Introduction
"I defined a winning attitude as a positive expectation of our efforts, with an acceptance that
whatever results we do get are a perfect reflection of our level of development and what we need to
learn to do better."
and
"Skill Learning of any kind is accomplished by trial and error, mentally correcting aim after an error, until a "successful" motion, movement or performance has been activated. After that, further learning, and continued success, is accomplished by forgetting the past errors, and remembering the successful response, so that it can be "imitated".
This is my journal that I will update everyday after my trading - I will be have a monologue mostly with good and bad points and to see what problems repat themselves so that I can work on it and be pro-active to find solutions for it
I have decided to stop posting in the MTF Stochastic thread that was used to discuss the strategy I use now.
System here http://www.forexfactory.com/showthre...73#post7163273
Please dont ask about the system in the journal.
Please ask about the system in the MTF Stoch Thread
Feel free to leave a decent comment,If you post BS,I will have you remove it or ask for it to be removed
All the best
Rooi
A list of things I must do each day before I can place my first trade
A list of things I must do before I can shutdown my computer at night
* I must complete a trade review and write a honest summary about the day - When we are not truthful to our-self we cause the most damage -
Current problems I am working on that I have identified and what I am doing about it .
( I will date when I started working on the identified problem and once the problem has been solved I will cut and past it into a post and then place the link here for reference)
(01/07/2014)* The biggest problem I have currently taking my profits early - This might be due to the low volatility but I need to accept into my reasoning that we need to in the market till it either reaches a real target of 20+ of the market is truly reversing.I must not exit because I want to run to safety rather than have profit at risk - So I will write on a note pad while I am trading why I have exited every trade and will add to mus summary each day
A breakdown of the complete strategy ( I will not discuss it here in the journal - only in the thread )
A summary and most important point of trading books I have read
Trading in the zone
Mark Douglas. All rights reserved. Excerpt from Trading in the Zone™ (What a great writer , I can really recommend his books)
*To think in probabilities, you have to create a mental framework or mind-set that
is consistent with the underlying principles of a probabilistic environment. A probabilistic mind-set
pertaining to trading consists of five fundamental truths.
1. Anything can happen.
2. You don't need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an
edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over
another.
5. Every moment in the market is unique.
*
Keep in mind that your potential to experience emotional pain comes from the way you define and
interpret the information you're exposed to.
You have a specific thinking strategy composed of a set of beliefs that will keep you focused, in the moment,
and in the flow. With this perspective, you will not be trying to get anything from the market or to
avoid anything. Rather, you will let the market unfold and you will make yourself available to take
advantage of whatever situations you define as opportunities. When you make yourself available to
take advantage of an opportunity, you don't impose any limitations or expectations on the market’s
behavior. You are satisfied to let the market do whatever it's going to do.
However, in the process of doing something, the market will create certain conditions you define and
perceive as opportunities. You act on those opportunities to the best of your ability, but your state of
mind is not dependent upon or affected by the market's behavior. If you can learn to create a state of
mind that is not affected by the market's behavior, the struggle will cease to exist. When the internal
struggle ends, everything becomes easy. At that point, you can take full advantage of all your skills,
analytic or otherwise, to eventually realize your potential as a trader. Here's the challenge!
When you accept the risk the way the pros do, you won't perceive anything
that the market can do as threatening. If nothing is threatening, there's nothing to fear. If you're not
afraid, you don't need courage. If you're not stressed, why would you need nerves of steel? And if
you're not afraid of your potential to get reckless, because you have the appropriate monitoring
mechanisms in place, then you have no need for self-control.
Consistence :
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I
never violate them.
===============================================================================================================
Below - Notes that I have not had time to process so there might be a lot of text below that is not structured
You may not be able to control the markets,
but you can control your perception of them in order to achieve a higher
degree of objectivity, resulting in a higher degree of shared reality with the
markets.
*In an emotionally charged situation that requires split-second decision
making (which could lead to failure of some kind), there's little time to
compare the present event with previous market experiences. You
probably wouldn't even notice if you had behaved similarly in the past and
suffered the same disastrous consequences. Because the present situation
is so immediate, you may have no concept of how typical and even
thoughtless your behavior may be.
x*
It is your own unique perspective and no one
else's and the secret is, you can and do choose how you perceive events.
Even if you are not aware of exactly how to control and change your
perception to make other choices available to yourself, you are still
choosing, even if it is out of ignorance
In society we
can get by and even be successful with a facade of confidence because people
will generally support each other's illusions about themselves. The market,
however, has no vested interest in supporting anyone's illusions about
himself.
