the odds are in your favor before you put on a trade
*) how much it's going to cost to find if the trade is going to work
- You DON'T control the Market.
- You are tired, excited, depressed, angry or in any state of mind other that can affect your trading, GET OUT.
- Develop a a plan with positive expectancy and a "Do your Homework" style, and
- DO your homework. Trust your system.
- If a trade fails because you followed your homework, do not be troubled.
- If a trade fails because you did not follow your homework, be warned - you're shark's bait. Get out, take a break and:
- DO YOUR HOMEWORK.
These are for anyone reading, but more than anything, are for myself, as I need to remind myself of them every day.
Last edited by andby; July 7th, 2013 at 02:44 AM.
The following 3 users say Thank You to andby for this post:
i see you have the lbr310 installed
could you help me please: when i try to import it , it ask me would you like to over writen SMA, (i see theres 2 indi inside)
how can you installed them, over write it?
my few thoughts and experience on using other technical indicators with Wyckoff:
when I was starting with Wyckoff methodology I had problem - should I combine technical indicators that I was using before (MACD, EMA, Keltner channels...) with Wyckoff method or should I listen to Wyckoff course that says "use only price action and volume and do not mix it with other methods". I was trying to combine those indicators with Wyckoff for about a year, but today I am happy that I am using only price action and volume - pure Wyckoff.
Only additional indicator I'm using is Weis Wave - it is helping me to find more easily some Wyckoff principles (Signs of Strength and Signs of Weaknes).
Good luck with Wyckoff - the best method for me!
The following user says Thank You to siks for this post:
I have the same problem, in trying to combine various indicators with Wyckoff. I'm still weak in picking up good entries (even in sim, never mind live) and would get stopped out a lot. So I was looking for a way to find better entries, playing for a while with the JigSaw tools.
As Linda said in first webinar, the longest time spent by a beginner is searching for the holly grail, instead of focusing on one thing alone.