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New Beginnings: The Journal of a Trader's Journey to Equanimity


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New Beginnings: The Journal of a Trader's Journey to Equanimity

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  #121 (permalink)
 plethora 
Los Angeles, CA
 
Experience: Intermediate
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Big Mike View Post
I'm passionate sometimes about what I post -- I just went back and re-read what I posted about automation. You should understand I am only speaking from my own experience and in many cases experiences that I shared with others on this forum as they went through something similar. You shouldn't abandon automation (or any decision) solely based on one post made by me. Stand by your convictions if you believe you are right and I am wrong.

Automation doesn't work for me, and I know of no retail trader where it does work. Sure automation can work for the big guys, but they are not in the same league as us. So I stand by my recommendation to focus on discretionary trading, but you should understand the reasons behind that --- I have found most people search for automation to try and cure shortcomings they have with their own trading, like fear of pulling the trigger or inability to follow the rules, or over trading.

But they end up replacing one bad set of problems with another. Automation is so much more difficult than discretionary trading. Again, in my opinion, as everything I write always is... With todays software and backtesting engines, you either get caught up in software errors and inadequacies, or you get caught up in over optimization and over curve fitting. Both of which require a very highly experienced systems trader to identify and understand, then ultimately overcome. The sweet spot is very small. I feel pretty confident that if a highly experience systems trader reads my post, they will likely agree that the normal trader seeking automation would be better off if he spent all his time, energy and money improving his discretionary trading skills rather than seeking the automation path. But that's just an educated guess.

One thing is for sure, you will almost certainly not be profitable trying to follow someone elses exact method. Trading is a hugely personal thing, so much intuition and feel, things that are unique from one trader to the next. You only have to look at the famous story of the Turtle Traders, they were all taught an identical method but had wildly varying results. What is important is finding your own path, even if that path is made up of rocks and concrete from other traders. You must completely own your method and it must fit with your trading style, so that you have the full confidence required to execute it as well as understand everything about it.

Keep posting, keep moving forward

Mike

Mike, you should write a book about trading in your characteristic informed but informal, warm, and experienced tone and style. This blog has been preparing you. Have you begun or completed the first draft, yet?

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  #122 (permalink)
 plethora 
Los Angeles, CA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Rithmic
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MetalTrade View Post
I want to give you a heads up on trading without a chart and just looking at the market depth on a dom.

If you meet a guru that is teaching that system run away, fast.

Haha. Are you talking to me, metal, or someone else on this thread? Isn't that the equivalent of what we do on destructive, revenge trading days.

Even though I have no intention of doing all of those exercises I wanted them in the same format I found them in and in one place where I could easily find and refer to them again, and also for aesthetics.

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  #123 (permalink)
 Big Mike 
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plethora View Post
Mike, you should write a book about trading in your characteristic informed but informal, warm, and experienced tone and style. This blog has been preparing you. Have you begun or completed the first draft, yet?

Yes, I will write a book some day. I've planned to do so for over a year now, but it will be a while before I do.

Mike

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