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The Trader's Academy - by Traders for Traders

  • #61
  • Oct 18, 2015 9:12am Oct 18, 2015 9:12am
Quoting cat
I use an online diary called penzu.com where I can attach screenshots of my trades along with my written analysis of what I did or did not do right. I have always kept a record of my trades, and have found that doing so has helped me improve my trading greatly over the years.
Good tip. 👍
  • #62
  • Oct 18, 2015 9:30am Oct 18, 2015 9:30am
Quoting cat
{quote} I've only just found out that Mark Douglas, author of the brilliant book on trading psychology, died suddenly a month ago. This book was a great help to me, and so I'm re-posting this interview with him which I would recommend anyone to watch if you haven't already seen it. RIP Mark Douglas.
Cat, I haven't read trading in the zone yet. It's on my list though ... From my understanding it's a follow up to "The Disciplined Trader", is it worth/necessary to read them both?

Thanks!
  • #63
  • Oct 18, 2015 9:37am Oct 18, 2015 9:37am
Quoting cat
{quote} A monkey can press a buy or sell button. To do so and consistently win more than you lose is not luck, it requires skill, knowledge, experience, and a good deal of wit. Trading, as with any skills based activity, can be mastered, has to be mastered if one is to succeed. Whether one uses a sporting analogy or any skills based activity, the outcome is the same - you have to learn your craft to succeed. There is no outsmarting the market involved in trading because to outsmart something or someone, that entity has to be trying to outsmart you...
Trading does go really deep, in fact, far deeper than the technical aspect that many focus on.

From Reminiscence of a Stock Operator:

"The next day the directors of the Union Pacific Company declared a 2 per cent dividend on the stock. At first nobody in Wall Street believed it. It was too much like the desperate maneuver of cornered gamblers. All the newspapers jumped on the directors. But while the Wall Street talent hesitated to act the market boiled over. Union Pacific led, and on huge transactions made a new high record price. Some of the room traders made fortunes in an hour and I remember later hearing about a rather dull-witted specialist who made a mistake that put three hundred and fifty thousand dollars in his pocket. He sold his seat the following week and became a gentleman farmer the following month."

That dull-witted specialist made a really smart trade, and that was trading his trader job for life as a farmer after his lucky win. On the flip side, there are many competent traders who amass fortunes from their expertise but lose them due to psychological self-sabotage. Knowing and assessing oneself demonstrates a rare wisdom that pays more than all the technical ability in the world.
  • #64
  • Oct 18, 2015 10:00am Oct 18, 2015 10:00am
Quoting JensG
{quote} Cat, I haven't read trading in the zone yet. It's on my list though ... From my understanding it's a follow up to "The Disciplined Trader", is it worth/necessary to read them both? Thanks!
I haven't read ' The Disciplined Trader' either, though I have heard and read that they are very similar. Bear in mind that both books go into very great, often overly-wordy detail, though certainly the message is clear and vital for trading success - work hard on your methodology and acquire an edge which will put you over the long term ahead in the game. Do not worry about individual wins or losses, and do not even think about whether any one trade is going to be a winner or a loser. The key is to take each trade which conforms to your methodology, automatically, without worrying about the outcome. What matters are your results over 10,20 or 50 trades. Before reading Trading in the Zone, watch the author in the interview posted by me on this thread, you'll learn a lot from that as well.
  • #65
  • Oct 18, 2015 10:10am Oct 18, 2015 10:10am
Quoting cat
{quote} I haven't read ' The Disciplined Trader' either, though I have heard and read that they are very similar.
Ok, that's good to know.

