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COMMON SENSE
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COMMON SENSE

  #321 (permalink)
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Trading

GM Alejo,

Why I do not have FEAR while trading? or put in another way as someone asked me How do you get confidence?
For me it always has been fear of loss. Once i identified the source of the problem, next it was a long and very, very slow process of taking care of it.

Loss can be , #1) Loss of Capital #2) Loss of control #3) Loss of opportunity #4) Loss of self confidence etc.
If i have to do it all over again, i will start with following RIGHT AWAY

#1) Trade with a position size which can handle a diaster stop loss of 150 ticks beyond ATR ( Average true Range). For example, if CL ATR is 160 ticks then my disaster stop loss would be 150 ticks beyond ATR. It took me a long time to understand proper use of stop loss per my trading style.

#2) LIVE trades ONLY when i have properly funded account. Before that it's just a hobby and should be treated as such.

I still get fearful and source of it has not changed since day one. Leverage or Over Leverage. Almost everyone says that he/she understands leverage but when you look at their account size and how they are putting on size- it's very clear either they have no clue or they know but choose to ignore it for different reasons.

Lastly succees breeds success. I do not look at one trade or a series of trades to see how i am doing. I look at 100's of trades sample to make a decision if something is working or not.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.

Last edited by mfbreakout; August 29th, 2014 at 08:08 AM.
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  #322 (permalink)
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stop loss

What does this 2 hour chart shows?



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #323 (permalink)
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TF


TF and various Russell related ETF's . All in sync, longs and longs. That's all one needs vs all kind of TOYS out there. No forecasting allowed or needed as to what TF will do this day or that day.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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Last edited by mfbreakout; August 29th, 2014 at 12:54 PM.
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  #324 (permalink)
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NG

NG setting up nicely for longs.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #325 (permalink)
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Ambiguity

I know as a trader you need to keep your emotions under control. Based on years of bad habits today's session tested that theory.

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- Opened charts to see Gap Up. (immediately thought a possible opportunity to test GAP - even though it was 100 ticks away)
- OR had strong buying at commodity open - alas yesterday. (immediately thought possible opportunity
for FAILED A UP)
- Price stalled above OR and looked for selling opportunity based on Selling strength. Large Bear Bar made me
anticipate fast selling strength and immediately got short aiming for either GAP or bottom of OR.
- In hindsight I should of waited to see buying response based on strong buying initially. (ie : strength of retrace)

1.) Thought this was a buying breakout. Planned to get out if price significantly held above 94.50. At this stage I was 17 ticks down. Adrenaline and Fear was the general experience. Selling pressure began. Anticipating price to reach low of OR or maybe GAP.

2.) Buying pressure again. Sellers stepped in. How low will it go?

3.) 5 min doji closes. Failed attempt by sellers to take it down. Pulled out at + 10 ticks.

Having problems trying to think logically like this! Its easy to look back on a chart in past tense after the right has already formed. In reality I was finding it hard to keep emotions at ease.
Maybe time was the problem. As Mark Fisher states, the time is an important factor in a trade. Maybe I was in the trade too long.

Food for Thought. Have a good long weekend guys.

James

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  #326 (permalink)
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ACD method

I follow your journal and i do not understand ACD- a remark i heard from someone i was talking on friday. Over last 4 years i have heard such remarks several times and wil continue to hear in future.

It's very similar to a Cardiologist telling a Neurologist that he does not understand his field. Well, he is not supposed to. A cardiolgist will have general idea as to what Neurologist is talking about but he will never ever try to treat a patient based off his knowledge and expertise of Neurology field. M.D's understand each other lingo because they all have same foundation of medical field and training. Later on each one picks his/her specialized field.

Trading is the same way. We all can communicate with each other based off our common knowledge of patterns, candles etc. But when it comes to execution and actually putting on a trade- we all rely one our speciality. I think lot of traders get confused when they do not understand another method. I used to. I never understood Fibs. Gann, intra day channels etc and i will worry as if i am missing something which is key to trading success. Not anymore. That's why i stopped reading about different trading methods/approaches long time ago. Once i decided that i wanted to be , for example, a cardiologist, that's all i focused on. I have no interest as to what a neurologist is doing.

