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Technical Analysis Fallacy

  • #1,181
  • Edited Feb 1, 2008 1:18am Jan 31, 2008 11:35pm | Edited Feb 1, 2008 1:18am
Quoting Northpro
I am always here fti...

I've always used indicators when I traded, so the naked method is new to me and I feel I am learning everything all over...I have to shed my mind of all previous habits and have been staring at naked screens now until my eyes are popping out of my head.....so sleep...that would be nice, but naps will do for now.

"Consciousness is that annoying period between naps"
Hi northpro,
its good for you, soon you'll be able to walk without aid.
no pain no gain
anymore coffee?

and I am begining to feel like ice burg, only small tip on surface,LOL
the rest umderwater, lol
after lunch 1 wave down then a, b
is there c, how high?
checking ammo pouch now.
sold 5 @ 14861 looking at USDYEN & gbp
abandoning that depth thingy, overcrowding my screen

volatility still small, but now feels like mushroom flooting in water, lol
ah Leighsww You're back
the Market m is dribbling the market like basketball.
woh , this cannot go on foever. the london boys will be back soon , ggotta try to scale some headroom ( space) fast.
ahh, now can breath at last.

sheesh. that japanese girl came in showed long sexy legs and spooked the whole cartload of Euro boys.
ah , the iron lady, won't take it sitting down.
wow , getting very clusterfobic
the vols unreal just sweeps
better scale off a bit now
bot 8 @ 57
repeating bot 8 eur @1.4857
sold 8 @ eur 1.48581
dang too fast
bot 10 @ 14863

the dow's drop impeeding the usd recovery now
  • #1,182
  • Jan 31, 2008 11:45pm Jan 31, 2008 11:45pm
Quoting fti
but is "unable to connect to order server"
efx just in case anyone is interested
That's cuz we were in the midnight (NY time) maintenance, silly!! It lasts for 5 minutes every night, lol.

Quoting fti
But really this is how real pros do it, we are a little crazy.
always burn out candle both ends.
Can't change bad habits. But the money makes it worthwhile I guess.
Don't make excuses, you can change bad habits! The question is ... are you willing to? lol :

The way you traded for the banks cannot be the same as trading for yourself. With the bank, you had $500mio to rescue $1mio, most people won't have that kind of capital ratio for rescues (ex: 500 lots to rescue 1 lot), so you have to alter your structure a little bit to accommodate what's feasible for retail traders.

Also, looking at your figures, I thought you told me once not to enter a rescue too early! Do you need another whipping, lol?! :

-------------------------

Whoever this may concern, lol ...

Okay, earlier I mentioned I had a post to make with more info, so here it is ... here's how to calculate the amount of troops one needs to rescue a trade:

Let's say you put in a scout (one lot) and the trade goes against you. You will have to determine how many troops (lots) you need to re-average your position, so that you are only "X" amount of pips away from the current market price.

Solving for "X" is dependent on several things, in my opinion ... the currency pair and the amount of troops you can spare (your margin/capital) for the rescue.

The optimum would be X = 5 pips, but for some, the amount of lots needed would not be feasible (normally takes 5 lots/troops to rescue 1 lot/scout). So,

Let's take fti's EUR/USD trade ...

He put scout in at 1.4833 .

If it were me, I would have waited and put in my rescue mission at 1.4864. Putting in the rescue mission too early could end up still having the battle moving in the wrong direction which puts your troops farther and farther away from the safety zone (break even point).

Even though 1.4864 would make scout 31 pips in the danger zone, you have to stay calm, don't panic (you've got to have those balls of steel, as fti puts it, lol - yes, even us women must have them), because at some point, there will always be a retracement/pullback in the 5 - 8 pip range you need, to make a rescue successful (I have been testing this out and every rescue has been successful for me.)

So, now to determine how far you can afford "X" to be at ...

1.4864 x 3 troops + 1.4833 (scout) = 5.9425 / 4 = 1.4856

X would then = 8 pips

Just for the heck of it, let's say we were 50 pips away from scout ...

