The Club!

If you look for market secrets you will only find things that no one cares about. Use the conventional tools.

"PRINCIPALS
AND
PSYCHOLOGY OF
DAY TRADING"
By George Slezak

his sites are:
http://www.sit1.com
http://www.cot1.com

THE TRADE DECISION

1. 1. Never add to a losing position.
2. 2. Always determine a stop and a profit objective before entering a trade. Place stops based on market information, not your account balance. If a "proper" stop is too expensive, don't do the trade.
3. 3. Remember the "power of a position." Never make a market judgment when you have a position.
4. 4. Your decision to exit a trade means you perceive changing circumstances. Don't suddenly think you can pick a price, exit at the market.

THE MARKET HAS CHARACTER

1. 5. In a Bull market, never sell a dull market, in Bear market, never buy a dull market..
2. 6. There are times, because of lack of liquidity, or excessive volatility, when you should not trade.
3. 7. Trading systems that work in an up market may not work in a down market.
4. 8. There are at least three types of markets: up trending, range bound, and down. Have different trading strategies for each.
5. 9. Up market and down market patterns are ALWAYS present, merely one is more dominant. In an up market, for example, it is very easy to take sell signal after sell signal, only to be stopped out time and again. Select trades with the trend.
6. 10. A buy signal that fails is a sell signal. A sell signal that fails is a buy signal.
7. 11. It's always easier to enter a losing trade.
8. 12. In the "blowout" stage of the market, up or down, risk managers are issuing margin call position liquidation orders. They don't check the screen for overbought or oversold, they just keep issuing liquidation orders. Don't stand in front of a runaway freight train.
9. 13. You are superstitious, don't trade if something bothers you.

NEWS

1. 14. Buy the rumor, sell the news.
2. 15. News is only important when the market doesn't react in the direction of the news.
3. 16. Read today's paper tomorrow. When you read yesterday's paper each day with the knowledge of what the market already did, you will affirm that this mornings paper with yesterday's news has nothing to do with today's market.

A TIME TO TRADE

1. 17. On the open, never enter a new trade in the direction of a gap. Never let the market make you make a trade. (Closing an existing position is obviously ok.)
2. 18. The first and last tick are the most expensive. Get in late and out early.
3. 19. When everyone is in, it's time to get out.
4. 20. Never trade when you are sick.

TRACKING YOUR TRADES

1. 21. Size kills. Only change your unit of trading under a plan of attained goals. Also, have a plan for reducing size when your trading is cold or market volume is down.
2. 22. Confidence kills. Remember, you really don't know anything. Respect the market every second of every day. Expect the unexpected. Always know your position and exit your trade immediately whenever you feel uneasy.
3. 23. Measure yourself by profitable "days in a row," not by individual trades.
4. 24. The best way to break a streak of "losing days in a row" is to not trade for a day.
5. 25. Don't stop trading when your on a winning streak. "When your hot, your hot."
6. 26. Three strikes and your out! Don't turn three losing trades in a row into six in a row. When your off, turn off the screen, do something else. "When your not, your not."
7. 27. Scalpers reduce the number of variables effecting market risk by being in a position only for seconds. Day traders reduce market risk by being in trades for a matter of minutes.
8. 28. If you convert a scalp or day trade into a position trade, by definition you did not consider the risks of the trade.
9. 29. Don't ever fret about a missed opportunity. There is always another one just around the corner. Besides, several just happened that you didn't even know about.

MARKET OPINIONS

1. 30. If you look for market secrets you will only find things that no one cares about. Use the conventional tools.
2. 31. Never ask for someone else's opinion, they probably did not do as much homework as you.
3. 32. When the market is going up, say "the market is going up." When the market is going down, say "the market is going down." Say it without qualifications, no "buts" attached. This is a reality check, you'll be amazed at how hard it is to say what is literally going on in front of you
4. when your mind is full of preconceived opinions.

33. THE DAILY MARKET COMMENTARY:

1. I've never had an opinion I didn't like, however, successful day trading requires flexibility. Do your homework not to develop a market opinion, but rather to understand the potential for both sides of the market. This will allow you to make your trades based on what the market is doing at the time of the trade.
2. 34. Here is a quote to remember: "When you wake up, your instincts are wrong."

SOME FINAL THOUGHTS

1. 35. When you make a mistake of discipline, whine like a fool to anyone that will listen. Errors in discipline are mistakes you will keep on making for many years. Wearing ashes and sack cloth may help extend the time before you do it again.
2. 36. If you squirmed and moaned while you read this list, then you share two obvious characteristics with many of us:

1.You have traded long enough to recognize that you (not the market) make mistakes, and you try to overcome them.
And 2., now this is ugly, you have become part of the market and you can never leave.

Source is http://www.sit1.com/rp/psycho.pdf

Best,
D.P.

P.S. The text is the great psychological reading indeed.

fx-ray posted this long time ago

http://www.forexfactory.com/fx-ray
http://www.forexfactory.com/showthre...29#post7309429

Hi D.P.,

I stopped reading after point 1.)

-never add to a losing position


I could write whole books about why this may be so wrong.

With all what we talked about probability, mean reversion procedures etc, in the past months/year, it would contradict all what I am standing for in trading


Good advice under point 31.)

