Rufus

Been a long time since posting here. Going to get back into the habit of posting 2 or three times a week. Might be a chart or a thought. we will see where it goes.
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Right now most of the trading is with pending orders. Been way busy with crap. Seriously tired of it. My quest to be trading full time is now on the "fast track". Hopefully that day will be sooner then latter.

For those that remember or were there for the days of RED.... Release the Kraken.

I think one of the hardest things for a trader to do is not beat yourself up over losing trades. Society teaches us to be a winner, never fail, do your best, and countless other trite phrases of garbage. These are all well and good until you start trading. You can fail 50% of the time or more and still be profitable. A high winning percentage can mean nothing without the proper risk/reward.

The big boys in the market do nothing more than play against traders psychology.
When a trader learns to look at the big picture with their trading things become easier. For me also less pressure to perform.

Great little 9 minute video to make you think.

Posted this here before. But this is a new link. Old one does not work.

I want to keep track of this one. Incredible account about the psychology involved with poker. Applies very well to trading.

http://player.themoth.org/#/?actionT...AY&storyId=971

Busy morning for me with positions. This one was interesting.

"No man can fight his way to the top and stay at the top without exercising the fullest measure of grit, courage, determination, resolution. Every man who gets anywhere does so because he has firmly resolved to progress in the world and then has enough stick-to-it-tiveness to transform his resolution into reality..."

B.C. Forbes

"The game taught me the game. And it didn't spare me rod while teaching." ~Jesse Livermore

There are two things that are my constant nemesis to trading.

#1 The work I do
#2 The time zone I live in.

I have been bitching about these two things in this journal since it was started in 2010. Started trading long before then.

Well things are changing.

I am 100% fed up with the whole construction industry. Tired of fixing peoples shit they leave behind. There are a few finish carpenters here on FF and I'm sure they would attest to this. I've done some magnificent work. As a matter of fact there is another magazine sitting here on my desk showing a home we recently finished. There have been numerous articles written over the years. So I'm going to start leaving it all to some other Minion. Then don't get me started on the Bull Shit with taxes, insurance and the plethora of hands reaching up my ass to milk my wallet dry.

So the plan.

Have four employees. Will cut down to one.

Instead of 4 to 8 houses trimmed out every month will do 2 or three. 4 if they are small ones.

I have already told the various people we work for my plan. Those getting kicked to the curb and those that aren't.

Not going to have to layoff or fire anyone. They all know the plan. One is moving anyway. Two are actively looking for something else.

The guy that is staying will get a raise and the details for how we will get work done and other crap he knows about. Including my work schedule.

Now the plan for me.


I like a quiet house to trade in. Midnight is London open. So....Trade from 10 pm to 1 am. Sleep till about 7. Then go to work when there is work to be done. Remember I'm cutting things back. The guy working for me will do the normal 8 to 4:30. My schedule will go to 5:30 or 6 if needed.

Early stages of planning here and surely things will be modified as the need arises. Time to put trading on the fast track.

Rufus

Great little article. Applies very well to trading.

Enjoy

The 7 Differences Between Professionals and Amateurs


https://medium.com/the-mission/the-7...s-f8efc4840861

“I sometimes think that speculation must be an unnatural sort of business, because I find that the average speculator has arrayed against him his own nature. The weaknesses that all men are prone to are fatal to success in speculation…”

“The speculator’s chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you, you hope that every day will be the last day – and you lose more than you should had you not listened to hope – to the same ally that is so potent a success-bringer to empire builders and pioneers, big and little.”

“And when the market goes your way you become fearful that the next day will take away your profit, and you get out-too soon.”

“Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does.”

Jesse Livermore

In the process of revamping my trading plan. Figured out a way to drill down my entries using six different price patterns. So this week will be a week of backtesting and finalizing details. I didn't like the subjective nature of entries, wanted to have an exact detailed plan for each position .

Also kicking around some exit plans. Have always just targeted the next zone. So may have 3 different exit strategies.

Looking forward to the week.

This photo intrigues me. Has such a group this distinguished ever met again? Excluding Forex Factory of course.



The fifth Solvay International Conference on Electrons and Photons, was held in October 1927. Prominent physicists from all the world met to discuss the newly formulated quantum theory. 17 of the 29 participants were or became Nobel Laureates.

“Our actions may be impeded, but there can be no impeding our intentions or dispositions.
Because we can accommodate and adapt.
The mind adapts and converts to its own purposes the obstacle to our acting.
The impediment to action advances action. What stands in the way becomes the way.”

Marcus Aurelius

Bingo...

I'd love to hear more about your 6 different price patterns and ways of making the entries more mechanical

Well, me too. Especially when it is higher or equal H1 time frame.

Perceptions are the problem. They give us information that we don't need, exactly at the moment when it would be better to focus on what is immediately in front of us: the thrust of a sword, a crucial business negotiation, an opportunity, a flash of insight. ( An engulfing candle... Added by me)

The Obstacle is The Way.

I'm finding it difficult to make my style of trading mechanical when it comes to what I see on the chart. There are countless variables constantly in play, news releases, session timing, and the list goes on. So needless to say it is still a work in progress. I'm beginning to think that if we become to "mechanical" in our trading we lose the "Art" of trading.

Goes all the way back to when I was a kid trading baseball cards with my friends. Sometimes it just comes down to "What you see, is all there is"