1.4883 x 3 troops + 1.4833 (scout) = 5.9482 / 4 = 1.4871

X would then = 13 pips

That might be a little too far for comfort (because nothing is guaranteed due to market randomness), thus it would take 5 lots/troops for X to = 8 pips from the market price. However, that's a lot of troops for most people to have to risk, so if you're not in a position to put that many lots in for a rescue, I would suggest that you use .5 lots (for scout), then you only need 2.5 lots for the rescue to be at 8 pips (.5 x 5 = 2.5). Hopefully, however, you will never have to rescue at 50 pips or more away

Another reason I chose EUR/JPY as my baby/kingdom/dance floor/what-have-you is because it can make an 8 pip rescue in a much shorter amount of time with no stress for me, lol. And I don't have to babysit all night!!

Again, in my opinion (and what fti had told me once, however for some reason he must have forgotten :, lol), the key is not to get too anxious to the point you are entering rescue troops too early (remember the lesson on "patience," fti? lol).

Anyway, this is my take on it and how I've been trading fti's method. However, fti and I have different temperaments, so even though he's been my teacher, we approach things a little differently

Okay, I'm off to eat dinner now. Below is my chart showing the scenario of where I might have rescued and exited that trade.

P.S. If I've made any incorrect math calculations, please correct me (I told you before, math is not my specialty, haha).
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDrescue.png Size: 118 KB
  • #1,183
  • Feb 1, 2008 12:19am Feb 1, 2008 12:19am
Quoting Leigh
I would suggest that you use .5 lots (for scout), then you only need 2.5 lots for the rescue to be at 8 pips (.5 x 5 = 2.5).
Oh, I wanted to mention that I am basically talking to those who are fairly new to dancing the forex market, or still in practice mode with fti's method and/or do not yet have the capital to trade full lot sizes due to the amount of troops needed for rescue missions.

I don't want the polished traders to get insulted by my comments, so I just wanted to clear that up just in case, haha :

When I first learned fti's method, I could see the beauty of re-averaging, but I didn't want to practice on my live account with full lots, so the .5 lot worked out great. Thought some others may want to do the same if can't do full lots at the onset.

Now I'm trading full lots as I'm more confident in doing rescue missions, lol.

Okay, I'm really needing to eat dinner now! See ya!
  • #1,184
  • Feb 1, 2008 12:32am Feb 1, 2008 12:32am
Leigh, I am no mathmatician, but your logic comes through very clear on your rescue example. I just closed my quick usd/jpy short as I made enough money to pay for the cold beer I just finished (just one!). Good luck on the trades fti and northpro, it looks the the gbp is going to put you into profit and I need my 4 hours of sleep!

Dance well.......
  • #1,185
  • Edited 1:42am Feb 1, 2008 1:25am | Edited 1:42am
hi
sorry ,too busy to reply just yet
note position size down to short eur 6now
refer thread last page
bot 7 @ 59
repeat bot 7 @ 14859

so efectively long 1 eru @ 1.4859
now

possible interim bottom found. still watching for clearer signs

sold 1 eur @ 1.48705
now effectively squared

didn't do to well.

now watch from afar on where or if the top can form at all.

regards
  • #1,186
  • Feb 1, 2008 1:48am Feb 1, 2008 1:48am
Quoting leighsww
That's cuz we were in the midnight (NY time) maintenance, silly!! It lasts for 5 minutes every night, lol.
Oh sorry, didn't know that . my bad



Quoting leighsww
Don't make excuses, you can change bad habits! The question is ... are you willing to? lol :

The way you traded for the banks cannot be the same as trading for yourself. With the bank, you had $500mio to rescue $1mio, most people won't have that kind of capital ratio for rescues (ex: 500 lots to rescue 1 lot), so you have to alter your structure a little bit to accommodate what's feasible for retail traders.

