[waverider]

The worst thing that can happen to a beginner.....is that he wins!

[Skimbleshanks]

I always found that the best way of trading was NOT to trade by yourself. Trade with a 'little friend'.

Just imagine that you have a complete newbie sitting next to you that you are training to trade, and just talk aloud to your little friend, describing the market, the trend, the timeframes, and just what is happening and why you would be considering an entry, what your risk would be, why would not be a good entry, and when you see the ideal entry where your stop would be, talk through the trade going wrong, etc. It is important to talk aloud to your friend, and not talk it through in your head.

I'm sure you'll find that your trading improves enormously, as you would not want to embarrass yourself in front of your little friend by taking a stupid trade. Just try it and see the difference it makes - you may surprise yourself.

[JJL3142]

Skimble - this is called "confessional debugging" - one of my friends uses one of his kids muppet dolls to talk and to review his trades

[firehorse]

Hello Trendie

Originally Posted by trendie

The Dow Jones has obviously not read todays script !!

Deja vu Point already covered back in #84

To quote a well known phrase, the definition of insanity is to keep doing the same thing over and over again and expect a different result

Also a post / thread I find valuable is here regarding territory and map.

Originally Posted by trendie

( I know, adding to a losing position !!

Been there. Done that. Won't do again

Originally Posted by trendie

The problems of trading by yourself, is you dont have anyone to tell you off, when you get it wrong.

The markets tells you, that you are wrong

The stop loss tells you that you are wrong

What I've picked up from T2W is that you set the stop loss to tell you that your entry into the market was wrong. That is your risk. That is the cost of your lesson from the market that you was wrong.

Then to take full advantage of the lesson, I go back and analyse in 'detail' to see if I could avoid that mistake in the future. Can I put a rule in my trading strategy to avoid that in the future? Would it have saved me money on previous trades I have have lost money on?

My thinking is why pay money for lessons from the market and not learn from them

And thanks for being brave enough to post your thoughts and trades

"Have a fab day"

[waverider]

I've only recently discovered the merits of talking out loud to yourself. It's easy to get despondent if things aren't going to plan, which will always be the case at one time or another. In your mind, especially late at night, you tend only to review the negatives, which saps your confidence and makes you overly cautious in your trading. I'm sure it often causes many to give it up completely.

I decided to start listing out loud to myself what I had actually achieved. This wasn't always about winning, but also about whether I stuck to my plan, whether I adhered to my stops, whether I was brave in entering, or exiting. Whether my setup worked, even though I bailed out through lack of courage. I find that I am actually doing very well, and am progressing. On a monthly basis - always a good idea not to measure yourself on a daily basis - I am winning, albeit modestly....but my trend is currently up.

If I were not saying these things out loud to myself I would not *feel* as bullish about how well I am doing. Just keep an eye out for the men in white coats.

[trendie]

Pervaz,

The only problem with having a kids muppet doll, is when it starts to make more money than you do.

[firehorse]

Originally Posted by trendie

The only problem with having a kids muppet doll, is when it starts to make more money than you do.

Actually, if you are making a net loss, then the muppet doll is really making more money than you ...it hasn't lost any !

[a320]

Originally Posted by a320

3 day swing....is the one I use.....High of the last 3 days & the low of the last 3 days ...50% of the range (ie between the 3 day/3day low) is the balance point... Above the Balance point ..bias is up...Below Balance point ..bias is down....Strong Buy signal if it break's above the 3day high ...Strong sell if it goes below the 3 day low.....

Unless you scalp & use a tight stop & reverse technique, I would only be looking to be taking trades in the direction of the 3 day trend... Until it goes back below its balance point...


CJ