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Back to the Future – My Freewheeling Journal

  • #321
  • Oct 14, 2017 1:10am Oct 14, 2017 1:10am
More clear than that is impossible!
I could well close this journal after having posted this one...

You..."must buy or sell according to the Rules, regardless of what you think or hope."
"Use as little human judgement as possible and you will make better success in trading." (W.D. Gann)

Now. After all these pages, after all my effort in my poor and elementary English,
can you see, feel and understand the greatness of these quotes?

Rules? What rules?
  • #322
  • Oct 14, 2017 1:15am Oct 14, 2017 1:15am
The only thing that matters. Relative, comparative Force (in respect to your position.)
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  • #323
  • Edited 1:28am Oct 14, 2017 1:16am | Edited 1:28am
To drag the past out into the light.


P.S. Sorry Bono...but I think this version is better than the original...


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  • #324
  • Oct 14, 2017 1:35am Oct 14, 2017 1:35am
Quoting maverick2017
{quote} This was quiet discouraging while reading
Hope you mean in a "positive" sense... LOL
Waiting for reading more on the subject.

Oh. I would really like a bit of calm, serene, respectful discussion and/or debate.

(Respectful for you, me and everyone...
OMG Readers, anyone... don't do that again or I will not survive a second time! Please. )

Come on, let's discuss.
  • #325
  • Oct 14, 2017 1:46am Oct 14, 2017 1:46am
Quoting Piquant
{quote}... because the way in which we perceive and process information differs from person to person. it's a personal journey. ...
How true.
Success in the market is not just about the market; it is also about knowing how each one of us react to Fear and Greed, Hope and Regret.
A trader will continue to struggle if they are unwilling to identify true characteristics about themselves, regardless of how undesirable they may seem.
Further, the process of knowing ourself as a trader and a person will never end, so do not delay.

This is why we have to refer again to Sun Tzu (over 2.500 years ago!)

17. Thus we may know that there are five essentials for victory:
(1) He will win who knows when to fight and when not to fight.
(2) He will win who knows how to handle both superior and inferior forces.
(3) He will win whose army is animated by the same spirit throughout all its ranks.
(4) He will win who, prepared himself, waits to take the enemy unprepared.
(5) He will win who has military capacity and is not interfered with by the sovereign.

18. Hence the saying:
>If you know the enemy and know yourself, you need not fear the result of a hundred battles.
>If you know yourself but not the enemy, for every victory gained you will also suffer a defeat.
>If you know neither the enemy nor yourself, you will succumb in every battle.
  • #326
  • Edited 2:22am Oct 14, 2017 1:57am | Edited 2:22am
This is Chris Lori - Great trader. Great teacher.
This is why I proposed him to you.

"There is no other person in the world that knows your mind, emotion and will.
How can a separate mind possibly tell you how and when to enter and exit a trade if they have no understanding of the foundation your trade is based on?
The market environment is constantly changing, so an opinion or insight one hour can completely change course in the next hour.
In this case, “all bets are off!”
If you do not filter the opinions of other analysts and traders, you may end up very confused and never make a trade,
because every opinion will be pointing in different directions for different reasons with different plans and timeframe.
Listening to others will keep you out of good trades, put you into bad trades and talk you out of a good position you are in.
It is likely that your trading results will improve when you become an independent thinker.

You must believe and trust in yourself and your own methods."


(provided that those methods are based on the true Market's Voice...
Of course this is my personal add-on in conclusion! Just to not forget to remember. LOL)
  • #327
  • Oct 14, 2017 1:57am Oct 14, 2017 1:57am
Quoting Jupiter
{quote} Hope you mean in a "positive" sense... LOL Waiting for reading more on the subject. Oh. I would really like a bit of calm, serene, respectful discussion and/or debate. (Respectful for you, me and everyone... OMG Readers, anyone... don't do that again or I will not survive a second time! Please. ) Come on, let's discuss.
" >The easy part is initiating a change process. The real challenge is sustaining change.
> The enemy of change is relapse: falling back into old, unproductive ways of thinking and behaving.
(Perhaps you’ve told yourself that you need to follow your rules... still you make the same mistakes... and build frustration...)
> Your attempts at change fail because they lack emotional force. Without the momentum of emotion, relapse is the norm. "