Also, looking at your figures, I thought you told me once not to enter a rescue too early! Do you need another whipping, lol?! :
Oh ok, difficult to be poor. LOL
Yeah but today was very tight, got much profits yesterday. So the carry over was little ego,but I played the dance, really didn't dance too well though.
too eager?
-------------------------

Oh sorry, didn't know that . my bad

regards
  • #1,187
  • Feb 1, 2008 2:09am Feb 1, 2008 2:09am
Quoting leighsww
Whoever this may concern, lol ...

Okay, earlier I mentioned I had a post to make with more info, so here it is ... here's how to calculate the amount of troops one needs to rescue a trade:

Let's say you put in a scout (one lot) and the trade goes against you. You will have to determine how many troops (lots) you need to re-average your position, so that you are only "X" amount of pips away from the current market price.

Solving for "X" is dependent on several things, in my opinion ... the currency pair and the amount of troops you can spare (your margin/capital) for the rescue.

The optimum would be X = 5 pips, but for some, the amount of lots needed would not be feasible (normally takes 5 lots/troops to rescue 1 lot/scout). So,

Let's take fti's EUR/USD trade ...

He put scout in at 1.4833 .

If it were me, I would have waited and put in my rescue mission at 1.4864. Putting in the rescue mission too early could end up still having the battle moving in the wrong direction which puts your troops farther and farther away from the safety zone (break even point).

Even though 1.4864 would make scout 31 pips in the danger zone, you have to stay calm, don't panic (you've got to have those balls of steel, as fti puts it, lol - yes, even us women must have them), because at some point, there will always be a retracement/pullback in the 5 - 8 pip range you need, to make a rescue successful (I have been testing this out and every rescue has been successful for me.)

So, now to determine how far you can afford "X" to be at ...

1.4864 x 3 troops + 1.4833 (scout) = 5.9425 / 4 = 1.4856

X would then = 8 pips

Just for the heck of it, let's say we were 50 pips away from scout ...

1.4883 x 3 troops + 1.4833 (scout) = 5.9482 / 4 = 1.4871

X would then = 13 pips

That might be a little too far for comfort (because nothing is guaranteed due to market randomness), thus it would take 5 lots/troops for X to = 8 pips from the market price. However, that's a lot of troops for most people to have to risk, so if you're not in a position to put that many lots in for a rescue, I would suggest that you use .5 lots (for scout), then you only need 2.5 lots for the rescue to be at 8 pips (.5 x 5 = 2.5). Hopefully, however, you will never have to rescue at 50 pips or more away

Another reason I chose EUR/JPY as my baby/kingdom/dance floor/what-have-you is because it can make an 8 pip rescue in a much shorter amount of time with no stress for me, lol. And I don't have to babysit all night!!

Again, in my opinion (and what fti had told me once, however for some reason he must have forgotten :, lol), the key is not to get too anxious to the point you are entering rescue troops too early (remember the lesson on "patience," fti? lol).

Anyway, this is my take on it and how I've been trading fti's method. However, fti and I have different temperaments, so even though he's been my teacher, we approach things a little differently

Okay, I'm off to eat dinner now. Below is my chart showing the scenario of where I might have rescued and exited that trade.

P.S. If I've made any incorrect math calculations, please correct me (I told you before, math is not my specialty, haha).
In essense you are not wrong.
BUT
the above entry was rescues 1 for 1 once and then I was poised for attack.
as I didn't wanted to go into rescue mode in against trend top picking scenerio.
When the opportunity came, apparantly I detected someting amist as per the crosses against USDYEN, which is happening quite often this week.
anyway the rest of the story is generally posted here.

You see, in all truthfulness I am still imposing wrinkles to the "feel"
as like you rightfully mentioned, I am no longer a bank.
But be aware that when i presented the said to you, i was aware of my situation as well as that you are trading small. So therefore the toning down of the rescue and attack strategy.
Please empatise with me that I am very aggressive in my approach and really do feel the difficulity of toning down. Nevertheless I also am preparing to be coming into the market in not a small way,if I can find a comfortable house to deal from. but of course not like a bank .
So my approach would mostly be in comforming to my old style.
You know the old dog thingy.LOL

In essence , I think your style of MM may be more palatable to the traders here esp when they are new to the approach. In that perspective , I believe you are right.

