my journal 2

This is a discussion on my journal 2 within the Trading Journals forums, part of the Reception category; www.missionrisk.com We've been playing with another reader. I hope you download it and then you can message me so we ...

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Old Jan 24, 2010, 12:59am   #25
 
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re: my journal 2

Yamato started this thread www.missionrisk.com

We've been playing with another reader. I hope you download it and then you can message me so we can meet and play.
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Old Jan 24, 2010, 1:26am   #26
 
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restless, impatient, compulsive...

Yamato started this thread What the hell is the matter with me, or as that girl used to ask me, "what is wrong with me?". I engage in compulsive gambling whether I am investing real money or I am paper trading, or I am playing this chart game:
http://chartgame.com/

The first trades are always fine, then I start getting restless and impatient and I lose money. No wonder my only profitable trading has been with automated trading.

You either tell me exactly what I have to do, or it's not going to work. I've been playing this chart game for hours, and I want to figure it out for good, but I can't.

This game is not just any game - it's the key to everything. If I can figure out this game, I am rich.

Come on, Benton, teach me this thing with sma and rsi, i want to learn it. But teach me all the way, not just half way.

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Old Jan 24, 2010, 1:46am   #27
 
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re: my journal 2

Yamato started this thread That's it. I give up. I can't believe I am giving up on a free simulator, which seemed to answer to all my questions. It seemed like the greatest link ever, and I am giving up. That means there's no way i will ever find out how to make money with real trading, since the number of experiments i can make with real trading is much smaller than here. So maybe I am not after finding out how to make money, but only after gambling. Otherwise I'd keep on practicing this thing. But maybe I will try again tomorrow. I sure hope I get obsessed with this thing until i figure it out. And if I do, i can apply what i figure out to any market.
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Old Jan 24, 2010, 1:53am   #28
 
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re: my journal 2

Yamato started this thread snap1.jpg

Ok, here's a method that works and that is simple. I get the chart, I look at the last 4 years, which is what I am given. I find the highest point and the lowest point. I wait for price to reach that point, and then I bet on a bounce. That's all. It works, it's simple.

What I do not like is how irregular it is, and how rare the trades are. I'd like something regular, frequent... I mean i could trade once or twice every years with such a method, and it could only be viable through a chart game like this is.

However, it's a start. I need to practice more and more and see if I can finetune this thing to perfection.
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Old Jan 24, 2010, 3:34am   #29
 
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Re: restless, impatient, compulsive...

Quote:
Originally Posted by travis View Post
What the hell is the matter with me, or as that girl used to ask me, "what is wrong with me?". I engage in compulsive gambling whether I am investing real money or I am paper trading, or I am playing this chart game:
http://chartgame.com/

The first trades are always fine, then I start getting restless and impatient and I lose money. No wonder my only profitable trading has been with automated trading.

You either tell me exactly what I have to do, or it's not going to work. I've been playing this chart game for hours, and I want to figure it out for good, but I can't.

This game is not just any game - it's the key to everything. If I can figure out this game, I am rich.

Come on, Benton, teach me this thing with sma and rsi, i want to learn it. But teach me all the way, not just half way.

You went against it and did that well? Interesting...
Anyway, that's like I said just the core part. I also don't (or I should say didn't) calc the RSI in the standard way: if its supposed to be an RSI of 10, then that included the current period, not the previous 10 plus the current period, which is the way the charts calc it. Also, I never included any history, which meant the RSI could go to 100 or 0, and it very frequently did on the intraday stuff. Especially on the plus/minus 50 this made it much faster and more responsive, which of course helped returns quite nicely.
Everything else I've ever added on to my systems besides this relatively simple and standard stuff was to reduce whipsaws, tell me when reversals would take place, and even give me an indication if the thing was trending or just going sideways.
I made my college-age son (a true math whiz, but damn is he lazy) give me a better indicator, by showing him how I calc'ed the RSI, and then telling him exactly what I wanted out of it. I tortured him for a month, but I got what I now consider my Holy Grail out of it. Not giving that away.
But make the above tweaks to the RSI and it becomes a really useful indicator.
I like that 4 year idea. Was that on just stocks or did you ever try that on stock indexes?
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Old Jan 24, 2010, 11:43am   #30
 
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re: my journal 2

Yamato started this thread Thanks for the detailed explanation, I'll investigate this further and if I become profitable, I'll let you know.
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Old Jan 24, 2010, 12:17pm   #31
 
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practicing again: 20k

Yamato started this thread Ok, going without any method right now. Only s/r levels. And I've doubled it again.

Now hopefully I won't get bored and start gambling, by leaving unprofitable trades open and hoping for them to come back. Yes, because that's exactly what gambling to me is letting losers get away. Losing control of losers. And also not waiting for the right entry opportunity.

I enter as soon as it touches a s/r level. In case I enter a bit early I don't exit until the real s/r level has been violated. I sometimes anticipate because when price is highly overstretched, it is also likely to anticipate and i don't want to miss that trade. I use s/r levels when we're in a range. I use only support levels when we're beyond any resistance. And viceversa. At any time I am only considering 2 s/r level. One support and one resistance.

As an exit from my profitable trades, I use the color of candles: if I am long and I get a black candle, then I exit, and viceversa.

For non-profitable trades, I exit as soon as my level is violated and it doesn't bounce on it.

Right now it's going well. I'll keep you updated. I'll post these pictures of the account hopefully all the way to 100k. And then summarize my method again, in case it's changed from the above.

Never mind the 50 SMA. It's in the picture but I am not using it. I'll get rid of it now.

snap1.jpg

Last edited by Yamato; Jan 24, 2010 at 12:49pm.
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Old Jan 24, 2010, 12:58pm   #32
 
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re: my journal 2

Yamato started this thread I blew it again. I guess I got impatient, and with no univocal entry/exit rules, impatience got to my thinking and... got to zero again.

This seems to be the pattern in my real trading and in this simulated accelerated trading: I start by doing well, then after a few trades, my reasoning goes bad and i lose everything. That's why I should stick to the rule of making one trade per day in real trading, and only half an hour of practicing on this simulator. After a while in terms of trades/time, I start being less and less careful about picking my entries and exits.
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