my journal

This is a discussion on my journal within the Trading Journals forums, part of the Reception category; I was this close to not caring and breaking the one requirement not being met, but that would have been ...

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Old Dec 1, 2009, 9:18pm   #1011
 
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Felt the urge to break one of my rules

travis started this thread I was this close to not caring and breaking the one requirement not being met, but that would have been the end of everything. Rather than breaking a rule like this, during the trade, I'd have to remove the requirement beginning tomorrow. But of course I won't do it, because the requirement makes sense, and it's there to protect me from myself when I'm into my manic mode.

Last edited by travis; Dec 1, 2009 at 9:25pm.
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Old Dec 1, 2009, 9:22pm   #1012
 
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Re: my journal

travis started this thread Damn... it sucks... it was really going down. Hey, I don't feel bad, because I followed an intelligent rule. Obviously a non-written rule is that you cannot change the rules while you're already into a trade or about to make a trade. So this is really it for today. Also because whatever happens at around this time won't last long enough to allow me to reach my target.
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Old Dec 1, 2009, 11:12pm   #1013
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Re: my journal

Quote:
Originally Posted by travis View Post
Damn... it sucks... it was really going down. Hey, I don't feel bad, because I followed an intelligent rule. Obviously a non-written rule is that you cannot change the rules while you're already into a trade or about to make a trade. So this is really it for today. Also because whatever happens at around this time won't last long enough to allow me to reach my target.
Good job for sticking to your system rules!
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Old Dec 1, 2009, 11:15pm   #1014
 
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travis started this thread Let's start being less academic because it's not good for the reasoning when, like them, one tries to show off his knowledge or intelligence. I have a dad who gets academical even if he has to screw a light bulb, and I am sick of his professorial behaviour, so you get my point. I will reply in random order of what I can remember I had to reply to. This way my post will be shorter and more to the point. Or else we'll keep on going forever, and it'll be like a daily job for us. We need to slowly slow down. I remember doing the same thing with gladiator: we replied to each other for a whole week non-stop.

My dad is there, watching tv. Volume is a bit too loud. I'll try to focus. What do I remember? Hmmm... mumble mumble... oh, right, what you said about teaching. Teaching is good, I agree. But one thing is teaching in person and another thing is writing books.

THE ELDER GUY
Also, listen, by the way, about that Elder guy - he did a good job for chapter one but a bad job on the rest of the book. He doesn't know enough stuff to write more than one good chapter (the first one), the psychology chapter. The rest of the stuff, starting with chapter two is full of bad comparisons, examples, ideas, conclusions... it's just bad, it's a total mess... that comparison of animals: bulls, bears and hogs, he totally gets... i'm failing the guy. I could have written it myself better. And I am sure it's due to the pressure you feel to write a whole book, instead of a post on a forum. That's what Elder should have done: write a post on a t2w or elitetrader. But he went for the book, and since he only had enough good material for one chapter, he had to write bull**** on the rest of the book. You can't help it: if you write a book, you feel the pressure to make it long enough. No one ever wrote a 20 pages book, like Elder should have.

MARKET WIZARDS MIGHT BE AN EXCEPTION: A BOOK WORTH READING FROM BEGINNING TO END
Maybe I'll save Market Wizards (I haven't read it yet), because the approach is a right one: we don't got enough to say but we want to find out so let's interview these guys. Journalist approach: that's the right approach. Not the approach "we don't got enough to write 11 chapters, then let's fill it up with foam". That's what Elder did: he had the inspiration to write one chapter - not 11 or more. I went to work and printed the first three chapters and started reading them in the bath tub, but then, as I kept reading about the bulls, the bears and the hogs, I had to throw all the paper in the water, I drowned Elder, keeping him underwater for a few seconds, but amazingly the pages in the middle didn't get wet at all. So I gave him another try, and read like ten more pages, after which I had to start throwing them on the bath floor to keep away from my reach, like something dangerous for my health.

Reading helped me? Not really. The couple of trading books I read all told me things I already knew (skimmed through them). The only books I read that were helpful were walkenbach's excel manuals, and I skimmed through those as well.

Self-teaching through internet is the way of the future
I still don't believe in reading an entire book, from back to back, for anything other than entertainment (and it's not the most entertaining thing there is either). People who write books to teach you stuff usually get academical (in the negative sense) and when they do they start filling up their books with bull****, starting from dedicating the book to their wife and such: that's when you know they're going to fill it up with a lot of bull****. If you buy a screwdriver or a hammer, you don't see a dedication to someone's wife. The book that teaches you stuff should have the same approach as the manufacturer of the screwdriver or the hammer, to show you the book is there to produce results and it's not about bull****. Same applies to the quotes, and bibliography. When the authors start mentioning thirty authors and quote them... that's when you know they've lost it...the train of thoughts... drowned in all those quotes, showing off all their culture and drowning all reasoning in their refined terms... they've lost it. The clearer the better. The simpler the better. No academics do that, because they wouldn't be taken seriously. To be taken seriously they have to get verbose, quote 50 colleagues, and stop reasoning, and start showing off. This all sucks and all school must be put to an end. Self-teaching through internet is the way of the future, the way of the future, the way of the future...

Last edited by travis; Dec 2, 2009 at 12:09pm.
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Old Dec 2, 2009, 6:24pm   #1015
 
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Re: my journal

travis started this thread 1) you haven't lost over 250 dollars for the day (from discretionary trading)
2) the 225-period ma is in favor by at least 5 ticks
3) the 15-period ma gets crossed by price (in favor) after touching the other side >= 3 minutes
4) your entry and your take profit are >=10 ticks away from any pivot lines
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Old Dec 2, 2009, 6:28pm   #1016
 
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Re: my journal

travis started this thread 1) you haven't lost over 250 dollars for the day (from discretionary trading)
2) the 225-period ma is in favor by at least 5 ticks
3) the 15-period ma gets crossed by price (in favor) after touching the other side >= 3 minutes
4) your entry and your take profit are >=10 ticks away from any pivot lines
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Old Dec 2, 2009, 6:41pm   #1017
 
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Re: my journal

travis started this thread Short

snap1.jpg
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Old Dec 2, 2009, 9:13pm   #1018
Joined Jan 2005
Re: my journal

I do think Elder wrote some useful stuff on Money management too. the 2% and 6% rules to help you preserve your capital. Did you get that far Travis? This was what i was referring to in my recommendation of the book. $250 out of $7k is a little high a risk for my liking,

I agree with Wprins & you over the Book vs Internet question. Both exist so why not use both as a useful source of information. Old does not mean out of date when it comes to the markets. Yes the process has sped up a bit but the underlying reasons for market movements are no different from when the books were written compared to now where everyone twitters about it.

I do agree that some authors do just waffle though, but then, so do some Jounal writers! :-) For both, the same applies, skip read if you feel you have got the point.

Ever considered setting the trade, setting your stop loss order and simply walking away? Going out? Socialising? Doing something else? Trading will become easier, the less important it is in your life (so i have been told on one of these forums). If you can't walk away, the money means too much to you and you're less likely to think clearly. This might mean slightly longer timeframes for you though, so less of a buzz i guess.

One other thing i noticed throughout the journal is how you refer to what your account will be if the trade goes your way. This to me would put pressure on myself and make not achieving that goal like a failure. Just consider the potential losses and protect the capital. Ignore what could be the gains.

Anyway, my 2cents while i'm on the train home, glad the trading is improving even if it means that you are doing less of it due to the rules! Trade to trade well, not through boredom! Well done!!

Coop
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Old Dec 2, 2009, 9:47pm   #1019
 
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Re: my journal

travis started this thread Thanks, Coop. Everything is going great. Don't expect so much of me right now. It's already a miracle that I am on my third non-gambling day!

I agree on almost everything you said. Basically everyone reading this journal agrees on everything. We just discuss things to reason out loud. We all agree from the start on almost everything or you wouldn't be reading it.

250 is right because I can't wait forever to grow my capital. I do place trades and leave. Like the one that is going on right now, and has been for hours already. Don't forget I also do automated trading. That means letting trades go for an entire day without touching anything.

I am done with Elder, I read chapter one. I was skimming through chapter two but when I read his comparison of the market with animals and so on... it was such a horrible example that I drowned him again and again in the bath tub.

Last edited by travis; Dec 2, 2009 at 10:01pm.
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Old Dec 2, 2009, 10:58pm   #1020
 
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Re: my journal

I seriously don't recommend Elders books Travis;
His view of trading is one of a pensioner, who is trying to grow funds @ a slower rate than the benchmark indices so that we can all have a little 'fancy investment' in our lives. Nothing serious. Maybe good for the casual investor/trader but not for someone who wants to actually make money without ye' old ' Enter and hope for the best '


If you want to read some books then i recommend for you;
- The hedge Fund edge
- Options Volatility and Pricing
- Trading in the Zone (If your in the mood 2 be psychologically buffed, otherwise don't bother)
- Mastering Futures Trading by Bo Yoder
- The big book of Pokemon
- Market Wizards series
- Reminiscences of a Stock Operator
- Lust: Erotic fantasies for Women by Violet Blue
- Mastering the Trade (Use to be a fav, but i've grown out of it)
- Pit Bull: Lessons from Wall Street's Champion Day Trader
- The art of war
- Portfolio management formula's


I know your not into books though so never mind
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