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Currently reading.
Extremely useful for increasing awareness of subconscious motivation.
Though I am much more of an Eastern kind of guy (meditation...etc.), this book is a fantastic tool from the Western toolbox, showing that traditionally based psychotherapy is far from dead.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Sucks. My setup requires that the PB touches the EMA at some point. Came very close (and gave a great RB), but I didn't take it because I am following my method strictly. The market spiked down and would have reached the profit target on extreme retest virtually immediately. GRRR....
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Thanks Brian, no, because I take profits on the move extreme and the risk/reward profile should be better than 1 to 1... not to mention I got to my computer after these happened.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Entry MUST be a:
- reversal or a trend bar in direction of my trade touching the EMA (this is mechanical).
- TP/SL ratio 1:1 or better.
- the chart pattern must be clear.... for instance, I don't like 3+ leg horizontal range pullbacks.... trend must still have some urgency (discretionary).
- no entry after climax or V-reversal (discretionary).
Overall, I'd say the methodology is 80% mechanical, but has important discretionary components.
The entries you showed:
#1 - I don't like the fact the market has lost urgency.... don't like range horizontal pullbacks. The PB legs are not clear... hesitation.
#2 - same reason.... though possibly somewhat better in my eyes because of the micro double top the two reversal bars formed.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Fair enough....and it is pretty late over there....at least for me....I'm a 9:30 PM sleep person my self but i suppose if I lived on the beach in Thailand, I might sleep a bit later in the morning and stay up a bit later at night......
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I'm exhausted by 11 pm here (11 am EST) because I really pack my days doing lot of stuff here. I enjoy things to the max, and besides trading, I run one business and trying to get another business off the ground.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Reading... Finally I got my hands on a copy of this book after looking for it for years.
I first got a tip about this book from Vic's "Education of a Speculator". He praised it as the greatest book about speculation ever written. Wasn't kidding, fantastic content.
Crucial lessons on:
1. Contrarian thinking - copper (bet against) the public's bets at all times.
2. Swichitis - what beats you is not the market / track, it is your inconsistency.
3. The Law of Ever-Changing Cycles - what worked recently is likely to stop for a while... and vice versa.