Quoting cat
Bear in mind that both books go into very great, often overly-wordy detail, though certainly the message is clear and vital for trading success - work hard on your methodology and acquire an edge which will put you over the long term ahead in the game. Do not worry about individual wins or losses, and do not even think about whether any one trade is going to be a winner or a loser. The key is to take each trade which conforms to your methodology, automatically, without worrying about the outcome. What matters are your results over 10,20 or 50 trades....
I'm a full time trader already, I just like to read things about trading psychology, sometimes there's something in it that's still helpful and if not, well that's ok too.
Yeah, I watched the interview already, I liked his comparisons and way of thinking which is basically my main reason to finally order his book.
  • #66
  • Oct 18, 2015 10:48am Oct 18, 2015 10:48am
Quoting JensG
{quote} Ok, that's good to know. {quote} I'm a full time trader already, I just like to read things about trading psychology, sometimes there's something in it that's still helpful and if not, well that's ok too. Yeah, I watched the interview already, I liked his comparisons and way of thinking which is basically my main reason to finally order his book.
Another book I really like on psychology is ' The Forex Mindset ' by Jared Martinez. This book identifies all the fears and demons that we as traders are all likely to face, and whilst it doesn't actually offer a systematic programmer for overcoming these, what it does do is help you identify them, understand where they're coming from, and how to develop the mindset that all consistently profitable traders have trained themselves to acquire. I highly recommend it.
  • #67
  • Oct 19, 2015 2:25am Oct 19, 2015 2:25am
The 4 Most Basic Pillars of Trading:

1. Trade Entry Strategy.

2. Discipline.

3. Money Management.

4. Trade Exit Strategy.



Are You Making Any of These 3 Trading Psychology Mistakes.

1. Ignoring trading psychology until it is too late.

2. Thinking you have to control and suppress strong emotions to trade well.

3. Struggling with your emotions.



Yomi.
Time always comes before price
  • #68
  • Oct 20, 2015 2:51am Oct 20, 2015 2:51am
10 Steps of Avoiding Distractions When Trading:


1. Choose your view.

2. Choose your company.

3. Invest in the right tools.

4. Acquire the correct mindset.

5. Find your ideal timeframe.

6. Pick your news carefully.

7. Rein in your emotions.

8. Switch off non-essential gadgets.

9. Develop and stick to your strategy and system.

10. Review your journals.



Yomi.
Time always comes before price
  • #69
  • Oct 20, 2015 4:23am Oct 20, 2015 4:23am
Quoting fxrabbi
10 Steps of Avoiding Distractions When Trading: 1. Choose your view. 2. Choose your company. 3. Invest in the right tools. 4. Acquire the correct mindset. 5. Find your ideal timeframe. 6. Pick your news carefully. 7. Rein in your emotions. 8. Switch off non-essential gadgets. 9. Develop and stick to your strategy and system. 10. Review your journals. Yomi.
You missed one - don't have pornhub easily accessible on your desktop
  • #70
  • Oct 20, 2015 4:26am Oct 20, 2015 4:26am
Quoting cat
{quote} You missed one - don't have pornhub easily accessible on your desktop
Time always comes before price
  • #71
  • Oct 20, 2015 4:53am Oct 20, 2015 4:53am
Take only the right pinbars!
http://www.learntotradethemarket.com...J9juL_7aLHwtMW
Per aspera ad astra
  • #72
  • Oct 20, 2015 4:56am Oct 20, 2015 4:56am
Quoting jpadvisor
Take only the right pinbars! http://www.learntotradethemarket.com...J9juL_7aLHwtMW
Time always comes before price
  • #73
  • Oct 20, 2015 5:33am Oct 20, 2015 5:33am
EURJPY (M15) +14.6pips


Trade ideas:

1. 5ema.
2. Sync in pair.
3. Strength.
4. Momentum.


Cheers,
Yomi
Attached Image (click to enlarge)
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Time always comes before price
  • #74
  • Oct 20, 2015 8:08am Oct 20, 2015 8:08am
Today's Buy on the Dax, for which pre-determined support levels and fibonacci confirmation combined to give a relatively easy trade. As you see, support was found on S1, which also happened to be the H1 100sma. This needed confirmation and patience. When support is first reached, the 200ema on this 1m TF is still well above, too far above to place a buy trade. What I'll always do in a situation like this is wait to see what the price is going to do. As it edges sideways closer to 200ema ( thick purple ), I will eventually expect it to drop back again, it usually does. This means one of two things - either it will role over to continue down ( I didn't expect this, because I'd established my support levels previously ), or it will find a second, higher support, usually on the 61.8% or the 76.4% fibonacci, which it did here. ( it can continue lower to form diversion, but that's a different scenario ). When the 76.4% was hit, the price hesitates, putting in a series of black and white candlesticks - this is a pretty solid signal that it is about to rise. You have two places to enter - you can be bold and go long as soon as the price stalls on the 76.4%, or you can wait for more confirmation once the price gets above the 20ema ( red/blue ). The box I've drawn in green is a great place to enter, and I'd say that the chances are 80% here that we are going up. Buying in the green box, you've got to place your SL outside of the Bollinger, 20 pips would have done it. Taking the trade lower down, would obviously have required a smaller stop. I always enter on a 10 second time frame, which offers the advantage of really tight stops getting in at the optimum level.