31. Never ask for someone else's opinion, they probably did not do as much homework as you.


So he basically begs to not read his stuff


Good morning Ladies and Gents

[quote=infinitus;8220779]{quote} Hi D.P., I stopped reading after point 1.) -never add to a losing position I could write whole books about why this may be so wrong. With all what we talked about probability, mean reversion procedures etc, in the past months/year, it would contradict all what I am standing for in trading Good advice under point 31.) 31. Never ask for someone else's opinion, they probably did not do as much homework as you. So he basically begs to not read his stuff

Infinitus the Critique, hi, my friend.
Of course, one should can be critical to what one is reading. But somebody can equipped with it.
YOU Should not read this. Pass by...

Best,
D.P.



D.P.

Now in the Club thread.

http://www.zerohedge.com/sites/defau.../picture-5.jpg

Why An American And A Russian General Are Suddenly Very Worried About Nuclear War

http://www.zerohedge.com/news/2015-0...ut-nuclear-war

Best,
D.P.

Few weeks ago i mentioned SNB will go deeper into negative rates, here it is:
http://news.forexlive.com/!/snb-says...rates-20150422

CHFs behaving acordingly. Thats only first step though, rate cut is still thing to come.

"PRINCIPALS
AND
PSYCHOLOGY OF
DAY TRADING"
By George Slezak

Maybe I am wrong, but shouldn't "Principals" be "Principles"?

Ask the author. Email is written at his site areas.

D.P.

Why so uptight

TRADING WITH MIDAS

Market interpretation/data analysis system (MIDAS) is the system developed by Dr. Paul Levine (RIP).

I used to try applying these tools some years ago and refused using them for some reasons ( mainly because I did not understand their core entity that time). Now I find it very interesting and helpful, applying it along with another VWAP tools while trading. So you might be interested in as well.

Documents that allow you to understand the subject are attached.
MIDAS tools programmed by one valued member of Akif Tokuz are also attached.
These tools are old enough. That is why I am trying to give them a new life in the Club thread.

Pro-source: http://midasmarketanalysis.com

Video: Midas Technical Analysis - Better than Bollinger Bands

Enjoy them all.

Best,
D.P.

EDITED. Here you can find and downolad a fresh book of
MIDAS Technical Analysis: A VWAP Approach to Trading and Investing in Today's Markets
by Andrew Coles, David G. Hawkins(auth.)

Source of PDF - http://bookzz.org/dl/2154134/ff3128

The book will allow you to fully understand the usage of MIDAS while trading and investing.

***

Not uptight. It just jumped out at me because it is the title of the author's work. Usually, spelling errors occur somewhere in the body of the material.

Powerful enlighted arguments... here & there.
Marvellous!
Endlich mal statements mit Durchblick!
FXcube

It seems not a question of an attribution like "better" IMO.
...maybe that the Bollinger Bands could be more practicable, especially with 2nd std. dev.
FXcube

"Point 1" is too simple & not so important IMO. I feel free to do the contrary idea so often here with regard to risk- & money-management.
FXcube

http://thesaker.is/wp-content/upload...wing-small.jpg

What does Putin want? A major analysis by Rostislav Ishchenko (must read!)

Foreword by the Saker:
The analysis below is, by far, the best I have seen since the beginning of the conflict in the Ukraine. I have regularly posted analyses by Ishchenko on this blog before, because I considered him as one of the best analysts in Russia. This time, however, Ishchenko has truly produced a masterpiece: a comprehensive analysis of the geostrategic position of Russia and a clear and, I believe, absolutely accurate analysis of the entire Putin strategy for the Ukraine. I have always said that this conflict is not about the Ukraine but about the future of the planet and that there is no Novorussian or even Ukrainian solution, but that the only possible outcome is a strategic victory of either Russia or the USA which will affect the entire planet. Ishchenko does a superb overview of the risks and options for both sides and offers the first comprehensive key to the apparently incomprehensible behavior of Russia in this conflict. Finally, Ishchenko also fully understands the complex and subtle dynamics inside Russian society. When he writes Russian power is authoritative, rather than authoritarian he is spot on, and explains more in seven words than what you would get by reading the billions of useless words written by so-called experts trying to describe the Russian reality.
We all owe a huge debt of gratitude to Denis, Gideon and Robin for translating this seminal text, which was very difficult to translate. The only reason why we can read it in such a good English is because the innumerable hours spent by these volunteers to produce the high quality translation this analysis deserves.
I strongly recommend that you all read this text very carefully. Twice. It is well worth it.
The Saker

http://thesaker.is/what-does-putin-w...nko-must-read/

Best,
D.P.

P.S. The text above is the personal opinion of the author only.

***

Additionaly, for whose who are interested in I must propose to look at the translated exclusive radio interview with Lavrov.
This interview I myself watched in the yesterday's evening is now for your attention.
I have found it at the Saker accidentally .

http://thesaker.is/russian-fm-lavrov...h-radio-heads/

D.P.

That is enough for politics..

Glad you are interested in reading.
I must say that all the book text of the author should be taken at the link below the text pointed.

Best,
D.P.

http://www.zerohedge.com/sites/defau.../picture-5.jpg
Stolen Horse Chase Nets Suspect $650,000 Pay Day

See PM.

D.P.

WTF?




Revenge for setting his friend Gator on ignore?


Couldn't care less

click.....