I agree with you. Naturally, the word gambling is associated with moral issues, but the reality is that every decision you make where you don't know the outcome for certain is a gamble. A gamble consists of 3 components:
2) Human Psychology
The combination of the three will determine it's final outcome.
Also, simplicity plays a BIG role in decision making of life's decision (gambles).
When analyzing situations start with all the variables and start reducing them to those that are most important.
There is always a component of uncertainty you cant remove and that is what makes some more successful than others.
They are willing to live with that uncertainty.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
– Antoine de Saint-Exupe
PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
The following 4 users say Thank You to mattz for this post:
I agree with @ Metaltrade with regards to Perry's platform. I use something similar but with my own twists and turns. I tend to use support/resistance as defined by Fibs along with the idea of Perry's platform. Perry's is simple, easy to learn and follow. Like all trend following systems, it will not do well in sideways markets, but he has a filter that takes care of much (but not all) of the chop. For this reason, you'll miss some moves but that is the price you pay for a system like this. It will win enough that you should not care about the missed ones.
As to the indicators you use, I don't know enough about them to pass judgment but I suspect mixing market profile with the other items you mentioned will result in some confusion. Best of my knowledge, market profile is best used stand alone.
Yes I do have a trading buddy, we skype every day, talk on the phone every day and I have about three other traders I talk to weekly. The main topic of conversation????? The mental game. Almost never do we speak of set ups or trade management. Money management yes. We speak of that often but the actual trading not so much. We will skype our trades periodically throughout the day but I don't take his trades nor he mine. Once in a while we will but those almost always end up being a bust. The reason is this: Even though both of us are reasonably decent traders, our methods are not the same.
Anyway, the point is this, we spend most of our time working through the mental aspects of trading. And I suspect once you find your trading buddy, so will you. If you can't find one you respect, then a paid trading coach could be the answer. There are several out there that I know about but none are cheap. I suppose if they helped you conquer your mental issues, almost any amount of money would be worth it.
Stay on sim until you have found a system/method you have learned to trust, even if it takes a year. Once you have, you can move back to live money. One word about this though. Don't believe back tested results. Find something you like and forward test it using real live data. Trade it real time. You need to be able to execute it. If its too complicated or to severely curve fitted to optimize back tested results, you'll find this out in the forward testing process.
If for some reason you simply cannot find a method that works for you, you can try automated trading. Some here on the forum highly recommend it. There are many brokers that can provide you with tested auto trading systems. There are also several auto systems at collective2 you can try but I highly recommend you attempt to become a good discretionary trader before you go down this path.
Good luck on the journey.....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
The following 2 users say Thank You to PandaWarrior for this post:
I spent the last couple of hours reading Perry's thread and am ecstatic. It is beyond my wildest imagination. I wish I had started yesterday but succumbed to procrastination due to fear. It is so much more than I imagined anyone could provide. Like Perry says, he takes the stress out of trading. Go figure. I haven't nearly gone through the entire 70 pages. Think I am only on 11 but I'm copying and pasting everything of importance into a word file so I have an organized document to study. If anyone else needs it, perhaps I will add it to the thread once I get up and running. Tomorrow I'll start loading the charts. I don't know how to thank everyone. My gratitude for your kindness and of course, Metal's for mentioning Perry and finally Perry's generosity, how does one acknowledge so much goodness. Well, I have a lot before me to study so I'm going underground for a couple of days. I don't remember the last time I felt this happy.
Many, many thanks once again.
Have a wonderfully productive trading time this last week in 2010 to all you generous souls who helped me out here.
The following 2 users say Thank You to plethora for this post:
I guess its all been said by the other replies. It must be very hard if you " have no other way to support myself"
I would like to say I agree with Metal - go to a simulator. If you MUST trade then perhaps you could set yourself a rule I will only take one trade of one ES or 100 SPY shares per day. That you are trading on the low volume before Christmas is ... well silly.
Here are my suggestions if you would like to see what might work for you:
1. First thing in the morning after you have made your coffee, sit quietly and and in a notebook just for this purpose, list 10 things you are thankful for numbered 1 to 10.
"Thank-you for my coffee. Thank-you for a warm place to sleep." ect
2. Secondly, write some of your accomplishments.
"I got to bed on time."
They can be anything. Big or small but stated in the positive. Be generous with yourself - it doesn't have to be something that someone else would regard as an accomplishment.
3. Thirdly, Stand in front of a mirror and say
"Plethora I love you."
for a couple of minutes - from Louise Hay You Can Heal your Life.
3B. Go for a brisk walk at a pace of 4 miles per hour, swing your arms breath deeply and smile
4. Write a list of affirmations and read them aloud.
5. As for trading, well the others are better sources than I.
The ES is very hard to trade, very 'hurky-jerky' without good trending.
On narrow low volume days you are meat for the floor traders.
All the best.
The following 2 users say Thank You to aquarian1 for this post:
I concurr... the whole "make yourself feel like a star" so you trade better doesnt work for me neither... on anything at all acutally, not just trading... it might work for others, so it doesnt mean that it does not work... just doesnt work with my personality.
it is either one has the confidence to trade or do anything else.. or you gain that confidence by learning the basics, applying oneself, and achieving success and when facing failures admiting to those failures and learning from the mistakes... no success without effort and putting in the time to learn it is what I believe in.
unlesss one has papa noel to ask him for things... notice how "the ability to gain better understanding and work hard" was never part of the wish ..
The following 2 users say Thank You to sysot1t for this post: