journal of trader formally known as wasp

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Old Jul 29, 2006, 11:03am   #33
 
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hindsight sense

wasp started this thread Sure they can be of use in real time too...
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Old Jul 29, 2006, 11:09am   #34
 
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more lines than Clapham Junction

wasp started this thread Where do you stop and which are relevant (real time)...
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Old Jul 29, 2006, 8:36pm   #35
 
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if only

wasp started this thread a look at the ideal...

now, to do it in real time!
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Old Jul 30, 2006, 6:05pm   #36
 
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Quote:
Originally Posted by mr.marcus
...trading intuitively is reliant on absolute understanding of the market...the players,the intent,the motives....this would also mean that you would possess the ability to write up perfect after market charts..and it would also follow that you would then be able to use future price and volume action as a confirming tool to what you understand the market to be revealing before you.so pure intuition is a very high order to achieve....this is not to be confused with guessing and having a hunch.

you ever here newbie traders say...."i just felt that trade...had a gut feeling and went with it"...when what they meant to say was "actually i havnt a clue but it makes me feel good to say i had a gut feeling and i havnt the discipline to sit on my hands when i dont understand the market....which actually nearly always til i lose my sorry **** attitude"...or something like that the worse thing can happen is the trade comes off...they then wrongly connect the guess with the outcome....and build the pride barrier even higher ...so the attitude worsens til they blow their whole account.....cause they doubled up on their gut feeling on their expanding pride.if you cant explain why you took a trade you shouldn't be anywhere near it...


to add...those who say its not possible to forward project accurately and belie this to be a foolish learning target...dont understand whats been...it follows perfectly....you can mark up 1000s of charts after the event..which is absolutely pointless if you have no idea what you trying to convey.the only thing you achieve is a sense of self importance...i promised myself i wouldn't mark another line on my chart when i was learning...or post any charts until i understood every nuance i was portraying....you can only kid yourself and those who also dont understand.until traders can be brutally honest with themselves then progress is impossible.no mentor can teach you to be honest.these are the qualities which a mentor should look for in a potential student.honesty,humility,endeavour,respect,open mindedness and ultimately self responsibility....without these qualities intelligence means nothing...

cheers mark j
Every now and then, a post makes more sense than anything read on this site before...

Last edited by wasp; Jul 30, 2006 at 6:12pm.
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Thanks! The following members like this post: mr.marcus
Old Jul 31, 2006, 11:15am   #37
 
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Quote:
Originally Posted by dbphoenix

Third, assuming you're entering where you're supposed to, consider covering part of your trade at that point where your stomach starts to knot itself, putting the remainder of your trade at the breakeven (BE) point. That way, no matter what, you can't lose. Then, if there's a continuation (which occurred with your first two charts), you can re-enter. Granted this all sounds fine in hindsight, but if you know what to look for, and you're able to recognize it in real time, this simple tweak should enable you to turn the corner. Or at least angle in that direction.

Db
I try to enter a trade with three contracts. Of course it depends on the volatility of the moment and the probability of my entry. Then I place one fixed target at 2 times the ATR, another at 3 times and the last one I only exit when I see signs indicating the end of the move. From the moment my first one reaches it's target, I change the remainder stop at breakeven.

Does this seem too conservative?

I've experienced I've often lost a trade because my stop was too tight. How do you guys place a stop? A mental stop? A fixed stop? I use the average true range and depending on how high it is, I buy less contracts. If ATR is low, I buy more. Lately I've not been buying a lot because I've experienced quite a bit of losses so it's back to papertrading for me.
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Old Jul 31, 2006, 11:20am   #38
 
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Originally Posted by dbphoenix
First, if your win rate is that low, you have every right to be concerned about your profit:loss ratio. This may account for a large part of your fear.

.
So you find 50-60% "that low"? I'm not aiming at specific target, but personally I'd be happy with a 60% win rate, because for the moment it's nowhere near that.

I do think that the % matters less if you take in account the risk:reward ratio. Somebody who uses a risk:reward of 1:5 can be happy with 30% good trades in my opinion, if and if losses are cut short. Correct me if I'm wrong, I'm only hear to learn. And learning is still what I have to do a lot.
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Old Jul 31, 2006, 3:53pm   #39
 
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Journal etiquette suggests that I ask wasp's permission to answer these questions here. If they don't pertain to wasp specifically, transfer the questions to your own journal and I'll be happy to comment on them there.

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Old Jul 31, 2006, 4:18pm   #40
 
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wasp started this thread It would probably be easier to transfer them over to Firewalkers thread (his original and your corresponding answers) but ther is no rush and for convenience, feel free to answer here upon this thread for now dp, I'll probably lean a few things too! (PS thanks for asking)

Cheers

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