^^ this part of the post is true but to practice this is completely different activity. I've been trying to rectify a mistake I have been making over and over again. Mistake being expecting more from the market when i'm in profit but position coming back and hitting my stop loss.
So, for me this part of the post clicked with me but it is as tough as anything to stop making the same mistake over and over again. I've set a target to overcome this mistake in a week or two. But it is easier said than done.
A trade should be based on an assumption based on facts
  • #328
  • Oct 14, 2017 2:15am Oct 14, 2017 2:15am
Quoting maverick2017
{quote} I've set a target to overcome this mistake in a week or two. But it is easier said than done.
I have read somewhere (I think it was Linda again...)
that it takes a minimum of 21 successful days to start to make a new behaviour or pattern or habit as “Automatic” and “Internalised”.
This is what we want in our trading.
Some researchers say it can take over 80 days.
Your answer is perfect.
Give yourself a number that you are going to reach for.
(like “alcoholic anonymous 12 steps”)
Brain responds best to absolute number defined.

Crucial point is recognise and admit the mistake. Rest is consequence.
Be your own coach.
Yell to yourself a simple and clear. "Hey! Don't do that!"
  • #329
  • Oct 14, 2017 2:32am Oct 14, 2017 2:32am
Chris Lori, again.

"I am amazed at how much “dumb money” there is in the hands of very intelligent people.
What do you think creates “dumb money”?
The powerful emotion of greed completely overrides a perfectly intelligent person’s ability to see things objectively."

"Wisely choose your path to developing as a trader.
Do not take short cuts. Do not chase the Holy Grail. Do not jump from system to system.
Find a method and test it to see if it meshes with your temperament."
  • #330
  • Oct 14, 2017 2:40am Oct 14, 2017 2:40am
Quoting Jupiter
{quote} I have read somewhere (I think it was Linda again...) that it takes a minimum of 21 successful days to start to make a new behaviour or pattern or habit as “Automatic” and “Internalised”. This is what we want in our trading. Some researchers say it can take over 80 days. Your answer is perfect. Give yourself a number that you are going to reach for. (like “alcoholic anonymous 12 steps”) Brain responds best to absolute number defined. Crucial point is recognise and admit the mistake. Rest is consequence. Be your own coach. Yell to yourself...
I've also read about the 21 day rule. There is a 10,000hours rule to master anything.
One thing positive is that at least I know the mistake i'm making but something tells me it has more to do with trading strategy or analysis I make.

"Yell to yourself a simple and clear. "Hey! Don't do that!" "
^^ I'll try this from Monday
A trade should be based on an assumption based on facts
  • #331
  • Edited 2:56am Oct 14, 2017 2:44am | Edited 2:56am
It is not simple. It is not easy.
It is a serious Course of Study to get an high profile profession.

How long does it take to really come out of these 20 Donchian Rules...?
Just to make you an example. Just one.

I spent two years to come out (approximately) from Gann's "How to make profit..."
But maybe I'am just a stupid ex-boy.
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  • #332
  • Edited 3:18am Oct 14, 2017 3:07am | Edited 3:18am
The pure genius of Warren Buffet.


"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently."

"Can you really explain to a fish what it’s like to walk on land?
One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value."
(With all the due respect, and only with fraternal intentions... think to my trading live yesterday with KiellDT.
Did he get something from it? How can I know? Impossibile on the Internet.)

"You only have to do a very few things right in your life so long as you don’t do too many things wrong."

"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."
(this is me... this is me...!!!)

"Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks."
(this is me... this is me...!!! and so on, and so on.)

"Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it."

"If you are in a poker game and after 20 minutes you don't know who the patsy is, then you’re the patsy."
(that one is great... this is my personal coach yelling at me!)

"If past history was all that is needed to play the game of money, the richest people would be librarians."
(we can debate for one year on the sense of this one)

"Only when you combine sound intellect with emotional discipline do you get rational behavior."

"Never invest in a business you can’t understand."