One other thing that I would like to point out is that with your rescue approach, You may find that you can be trapped in long leg runs , which can run against the major trend sometimes, and you may find that the rescue can snowball as well. It is not often tat that scenerio may present, nevertheless they do occur. Therefore although your approach of distance due to size constrains is not wrong. be aware of the possibilities. In all essense , the dance is paramount. That's what brings in the bread.
the MM is a managing tool, to protect and use as advantage MM.

KISS (Keep it simple and strong.) There's too much to deal with when in markets , so keep sharp and nimble.


welcome back.

regards
  • #1,188
  • Feb 1, 2008 2:27am Feb 1, 2008 2:27am
Hi ALL,
the purpose of this exercise.

is to highlight the difficulties faces in markets and the confusion it creates in your minds.

The important lesson if I may highlight for your training is the reselience & dedication that is required to trade professionally vis a vis, trading by indicators and from predictive analatics. Unfortunately the market didn't run, so you haven't seen the other perspective of managing a "dead in the water positions" nor the aggression required in a run for the bank scenerio.

I guess many are tired for now so i shall continue on my own for my personal simulation until NY comes in.

Thanks for your ride along. For those who actually took positions and are trapped in them, I do hope that its small and you can try to unwind them at least damage as possible.
@ Zoran
When you awaken , do shout out and I'll see if I can be of assistance.
Mkts is clearly in a tigt range. so much strategies are available.

regards

Please post any question or comments at will.
  • #1,189
  • Feb 1, 2008 2:51am Feb 1, 2008 2:51am
Hi Leighsww,

How do I print the blotter for the benefit of those who may like to dissect the trading, as there is no time imprint in the threads.

If I can print the blotter, then I can send to those who ask.

sorry still very new to efx platform.

regards

Ps any questions, any one?
  • #1,190
  • Feb 1, 2008 2:53am Feb 1, 2008 2:53am
Quoting fti
Please empatise with me that I am very aggressive in my approach and really do feel the difficulity of toning down. Nevertheless I also am preparing to be coming into the market in not a small way,if I can find a comfortable house to deal from. but of course not like a bank .
So my approach would mostly be in comforming to my old style.
You know the old dog thingy.LOL
I was going to post earlier (I got detained and found 4 more posts of yours had been entered so now I had to redo my original post, lol) that I was beginning to lose count of how many troops you had in the field and it's a good thing you have deep pockets! :

Also, that I had no doubt you would come out of this a winner in the end of the battle (cuz I know how good you are), but boy, what you have to go through to do it, yikes!

Quoting fti
In essence , I think your style of MM may be more palatable to the traders here esp when they are new to the approach.
Also anybody who doesn't have as deep pockets, lol.

I have to say, that I worry about your health, so if you can, please do try to tone down just a tad, so that you don't get into the same rut you did at the bank. Yes, you were the best-of-the-best (and I saw enough of your blotter to know that), but what good is all that money you make if your health takes a beating in the process?

You can make many profitable trades without killing yourself. I will work hard to prove that to you one day soon

Quoting fti
Therefore although your approach of distance due to size constrains is not wrong. be aware of the possibilities. In all essense , the dance is paramount. That's what brings in the bread.
the MM is a managing tool, to protect and use as advantage MM.
Okay, I will keep that in mind. Thank you.

I'm off to bed now, so have a good rest of day and try to get some sleep, okay?
  • #1,191
  • Feb 1, 2008 2:55am Feb 1, 2008 2:55am
Firstly, I would like to welcome Leigh back. Glad to see a few whips being cracked again.

Quoting fti
Hi ALL,
the purpose of this exercise.

is to highlight the difficulties faces in markets and the confusion it creates in your minds.

The important lesson if I may highlight for your training is the reselience & dedication that is required to trade professionally vis a vis, trading by indicators and from predictive analatics. Unfortunately the market didn't run, so you haven't seen the other perspective of managing a "dead in the water positions" nor the aggression required in a run for the bank scenerio.

