NexusFi: Find Your Edge


Home Menu

 





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


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one plethora with 67 posts (46 thanks)
    2. looks_two Big Mike with 11 posts (14 thanks)
    3. looks_3 sysot1t with 7 posts (18 thanks)
    4. looks_4 MetalTrade with 7 posts (13 thanks)
      Best Posters
    1. looks_one sysot1t with 2.6 thanks per post
    2. looks_two MetalTrade with 1.9 thanks per post
    3. looks_3 Big Mike with 1.3 thanks per post
    4. looks_4 plethora with 0.7 thanks per post
    1. trending_up 26,793 views
    2. thumb_up 151 thanks given
    3. group 11 followers
    1. forum 122 posts
    2. attach_file 3 attachments




 
Search this Thread

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

  #121 (permalink)
 
plethora's Avatar
 plethora 
Los Angeles, CA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Rithmic
Trading: GC
Posts: 629 since Dec 2010
Thanks Given: 1,174
Thanks Received: 425


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?

Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
ZombieSqueeze
Platforms and Indicators
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
Deepmoney LLM
Elite Quantitative GenAI/LLM
Futures True Range Report
The Elite Circle
Better Renko Gaps
The Elite Circle
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
61 thanks
Funded Trader platforms
39 thanks
NexusFi site changelog and issues/problem reporting
26 thanks
GFIs1 1 DAX trade per day journal
18 thanks
The Program
18 thanks
  #122 (permalink)
 
plethora's Avatar
 plethora 
Los Angeles, CA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Rithmic
Trading: GC
Posts: 629 since Dec 2010
Thanks Given: 1,174
Thanks Received: 425


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.

Started this thread Reply With Quote
  #123 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,537



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

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:




Last Updated on March 5, 2011


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts