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  • #10,241
  • Feb 26, 2010 7:40am Feb 26, 2010 7:40am
Tomorrow this thread is 1 year old.

Strat must be congratulated, who with his able assistants, has created something of value for the serious trader or shall I say want to be trader.

Whatever, the teaching here has been so useful to me, as I have been searching for a strategy that suits me. Now I am overcoming my demons one by one, with the help of these fine people in a few years time I might be able to call myself a trader.

Many happy retrurns, and I look forward to the next chapter with great expectations.

Larry
  • #10,242
  • Feb 26, 2010 8:26am Feb 26, 2010 8:26am
Quoting LarryK
Tomorrow this thread is 1 year old.

Strat must be congratulated, who with his able assistants, has created something of value for the serious trader or shall I say want to be trader.

Whatever, the teaching here has been so useful to me, as I have been searching for a strategy that suits me. Now I am overcoming my demons one by one, with the help of these fine people in a few years time I might be able to call myself a trader.

Many happy retrurns, and I look forward to the next chapter with great expectations.

Larry
Hear Hear, Larry!
  • #10,243
  • Feb 26, 2010 8:50am Feb 26, 2010 8:50am
Quoting LarryK
Tomorrow this thread is 1 year old.

Strat must be congratulated, who with his able assistants, has created something of value for the serious trader or shall I say want to be trader.

Whatever, the teaching here has been so useful to me, as I have been searching for a strategy that suits me. Now I am overcoming my demons one by one, with the help of these fine people in a few years time I might be able to call myself a trader.

Many happy retrurns, and I look forward to the next chapter with great expectations.

Larry
Wow! A year already.

Although I'm still taking "one year old" steps I feel like I am making good progress. I have learned more about what it takes to be a successful trader here than anywhere else I have been.

I am looking forward to many more successful years to come.

Dave
  • #10,244
  • Feb 26, 2010 8:59am Feb 26, 2010 8:59am
Quoting LarryK
Tomorrow this thread is 1 year old.

Strat must be congratulated, who with his able assistants, has created something of value for the serious trader or shall I say want to be trader.

Whatever, the teaching here has been so useful to me, as I have been searching for a strategy that suits me. Now I am overcoming my demons one by one, with the help of these fine people in a few years time I might be able to call myself a trader.

Many happy retrurns, and I look forward to the next chapter with great expectations.

Larry
Tomorrow this thread is 1 year old.

Strat must be congratulated

Thanks for the appreciation but the real congratulations go to Nicola (elitejets) who pushed and cajoled me to start this thread.
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,245
  • Feb 26, 2010 9:19am Feb 26, 2010 9:19am
The Power of the Mind at its most dangerous:

""Actor Andrew Koenig, who had been missing since February 14, committed suicide, his father told reporters after his son's body was found Thursday in a park in Vancouver, British Columbia.""

The Power of the Mind is stronger than any physical strength our body has.

Learn to respect the Power of the Mind.

Learn how to control the Power of the Mind and use it to your advantage.

Never abuse or ignore the Power of the Mind
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,246
  • Feb 26, 2010 9:23am Feb 26, 2010 9:23am
Quoting strat
Tomorrow this thread is 1 year old.

Strat must be congratulated

Thanks for the appreciation but the real congratulations go to Nicola (elitejets) who pushed and cajoled me to start this thread.

Thanks Strat and all members, the contribution of your time is well appreciated.

Wayne
  • #10,247
  • Feb 26, 2010 9:25am Feb 26, 2010 9:25am
Quoting strat
The Power of the Mind at its most dangerous:

""Actor Andrew Koenig, who had been missing since February 14, committed suicide, his father told reporters after his son's body was found Thursday in a park in Vancouver, British Columbia.""

The Power of the Mind is stronger than any physical strength our body has.

Learn to respect the Power of the Mind.

Learn how to control the Power of the Mind and use it to your advantage.

Never abuse or ignore the Power of the Mind
Hey Strat,

How does one learn how to control and not abuse or ignore the Power of the Mind?
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #10,248
  • Feb 26, 2010 9:58am Feb 26, 2010 9:58am
Thank you strat and your brilliant team by that I mean Nicola, Blackeagle,
Alexandra and Razorjack for all your extra fundamental input.
I love this thread and have learned so much from it.
so thank you
  • #10,249
  • Feb 26, 2010 10:03am Feb 26, 2010 10:03am
Quoting soso
Hey Strat,

How does one learn how to control and not abuse or ignore the Power of the Mind?
$Million Dollar question, Soso. If I knew the answer to this, I would drop everything to teach it.

It's unique to each individual and therefore on a case by case basis. All I can say is read as much as you can about the mind, sub-conscious and psychology. It's boring boring but necessary.

Acceptance of the Power of the Mind is the first step.

I will get into it more as it applies to trading as we move into new developments.
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,250
  • Feb 26, 2010 10:16am Feb 26, 2010 10:16am
Quoting strat
$Million Dollar question, Soso. If I knew the answer to this, I would drop everything to teach it.