I guess many are tired for now so i shall continue on my own for my personal simulation until NY comes in.

Thanks for your ride along. For those who actually took positions and are trapped in them, I do hope that its small and you can try to unwind them at least damage as possible.
@ Zoran
When you awaken , do shout out and I'll see if I can be of assistance.
Mkts is clearly in a tigt range. so much strategies are available.

regards

Please post any question or comments at will.
Hi fti

When we were discussing AOW, there were many questions about who the enemy was. I think that the confusion we experience as a result of stress (fight or flight instinct), fear and anger when a trade is against us, is the enemy.

That is when you need to take on a warrior mentality (you call it balls of steel) to fight these confusing emotions in order to beat the enemy. Am I correct in my assumptions?
Hope isn't a viable investment vehicle.
  • #1,192
  • Feb 1, 2008 3:11am Feb 1, 2008 3:11am
Quoting fti
Hi Leighsww,

How do I print the blotter for the benefit of those who may like to dissect the trading, as there is no time imprint in the threads.

If I can print the blotter, then I can send to those who ask.

sorry still very new to efx platform.

regards
Do you have a "live" account? I don't think the "demo" account can access the login for your trading reports.

I'm about to go to bed (hubby's waiting), so I probably can't wait for you to respond, so if you do have access to the login for your account then you will need to do a screen capture for the Summary Report or Trades Report (i can't remember the exact names, as I would have to login to look, but don't have time right now to do it). If you find it on your own, don't forget to Photoshop out your identity now, Mister Mouse!)

If you're on demo account still and don't have access to the reports, then someone else may have to give you that answer, although I don't believe I ever saw a way to get a blotter from within the Navigator platform itself.
  • #1,193
  • Edited 3:36am Feb 1, 2008 3:25am | Edited 3:36am
Quoting DutchAngel
Firstly, I would like to welcome Leigh back. Glad to see a few whips being cracked again.



Hi fti

When we were discussing AOW, there were many questions about who the enemy was. I think that the confusion we experience as a result of stress (fight or flight instinct), fear and anger when a trade is against us, is the enemy.

That is when you need to take on a warrior mentality (you call it balls of steel) to fight these confusing emotions in order to beat the enemy. Am I correct in my assumptions?
Hi dutchangel,
Yes , basically althought the market is essentially the battlefield.
The main fighting is in the mind of the trader.
Therefore mindset is paramount.
But mindset alone cannot do anything to the situation thats developing in the markets, but just hold the trader intact. To compliment the right mindset is the required capitalisation and proper division and mobilisation of said. So game style and nimbleness is complimentary to the mindset.

In bank environments and open outcry systems , traders have others to benchmark against in the same market environments. In those environments, even wrong mindset can be corrected by direstional herding moves if trader ego is incheck. Even if feel was wrong, the noisy hints can awaken the trader that he may be out paced and if trader was nimble position can be corrected.
If trader has personality conflicts witnin environment or of personal nature, then all trading facalties within the trader is impaired.

Notice that trader like leeson and the recent kervael had personal problems ( mostly household), which could have impaired their trading. We must realise that these can trade the sizes they trade because of past performances. Its funny how mindset impairment can create disasterous scenerios for traders.
So short answer is yes, what you mentioned is right.

But most individual traders have little training and exposures in this respect, esp in dealing with snowballing risk and leverage dangers. Thats why MM is important aspect as well.
Notice why most of the "rogue: traders were futures traders?
thats because of disorientation by leverage, if you like. Heard of any spot FX rogue trader, mostly do not happen dur to check and balances inposed by dealing enviroment.
ie 1st class info+enviroment, services=monitoring by dealers not directly involved.

regards

Notice , during this exercise, when my positin skewed up, my risk had to be in check otherwise the disorientation could have had me unduely exposed.Experience does help allow us to feel the market a little better.
Noticed how when the frustration build, I had to re align the GBP positioning , to yield to the EUR. and how on the 1st sign of technical danger , my over stayed snowballed EUR positions were cleared out lock stock before the legged up swing.
Ability to read market form is part of the training. Its hard to develop, unless by experience. And also stamina and dedication to trading is required. Seems alot to make a buck doesn't it.
  • #1,194
  • Feb 1, 2008 3:40am Feb 1, 2008 3:40am
Quoting leighsww
Do you have a "live" account? I don't think the "demo" account can access the login for your trading reports.