"I defined a winning attitude as a positive expectation of our efforts, with an acceptance that
whatever results we do get are a perfect reflection of our level of development and what we need to
learn to do better."
and
"Skill Learning of any kind is accomplished by trial and error, mentally correcting aim after an error, until a "successful" motion, movement or performance has been activated. After that, further learning, and continued success, is accomplished by forgetting the past errors, and remembering the successful response, so that it can be "imitated".
This is my journal that I will update everyday after my trading - I will be have a monologue mostly with good and bad points and to see what problems repat themselves so that I can work on it and be pro-active to find solutions for it
I have decided to stop posting in the MTF Stochastic thread that was used to discuss the strategy I use now.
System here http://www.forexfactory.com/showthre...73#post7163273
Please dont ask about the system in the journal.
Please ask about the system in the MTF Stoch Thread
Feel free to leave a decent comment,If you post BS,I will have you remove it or ask for it to be removed
All the best
Rooi
A list of things I must do each day before I can place my first trade
A list of things I must do before I can shutdown my computer at night
* I must complete a trade review and write a honest summary about the day - When we are not truthful to our-self we cause the most damage -
Current problems I am working on that I have identified and what I am doing about it .
( I will date when I started working on the identified problem and once the problem has been solved I will cut and past it into a post and then place the link here for reference)
(01/07/2014)* The biggest problem I have currently taking my profits early - This might be due to the low volatility but I need to accept into my reasoning that we need to in the market till it either reaches a real target of 20+ of the market is truly reversing.I must not exit because I want to run to safety rather than have profit at risk - So I will write on a note pad while I am trading why I have exited every trade and will add to mus summary each day
A breakdown of the complete strategy ( I will not discuss it here in the journal - only in the thread )
A summary and most important point of trading books I have read
Trading in the zone
Mark Douglas. All rights reserved. Excerpt from Trading in the Zone™ (What a great writer , I can really recommend his books)*To think in probabilities, you have to create a mental framework or mind-set that
is consistent with the underlying principles of a probabilistic environment. A probabilistic mind-set
pertaining to trading consists of five fundamental truths.
1. Anything can happen.
2. You don't need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an
edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over
another.
5. Every moment in the market is unique.
*
Keep in mind that your potential to experience emotional pain comes from the way you define and
interpret the information you're exposed to.
You have a specific thinking strategy composed of a set of beliefs that will keep you focused, in the moment,
and in the flow. With this perspective, you will not be trying to get anything from the market or to
avoid anything. Rather, you will let the market unfold and you will make yourself available to take
advantage of whatever situations you define as opportunities. When you make yourself available to
take advantage of an opportunity, you don't impose any limitations or expectations on the market’s
behavior. You are satisfied to let the market do whatever it's going to do.
However, in the process of doing something, the market will create certain conditions you define and
perceive as opportunities. You act on those opportunities to the best of your ability, but your state of
mind is not dependent upon or affected by the market's behavior. If you can learn to create a state of
mind that is not affected by the market's behavior, the struggle will cease to exist. When the internal
struggle ends, everything becomes easy. At that point, you can take full advantage of all your skills,
analytic or otherwise, to eventually realize your potential as a trader. Here's the challenge!
When you accept the risk the way the pros do, you won't perceive anything
that the market can do as threatening. If nothing is threatening, there's nothing to fear. If you're not
afraid, you don't need courage. If you're not stressed, why would you need nerves of steel? And if
you're not afraid of your potential to get reckless, because you have the appropriate monitoring
mechanisms in place, then you have no need for self-control.
Consistence :
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I
never violate them.
===============================================================================================================
Below - Notes that I have not had time to process so there might be a lot of text below that is not structured
You may not be able to control the markets,
but you can control your perception of them in order to achieve a higher
degree of objectivity, resulting in a higher degree of shared reality with the
markets.
*In an emotionally charged situation that requires split-second decision
making (which could lead to failure of some kind), there's little time to
compare the present event with previous market experiences. You
probably wouldn't even notice if you had behaved similarly in the past and
suffered the same disastrous consequences. Because the present situation
is so immediate, you may have no concept of how typical and even
thoughtless your behavior may be.
x*
It is your own unique perspective and no one
else's and the secret is, you can and do choose how you perceive events.
Even if you are not aware of exactly how to control and change your
perception to make other choices available to yourself, you are still
choosing, even if it is out of ignorance
In society we
can get by and even be successful with a facade of confidence because people
will generally support each other's illusions about themselves. The market,
however, has no vested interest in supporting anyone's illusions about
himself.
We miss 100% of the shots we don't take