It's unique to each individual and therefore on a case by case basis. All I can say is read as much as you can about the mind, sub-conscious and psychology. It's boring boring but necessary.

Acceptance of the Power of the Mind is the first step.

I will get into it more as it applies to trading as we move into new developments.
May i recommend,the great American Thinker......Vernon Howard..

"All solutions proposed by pain only keep it going."

A Treasury of Trueness, # 1637.....
Vernon Howard's
SECRETS OF LIFE




baz
  • #10,251
  • Feb 26, 2010 10:23am Feb 26, 2010 10:23am
gbp/nzd short is looking good
Annoying Precision
  • #10,252
  • Feb 26, 2010 10:55am Feb 26, 2010 10:55am
Quoting LarryK
Tomorrow this thread is 1 year old.

Strat must be congratulated, who with his able assistants, has created something of value for the serious trader or shall I say want to be trader.

Whatever, the teaching here has been so useful to me, as I have been searching for a strategy that suits me. Now I am overcoming my demons one by one, with the help of these fine people in a few years time I might be able to call myself a trader.

Many happy retrurns, and I look forward to the next chapter with great expectations.

Larry
Not much to add really is there!!!!

Great stuff from all involved, and many many thanks for all the work. I can't tell you the difference it has made.

Christopher
  • #10,253
  • Feb 26, 2010 11:07am Feb 26, 2010 11:07am
Quoting LarryK
Tomorrow this thread is 1 year old.

Strat must be congratulated, who with his able assistants, has created something of value for the serious trader or shall I say want to be trader.

Whatever, the teaching here has been so useful to me, as I have been searching for a strategy that suits me. Now I am overcoming my demons one by one, with the help of these fine people in a few years time I might be able to call myself a trader.

Many happy retrurns, and I look forward to the next chapter with great expectations.

Larry
Thank you to all the main contributors. It's been a great year (well 5 months for me)

Nick
Attached Image
  • #10,254
  • Feb 26, 2010 1:28pm Feb 26, 2010 1:28pm
Hey Strat, could this be an example when you say "look beyond the candles/bar"? This pair has been trending down for some time now. We got a BUOB the other day which got my attention, but definitely not for a long but a chance to get short.

Price broke above but only to settle back down again. It definitely was not the prettiest bearish bar in the world but it made me think "that buob must have been profit taking and this thing is ready to resume the downtrend". I placed a sell order for 1.7190 on demo just to test the idea. I covered half around 1.70 and now just looking to see how much farther this thing can run.

In the past, I would take a bond shooting star similar to this on 4 hour but counter-trend and wondered why I got burned. I would have loved taken this for real if it truly was a shooting star, off of the 20, and at s/r. Am I making any sense?
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"Don't trade to trade . . . trade to win." - James16
  • #10,255
  • Feb 26, 2010 1:45pm Feb 26, 2010 1:45pm
Quoting strat
Tomorrow this thread is 1 year old.

Strat must be congratulated

Thanks for the appreciation but the real congratulations go to Nicola (elitejets) who pushed and cajoled me to start this thread.
You did all the work and the congratulations should go to you, you deserve them all.
I can't believe its been a year, where did the time go.
  • #10,256
  • Feb 26, 2010 1:49pm Feb 26, 2010 1:49pm
Quoting Flem26
Hey Strat, could this be an example when you say "look beyond the candles/bar"? This pair has been trending down for some time now. We got a BUOB the other day which got my attention, but definitely not for a long but a chance to get short.

Price broke above but only to settle back down again. It definitely was not the prettiest bearish bar in the world but it made me think "that buob must have been profit taking and this thing is ready to resume the downtrend". I placed a sell order for 1.7190 on demo just to test the idea. I covered half...
You've got the right idea. It looks like that BUOB was a stop run to take out the shorts and fill the longs before chewing them up and spitting them out in little pieces!

But you didn't have to wonder - the Boss had the answers all the time!
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,257
  • Edited 2:30pm Feb 26, 2010 1:53pm | Edited 2:30pm
  •  Sid
  • | Joined May 2009 | Status: Get wise or die laughing | 85 Posts
Quoting strat
$Million Dollar question, Soso. If I knew the answer to this, I would drop everything to teach it.

It's unique to each individual and therefore on a case by case basis. All I can say is read as much as you can about the mind, sub-conscious and psychology. It's boring boring but necessary.

Acceptance of the Power of the Mind is the first step.

I will get into it more as it applies to trading as we move into new developments.
who says psychology is boring? if so by all means please bore us strat!
i've got something to throw in here that i find very interesting....

in "vital lies, simple truths" daniel goleman postulates:

My thesis, in sum, revolves around these premises:

  1. The mind can protect itself against anxiety by dimming awareness.
  2. This mechanism creates a blind spot: a zone of blocked attention and self-deception.
  3. Such blind spots occur at each major level of behaviour from the psychological to the social.

[...]