I'm about to go to bed (hubby's waiting), so I probably can't wait for you to respond, so if you do have access to the login for your account then you will need to do a screen capture for the Summary Report or Trades Report (i can't remember the exact names, as I would have to login to look, but don't have time right now to do it). If you find it on your own, don't forget to Photoshop out your identity now, Mister Mouse!)

If you're on demo account still and don't have access to the reports, then someone else may have to give you that answer, although I don't believe I ever saw a way to get a blotter from within the Navigator platform itself.
@ Leighsww,
Ok noted and thanks

Goodnight.

regards
  • #1,195
  • Feb 1, 2008 3:50am Feb 1, 2008 3:50am
Quoting fti
Hi dutchangel,


Notice , during this exercise, when my positin skewed up, my risk had to be in check otherwise the disorientation could have had me unduely exposed.Experience does help allow us to feel the market a little better.
Noticed how when the frustration build, I had to re align the GBP positioning , to yield to the EUR. and how on the 1st sign of technical danger , my over stayed snowballed EUR positions were cleared out lock stock before the legged up swing.
Ability to read market form is part of the training. Its hard to develop, unless by experience. And also stamina and dedication to trading is required. Seems alot to make a buck doesn't it.
Hi fti

Thanks for your reply. Trading has its moments. I got into a hectic trade in Dec 2007, where I ended up about 800 pips down. The swap alone came to 750 usd. I was in the trade for about a week when I decided to give up the battle as I was emotionally drained. I took 170 usd loss in the end, only to discover if I had fought a couple of hours longer, I would have made a good profit. But the stress and frustration beat me that round. I don't use leverage - too scary for me.
Hope isn't a viable investment vehicle.
  • #1,196
  • Feb 1, 2008 4:12am Feb 1, 2008 4:12am
Quoting fti
Hi ALL,
the purpose of this exercise.

is to highlight the difficulties faces in markets and the confusion it creates in your minds.

The important lesson if I may highlight for your training is the reselience & dedication that is required to trade professionally vis a vis, trading by indicators and from predictive analatics. Unfortunately the market didn't run, so you haven't seen the other perspective of managing a "dead in the water positions" nor the aggression required in a run for the bank scenerio.

I guess many are tired for now so i shall continue on my own for my personal simulation until NY comes in.

Thanks for your ride along. For those who actually took positions and are trapped in them, I do hope that its small and you can try to unwind them at least damage as possible.
@ Zoran
When you awaken , do shout out and I'll see if I can be of assistance.
Mkts is clearly in a tigt range. so much strategies are available.

regards

Please post any question or comments at will.

Firstly, would like to thank you for doing this live example of battles(or the dance). Having only seeing this for the first time, it's an eye-opener and you are right in saying you need to have resilience & dedication to trade this way... like, there were times that I thought the positions looked vulnerable or getting away. but u rescue in time(by injecting more troops). clever.

Is this dance today, not a normal dance today.. I mean market wise, b/c the markets seems to be very dead and quiet?

I don't have any other questions atm. Though, would love to see the timestamps of the dance to digest more b/c I missed the beginning of the battle.

anyway, thanks again.
hopefully we will get to see more of this dancing again. ;-)
cool. cheers,
bl
  • #1,197
  • Feb 1, 2008 4:23am Feb 1, 2008 4:23am
Quoting leighsww

-------------------------

Whoever this may concern, lol ...

Okay, earlier I mentioned I had a post to make with more info, so here it is ... here's how to calculate the amount of troops one needs to rescue a trade:

Let's say you put in a scout (one lot) and the trade goes against you. You will have to determine how many troops (lots) you need to re-average your position, so that you are only "X" amount of pips away from the current market price.

