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Old Sep 23, 2008, 11:08pm   #76
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Great effort, you ledgeboss!!
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Old Sep 24, 2008, 8:33am   #77
 
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Quote:
Originally Posted by porph View Post

Hi TD,

I've never quite understood this phrase. Read it many a time in 'Reminisces..' but if you could enlighten me that would be great.
Porph,

A good description of the path of least resistance can be found in Bill Williams' "New Trading Dimensions: How to Profit from Chaos in Stocks, Bonds, and Commodities.

Williams quotes Robert Fritz's book "The Path of Least Resistance" in the excerpt below:

1. Everything in the universe follows the path of least resistance. The markets are like a river. As they move through each minute, they take the path of least resistance...While a river is running downstream, the path of least resistance determines its behaviour. Gravity is energizing it as it flows around rocks and along curves in the riverbed.

2. The path of least resistance is determined by an always underlying and usually unseen structure. The behaviour of a river, whether it is calmly flowing downhill or creating rapids, depends on the underlying structure of the riverbed. If the riverbed is deep and wide, the river will flow calmly downhill. If the riverbed is shallow and narrow, the riverbed will create rapids. The behaviour of the river can be accurately predicted by examining the underlying riverbed.
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Old Sep 24, 2008, 9:40am   #78
 
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trader_dante started this thread Yesterday marked the end of my third week trading this account.

I went short £2 of Usd/Jpy at point 1 on the hourly TF after the S/R pivot was rejected and a pin bar formed.

First target (support) was hit but I decided to hold the full position and add more on a possible breakout rather than get some out...and it came right back and stopped me out for breakeven.

It's examples like this that people always point to when they say "take some profit off the table" and I have been doing that at times but a trader has to make a judgement call each time, based not on the desire to secure profit but rather by weighing the probabilities of a continuation against that of a reversal. I can't count the number of times I've reduced my position or even lost it altogether, just before a huge move.

In this case I got it wrong.

So, another scratch (these are close to making up the majority of my outcomes).

In the three weeks so far, I have made 20 trades in total:

10 Wins
2 Loss
8 Scratches

The intial £40.60 is now at £1,593.50.

I am currently holding an open position in the equity cash market but I will document the outcome of that when I close it. You can see the interest rate charges in the statement below.
Attached Thumbnails
usd_jpy_hourly.gif   account_summary.jpg  
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Old Sep 24, 2008, 1:58pm   #79
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A question for Trader Dante if I may...

Could you (or have you already, if so, where?) provide a list of the price signals that you use with a brief description of how you would trade each one? This thread is fascinating and I'd like to do something similar. I stopped trading (spread betting) a while back because my head was all over the place and I had become paralysed with confusion and fear of losses. I want to get back into it but I want to do so with a very clear idea of what I'm going to do, and how, so I don't lose the plot again.
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Old Sep 24, 2008, 2:31pm   #80
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http://www.trade2win.com/boards/firs...y-trading.html
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Old Sep 24, 2008, 3:07pm   #81
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Originally Posted by chocolate13 View Post
Thanks, Iíve read that thread before but I guess Iíll have to go over it again. In the meantime, if anyone can provide a condensed list of the candlestick formations, what each one is called, what your next move would be and what other circumstances one might take into account before trading a signal that would be that would be very helpful.
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Old Sep 24, 2008, 4:41pm   #82
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but steve nison's book " the candlestick course". he is the guru on candles
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Old Sep 26, 2008, 12:30pm   #83
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Originally Posted by MitchT View Post
Thanks, Iíve read that thread before but I guess Iíll have to go over it again. In the meantime, if anyone can provide a condensed list of the candlestick formations, what each one is called, what your next move would be and what other circumstances one might take into account before trading a signal that would be that would be very helpful.
Just look on the internet, they're really not that hard to find, and in any case the candles should only make up part of your trading plan. They're not to be solely relied upon. Also trading is completely subjective, you need to explore the options yourself and find what works for you, there's not just one way to trade a certain pattern etc. Good luck.
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Old Oct 1, 2008, 2:06pm   #84
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hi trader dante. have you stopped this thread or just having a break
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Old Oct 1, 2008, 7:03pm   #85
 