The neural mechanism for the trade-off involves the opioids, the "brain's morphine," which numb sensations of pain and dim attention. An analogue of this neural trade-off is a psychological one: soothing anxiety by withdrawing attention. p22

The endorphin system, then, is rigged to reduce attention as it soothes pain. Pain relief and selective attention share common pathways through the brain, although their relationship is one of mutual exclusivity: as endorphins activate, pain lessens and attention dims. The increased attention that accompanies ACTH enhances pain sensitivity. p36

according to goleman, when we experience ANY form of threat (psychological stress), this pain/attention mechanism is activated. what he sais is that neurologically pain and attention are not only closely linked but based on the same physiological processes. we only conceptionalise pain and awareness as two separate things but they seem to be very much interweaved.

for us traders this means we see price going against us, experience stress and a few moments later our brain tries to numb the pain and in concert our awareness significantly reduces (which we hardly notice consciously), this again leads to lousy information processing and lousy decisions -> more stress etc.

following this logic - if we just try to tell ourselves to be more patient and more disciplined it's a bit like telling an alcoholic to not drink or a smoker to not smoke. of course LOGICALLY this would be the correct thing to do and this advice can create a vision or a goal, but in many cases the advice in itself is not EFFECTIVE.

i see three different ways to deal with this challenge with regards to trading:

1. avoidance/reduction of the stress inducing stimulus (trading the daily, checking the charts only once a day, having a plan, trading small sizes etc.)
2. developing a higher stress tolerance (we experience the stress, but like a fighter, climber or a cop learn to become "comfortable with being uncomfortable" - this is difficult to achieve and over long periods unhealthy, especially as trading forces us to sit still and physical movement would be the natural response to the stress stimulus)
3. reduce/dissolve the stress response itself (there are various ways to cultivate ones mind such as meditation, hypnosis, different forms of therapy, breathing exercises - anything that can influence the mind (brain) on a "deeper" (physiological) level and lead to higher levels of mindfulness, self-awareness, non-attachment, stillness, equanimity, ataraxia, chillthefuckoutedness or whatever one likes to call it)

looking at goleman's depictions it becomes clear why trading poses such an extraordinary psychological challenge - the activity is self-defeating so to speak. successful trading requires high levels of awareness and logical reasoning but trading itself causes the mind to shut these exact abilities down - because our innate pain-numbing mechanisms are the SAME that control our awareness and reasoning.

all chilled out
sid

  • #10,258
  • Feb 26, 2010 2:05pm Feb 26, 2010 2:05pm
Quoting Flem26
Hey Strat, could this be an example when you say "look beyond the candles/bar"? This pair has been trending down for some time now. We got a BUOB the other day which got my attention, but definitely not for a long but a chance to get short.

Price broke above but only to settle back down again. It definitely was not the prettiest bearish bar in the world but it made me think "that buob must have been profit taking and this thing is ready to resume the downtrend". I placed a sell order for 1.7190 on demo just to test the idea. I covered half...
I don't know if you checked the Weekly (Boss) and Monthly (Big Boss) charts when you looked at your bars and saw the BUOB but if you did you would have seen that the BUOB was a pause only. Profit-taking possibly, but certainly not at SR (at least on my chart) and therefore not a change of trend IMO. The DT pressure from the Boss and the B Boss was considerable.

I can't post a chart because G/A is not available on my MT4 and I don't know how to post a chart from Sharescope, which is what I am currently looking at - sorry. Good trade though, but a glance at the Weekly and Monthly would have given you little doubt of the likely outcome.

[Oooops, looks like Strat's reply came over while i was writing this! Will post it anyway!]
  • #10,259
  • Feb 26, 2010 2:07pm Feb 26, 2010 2:07pm
Quoting Sid
who says psychology is boring? if so by all means please bore us strat!
i've got something to throw in here that i find very interesting....

in "vital lies, simple truths" daniel goleman postulates:

[color=Blue]My thesis, in sum, revolves around these premises:

  1. The mind can protect itself against anxiety by dimming awareness.
  2. This mechanism creates a blind spot: a zone of blocked attention and self-deception.
  3. Such blind spots occur at each major level of behaviour from the psychological to the social.

[...]

The neural...

Good stuff, Sid. Maybe you can be our Head Psychologist!
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,260
  • Feb 26, 2010 2:08pm Feb 26, 2010 2:08pm
Quoting erikte279
gbp/nzd short is looking good
If I were trading this pair I would be going long at 2.1600 with a tight stop at support.

My long term data isn't usable so this analysis is from the daily only.

-The shooting star you referenced was valid but it occurred in one of Strat's 'wobble' zones between support and resistance. Strat's method doesn't initiate trades between SR.

-The MA's are shaking hands which is a no-trend sign even though the long term is in fact down. This pair is ranging at the moment. During the range you would either only take shorts from the top or be brave and try to play it from the bottom as well.

-The wedge looks like it will break the low side upon today's close but look where support is. If you go short you'll be trading into it.

-The range play says it's going back up to root DSRI slightly above minor resistance. I'm a buyer until 2.1300...except I'm not buying.
-m
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