I publish these quotes from the Greats 'cause they are "pearls of winsdom". Pure gems. Golden nuggets.
Each one are important and dense and full of contents as a whole book.
Of course, this is me.
  • #333
  • Oct 14, 2017 3:15am Oct 14, 2017 3:15am
Quoting Jupiter
2010-2017 29th of September was my “birthday” in the market... Yes, I took note of the date. It was a turning point in my life. Some years ago, that day... I decided to try to be a trader. (Please: notice the conscious “try”) This is what I wrote that morning on my personal journal. (You know, I have a pile of handwritten Moleskine... and from today this digital notebook, as well.) This is my balance of these years condensed in a few words. I'll share it with you... … Why? I really don't know... maybe I'm just searching for a bit of good karma saving...
Hello Jupiter,
first of all THANK YOU for your thread. What you write is absolutely pure gold for me.
I am 55 and my trading birthday was few days ago, October 08th 2008.
I started trading without knowing what I was doing, I only knew that I wanted to earn money in a new way so I could leave my current job.
Since then I blew up many large accounts and now, only after many kicks in the ass and sad chapters in life, I am trading a small one (and booking small losses).
I am still finding my way and although I have read all the books that you mention in your posts I haven’t assimilated them in a proper and clear way as you have.
This is why your posts are so highly valuable for me.
Many thanks again
valter
  • #334
  • Oct 14, 2017 3:22am Oct 14, 2017 3:22am
Quoting valter
{quote} Hello Jupiter,
Hello valter.
So happy birthday to you, as well. And welcome here.
Liked so much your tone of voice.
Participate.
Contribute.
If we talk the same Trading Language and share the same Trading Culture,
we could very well grow together and explore something interesting and profitable.
  • #335
  • Edited 7:14am Oct 14, 2017 3:45am | Edited 7:14am
Study and practice.

Practice doesn't make perfect....
Only "Good" practice makes perfect.
You can repeat the same mistake till the destruction of everything.

Only our account tells us whether we are trading well or not.
And this is so partially true because mother market is apparently unfair in this.
Often she repays also who does wrong things...
once, twice, maybe ten times. but at the eleventh... she will kill without any pity.

So we do have to construct our skill through hard deliberate practice.
It's that old adage 'Neurons that fire together wire together'.

I wrote something here.

Don't give up hope: you can teach an old dog new tricks (that is also my answer to exnav)!!!!
The question is the time needed to obtain that.
It takes years. So it is.

And even then, one second of distraction and “Game Over”.
  • #336
  • Edited 7:16am Oct 14, 2017 4:23am | Edited 7:16am
I'm rigid on that.
I am, probably, influenced by the way in which my personal approach developed.
I admit differences in Modus Operandi only if they have roots in a certain vision of the Market dynamics.
But it is OK.
You could be a “large view” operator considering “large” waves that tie Dow and Elliot Theories together.
Or you could be, you could prefer to be a “Set-up” Trader.
Trading even only one specific pattern. (And I know, for example 2 or 3 really powerful)

So you could clearly build and grow on, or around, a simple strong Trading Concept.

As I already told you, I use Moving Averages on my background chart.
If I lose my orientation I search for my compass there.

This is Stephen Bigalow.
Again.
Filter this lesson.
Extract the concept.
Reject the useless and the possible garbage.
Get the essence.

I have no responsibility in anything. OK?
You must be able to distinguish.

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  • #337
  • Edited 7:27am Oct 14, 2017 4:42am | Edited 7:27am
Unknown and simply immense.
Roy Buchanan.

Preplanned sequences and improvisations.
You can improvise only if you know what are you doing.
It's pure technique.
And everything flows. Alone.
There are videos in which you can see the destroyed neck of his Telecaster guitar. How many hours of sweat on that wood?
How many hours of sweat on your desk?

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  • #338
  • Oct 14, 2017 4:58am Oct 14, 2017 4:58am
For the next battle.

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  • #339
  • Edited 7:57am Oct 14, 2017 6:21am | Edited 7:57am
A Triangle and some lines on the DAX H1.
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  • #340
  • Oct 14, 2017 7:51am Oct 14, 2017 7:51am
I am watching and studying a DAX Daily Chart.
I am admiring the beauty and the power of this perfect 1.000p advance.
(I told you that I have this weird feeling coming from my analysis)

Anyway.
Simply following the rules, I daresay that it would have been a proper "walk in the park."
I have to admit it.
This one was amazing. The most clear "Starway to Heaven" I have ever seen in seven years.

I am pondering and in deep thoughts because I have neither the money nor the stamina to trade a D1.
Sometimes, we have to face it... we could really do something more than staying on the right side in intraday.

So the discussion is open. These are the pages for a serious confrontation.
If you readers want.
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