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Originally Posted by bongofury View Post
hi trader dante. have you stopped this thread or just having a break
Not stopped by any means but lost a lot of money trading with very poor discipline. I was long equities and ran my stop which was a huge mistake that cost me over four times more than I had intended to lose. Then to make matters worse I quadrupled my positon size Friday afternoon on signs of temporary support, basically betting everything that the US would approve the bail out bill and markets would open up Monday and then got killed when they didn't and the market came off.

After that huge loss, I was subject to the whim of wanting to come back quickly and this fuelled a series of further bad trades. I went long again seconds before the bailout plan was rejected and the markets collapsed. Before throwing in the towel, I finally decided to wait for a pause in the rally on Tuesday and go short and as luck would have it, got caught in the continuation up.

Since this hit me quite hard and I have to keep my head straight - after all trading my real account at work is far more important - I have pulled out £185 so it simply cannot be bet, leaving a small amount in there (referral fees can still not be withdrawn) and will sit patiently in cash until I have an opportunity to go back into the market on a good setup.

I will get round to writing down details of the trades and amount left but I want to carefully examine what I did first and am away for a few days too.

I will come back from this. I usually trade well when my back is against the wall (shame I couldn't trade well this time before I got pressed into that situation) and never had a problem running up a small amount of money into a sizable one but when you drop your guard and the market deals you a blow that is emotionally destabilising the best thing you can do is back off.

See you all soon.

Tom
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Last edited by trader_dante; Oct 1, 2008 at 10:40pm.
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Old Oct 1, 2008, 8:34pm   #86
 
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Hey Dante, **** happens mate. And your honest enough to tell us all about it - Respect. So hard to detach emotion from trading, despite reading all the books etc. Sure you'll be back and when the market kicks your ****, which it always does. Best thing is not to trade. Reading all your blogs over time, your trades are carefully thought out and usually winners. Dont loose heart mate. Best Wishes. Mike H.
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Old Oct 1, 2008, 8:49pm   #87
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Originally Posted by simplepsyman View Post
Hey Dante, **** happens mate. And your honest enough to tell us all about it - Respect. So hard to detach emotion from trading, despite reading all the books etc. Sure you'll be back and when the market kicks your ****, which it always does. Best thing is not to trade. Reading all your blogs over time, your trades are carefully thought out and usually winners. Dont loose heart mate. Best Wishes. Mike H.
Yeah I 2nd that.
To put it into perspective, you're still alive and the account is still standing. Looking forward to seeing you bounce back.

Regards.

Rags.
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Old Oct 1, 2008, 9:11pm   #88
 
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trader_dante started this thread Yep, the account is still standing and well up on the intial £40 invested (at least £185 is secured by withdrawal and there is still a balance in the account to come back with).

A real shame when I had almost £1,600 though.

But I'll make it back - I always do.

If your edge is there you can always make money - it's just your emotions that dictate how much of it you keep.

I'll update soon. This is by no means over.

I promise.
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Old Oct 1, 2008, 9:34pm   #89
 
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cant believe TD is a mere mortal, just like the rest of us!

dont worry, TD. believe it or not, the fact you make mistakes and take losses, and are still in the game, should be far more reassuring to newbies and experienced traders than the ones who swagger onto T2W saying how they are so clever that they never have losses.

I can relate to taking a knock to the confidence. but you just have to keep playing, dont you?
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Old Oct 1, 2008, 10:14pm   #90
 
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I know you like Livermore m8. But you DON'T HAVE to copy him.

There isn't anyone alive who hasn't made stupid mistakes. Traders tend to make a lot more than the average person. Just goes with the territory I guess.

Now put that gun down and get back to it!
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