One more thing to point out is the importance of always trying to get a trend line in. Here, I couldn't get one from the top of the move because the angle was too steep, but I was able to draw one from a previous high. The price knows that it's there, and it also knows that the 200ema is close above - and it knows it's there because every other trader who's going long or about to go long, is most likely looking at the same thing, or at least variations of it. If they weren't all buying , the price would go nowhere.

Beautiful trade that one, very clean, very friendly, and very well.behaved. Who said price was random!! Price reached resistance levels combined with the 61.8% fib.
Attached Image (click to enlarge)
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  • #75
  • Oct 21, 2015 3:24am Oct 21, 2015 3:24am
6 Behaviours of Unstoppable Traders:


1. They do not reat solely based on one trade's outcome.

2. They are confident, but not irrationally so.

3. They do "nothing" very well.

4. They sleep well at night.

5. They love trading, but aren't addicted to it.

6. They are constantly learning about trading and themselves.





4 Factors That Lead Traders to Ditch Their Forex Plans:


1. Boredom - (leads to forcing a trade).

2. Distractions.

3. Confidence issues.

4. Fatique.



Yomi.
Time always comes before price
  • #76
  • Oct 21, 2015 3:35am Oct 21, 2015 3:35am
Quoting fxrabbi
6 Behaviours of Unstoppable Traders: 1. They do not reat solely based on one trade's outcome. 2. They are confident, but not irrationally so. 3. They do "nothing" very well. 4. They sleep well at night. 5. They love trading, but aren't addicted to it. 6. They are constantly learning about trading and themselves. 4 Factors That Lead Traders to Ditch Their Forex Plans: 1. Boredom - (leads to forcing a trade). 2. Distractions. 3. Confidence issues. 4. Fatique. Yomi.
Not quite sure about number 3 Yomi? What exactly do you mean by ' nothing ' very well. I think to trade successfully, you have to do everything very well, not perfectly of course, but you have to be a master of your trade.
  • #77
  • Oct 21, 2015 5:10am Oct 21, 2015 5:10am
Quoting cat
{quote} Not quite sure about number 3 Yomi? What exactly do you mean by ' nothing ' very well. I think to trade successfully, you have to do everything very well, not perfectly of course, but you have to be a master of your trade.

To not trade is also a trading decision.......and knowing when to sit on our hands - patience. A good trader should know when to stay aside.



Yomi.
Time always comes before price
  • #78
  • Oct 22, 2015 4:22am Oct 22, 2015 4:22am
3 factors that might be limiting your forex profitability:


1. Improper position sizing.

2. Inability to adapt to the market environment.

3. Fear.



Yomi.
Time always comes before price
  • #79
  • Oct 22, 2015 5:03am Oct 22, 2015 5:03am
Quoting fxrabbi
{quote} To not trade is also a trading decision.......and knowing when to sit on our hands - patience. A good trader should know when to stay aside. Yomi.
Fully agree.
Attached Image
Per aspera ad astra
  • #80
  • Oct 23, 2015 3:48am Oct 23, 2015 3:48am
7 reasons why you should quit forex trading:


1. Lack of trade discipline.

2. Emotional instability.

3. Lack of trading passion.

4. Lack of time to follow the market.

5. Lack of necessary resources.

6. Poor brokerage services.

7. Lack of business acumen.



Yomi.
Time always comes before price
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