Solving for "X" is dependent on several things, in my opinion ... the currency pair and the amount of troops you can spare (your margin/capital) for the rescue.

The optimum would be X = 5 pips, but for some, the amount of lots needed would not be feasible (normally takes 5 lots/troops to rescue 1 lot/scout). So,

Let's take fti's EUR/USD trade ...

Hello leighsww,

Your explanation is a great help to all. I am definitely seeing clearer the pro's of re-averaging and combined with total managing of positions.

Thank you and welcome back. I enjoy your post as well.

Cheers,
bl
  • #1,198
  • Edited 10:45am Feb 1, 2008 4:40am | Edited 10:45am
Quoting DutchAngel
Hi fti

Thanks for your reply. Trading has its moments. I got into a hectic trade in Dec 2007, where I ended up about 800 pips down. The swap alone came to 750 usd. I was in the trade for about a week when I decided to give up the battle as I was emotionally drained. I took 170 usd loss in the end, only to discover if I had fought a couple of hours longer, I would have made a good profit. But the stress and frustration beat me that round. I don't use leverage - too scary for me.
@ DutchAngel,
You are right again there, Trading does have its moments.
For the experience you encountered, if it was me, thankfulness should be the word, that although it was so bad , you had the stamina to see it thru and made a big loss a small one. Of course like you said, from hindsight , it would probably been a windfall had you stuck with it a little more, Sure, but thats from hindsight, in reality you have saved your capital in a bad fight and have carved the opportunity to fight again, in preserving your capital and Now with a little more experience and a little more prudent.

Losing money is no big deal in trading. Losing the ability to financial trade again is the pits of it. But truly losing the moral, that ones incurable.
It develops in the person a complex to haunt them for the rest of their lives.
Remember subcounciously, you never ever forget your trainings and experiences. Akin to I believe you would never forget the presentations that I have presented here. But if you can counciously use what you have learned to better your trading form, then thats the crown.

One attribute that traders must develop, is the ability to let go.
To unwind. To laugh at the worst and laugh at the best.

Dr Murray Banks taught me this, when I was a struggling dealer..
"whatever be your goals in life brother,
look upon the donut and not upon the hole."

Stay mentally strong.
regards
  • #1,199
  • Feb 1, 2008 4:50am Feb 1, 2008 4:50am
Quoting gfsr
Firstly, would like to thank you for doing this live example of battles(or the dance). Having only seeing this for the first time, it's an eye-opener and you are right in saying you need to have resilience & dedication to trade this way... like, there were times that I thought the positions looked vulnerable or getting away. but u rescue in time(by injecting more troops). clever.

Is this dance today, not a normal dance today.. I mean market wise, b/c the markets seems to be very dead and quiet?

I don't have any other questions atm. Though, would love to see the timestamps of the dance to digest more b/c I missed the beginning of the battle.

anyway, thanks again.
hopefully we will get to see more of this dancing again. ;-)
cool. cheers,
bl
Hi gsfr,
Thanks for your kind compliments.
Really there wasn't anything clever there, but was necessary.

Ther is no such thing as a normal trading day.
Everyday the challenges are different, and the trader has to use their wits and experience, plus training tempered with a little luck in taming the markets. To day is inside day and very tight in range. Quiet like you said is right.

I would try to see if I could extract the blotter. What I have on hand now is the reads after 12:00pm Sg time. Seems efx reset or compiles the system as thats their day switch over , coincidentally is noon sg time. which is midnight NY time. However I will see what can be done about that.

regards
  • #1,200
  • Feb 1, 2008 4:57am Feb 1, 2008 4:57am
Hi All,
Ok it dinner time for me. Lets see what the cat drags in , during NY.

For those of you who stayed watching, I am sorry that this was not very interactive. Would have created more condusive feel for you, if it was.

Good Fortune to All

regards

enclosed What I could get from the blotter.
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