Bottom line pick up your speciality within trading universe and ONLY focus on that method/approach.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #327 (permalink)
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Palladium

For trdaers with basic knowledge of ACD following 2 charts should be very clear. If one has read mark Fisher book and even after sometime they do not make sense, then this speciality of trading is not for you. Find a one which suits you.

News is always late or it is late by the time it gets to most of us. But ACD layers were all lined up for palladium move. Ukraine news has been out for weeks and palladium has been going higher for months. News may had to do something for palladium move on Friday. However, ACD traders would have traded per plan whether there was news or no news.

" Palladium Rises to 13-Year High on Russia Supply Concerns
By Debarati Roy Aug 29, 2014 3:02 PM ET "



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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COMMON SENSE-2014-08-30_1251__daily.png   COMMON SENSE-2014-08-30_1248_palladium.png  

Last edited by mfbreakout; August 30th, 2014 at 03:59 PM.
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  #328 (permalink)
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Trading different methods

It should be pretty obvious that generally it's not a good idea to cherry pick differnt ideas for each method to get so called best set ups etc. Apparetnly, it's not obvious to quite a few traders.

Since most of us can relate to field of an M.D, i use field of medicine as an example all the time. If i can make a broad statement, i will say trading different methods is like a cardiologist acting as a cardiologist one day and a neurologist the next day or within the same day (lol). It just does not work.

Mucking around different approaches within a same method is a not a good idea either. I see traders trading 5 minutes OR but then they see me trading 45 minutes OR, so they will slap on a 45 minutes OR on top of a 5 minute. It may come across as not a big deal but it is. 5 minutes OR and 45 minutes OR are totally different approaches and execution strategy. Do not try to be cute thinking that mixing different methods will increase your edge. It actually has an opposite effect.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #329 (permalink)
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New Day

I have tried but it's not possible to be completely NUMB when one is in front of screen. I shorted CL and GC during Euro session today and then went back to sleep.

I have certain targets for these trades but i was deep sleep after putting on the trade and had no idea or so called control as to what CL and GC are doing. I was not worried about questions like - look at CL i am short from 95.84, it went in my favor 16 ticks and now is back uo to 95.80? Why it's taking so long to go down? maybe i should book some profits and on and on.

The moment i got in front of my computer this morning- all the above questioned started to run through my mind. Nothing wrong with booking some after 70 ticks of gains but " We are our own worst enemy most of the time". We tend to make decisions based off what happened to us on previous trading day, week etc.

On Friday, CL will not break below 94.20 and this morning- NO BODY HOME. On last Friday, i was short CL at 94.44 and stayed short all day and added to short all the way to 95. I ONLY needed CL to pullback to 94.50 to make the trade a SCRATCH but the bugger just hung around 95.80 area and i covered the short.

Tuesday is a new day and Friday got taken care off and then some. One trade or a series of trades have no meaning as long as each day is started as a FRESH new day.

NOTE: There are many reasons one can come up as to why CL just consolidated around 94.20 all day on Friday and then in the last hour went to 95 area. Theories do not matter. Actions and set ups do. Per my set up- there was no long around 94.40 on Friday, however, i lightened up the position after 3 hours of consolidation per my rules.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Attached Thumbnails
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Last edited by mfbreakout; September 2nd, 2014 at 09:24 AM.
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  #330 (permalink)
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The good old Gaparuny!


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After seeing OR form after GAP down, I felt that if I took longs they wouldn't be for much. Market was Short to begin with.
Would an A Down hold after this massive move down? Felt cautious and anticipated this would possibly range.
Got 10 ticks off this A Down Failure.
In hindsight this could be seen as A down as well? Price consistently stayed below ORL.

Thanks

James


Last edited by jthom; September 2nd, 2014 at 12:04 PM.
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