my journal 2

This is a discussion on my journal 2 within the Trading Journals forums, part of the Reception category; Ok, tried it again. I am allowing 5 candles against me in case it is not profitable. First trade 4k ...

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Old Jan 24, 2010, 2:02pm   #36
 
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re: my journal 2

travis started this thread Ok, tried it again. I am allowing 5 candles against me in case it is not profitable.

First trade 4k profit.
Second: 2k
Third: 1k
300
1k
...
I'll tell you when i am done.
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Old Jan 24, 2010, 2:08pm   #37
 
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re: my journal 2

travis started this thread Nope. I got tired and I am stopping here at 17k. I can tell what gets me tired is the discretionary part. Constantly having to decide when to enter and when to exit. S/R is not univocally defined: I have to guess it each time. As a consequence, also entry is not defined. And then it ensues that also exits are not defined univocally. This constant guessing is what makes me tired, or maybe it has to do with the fear of being wrong. Both things.

That's what makes automated systems so powerful. Even with a small edge, they can perform tirelessly, without feeling any of this stress, so that an automated system by making 10 pretty good trades per day can outperform a human, who can only make two very good trades per day, without feeling so much stress that he'll start giving all the money back.

Last edited by travis; Jan 24, 2010 at 2:14pm.
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Old Jan 24, 2010, 2:33pm   #38
 
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re: my journal 2

travis started this thread Ok, I think i got it. This has to be practiced as if you weren't playing money and if you weren't playing to win.

You just have to forget all rules and all parameters and keep on playing and playing, regardless of how much you lose, until you figure out how it works. That's what I'll do. I don't have to impress anyone. I just have to practice until I figure out how it works. S/R definitely work, price is not random... it can be figured out. Forget indicators or anything else. All I needed to know, I know. Now I'll just keep on playing it like any video game. Once I figure it out, basically I have become profitable. Then it can be done also on real trading.

The big difference is the speed though. Huge difference.
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Old Jan 24, 2010, 3:46pm   #39
 
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re: my journal 2

travis started this thread Getting closer... taking losses less personally... getting there...

snap1.jpg

Watching tv as I play it. It helps me not get too tired and not overtrade.
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Old Jan 24, 2010, 4:04pm   #40
 
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re: my journal 2

Quote:
Originally Posted by travis View Post
Hilarious. Just finished reading The Basic Laws of Human Stupidity. Great stuff. Many thanks.
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Old Jan 24, 2010, 4:10pm   #41
 
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re: my journal 2

travis started this thread Yup. I had to look it up to explain to be-positive why I am calling him an "idiot": he ruined my previous journal without any personal gain.
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Old Jan 24, 2010, 6:23pm   #42
 
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re: my journal 2

travis started this thread Ok, I figured it out. I can make any trades and be profitable, but I have to see it in terms of quality rather than quantity.

There's no way I am going to make a sequence of 50 good trades without losing track of what I am doing. I can only focus on making ten good trades at a time. Then I have to take a break. If I don't, losses start coming in.

So this is how I am going to play it, in this game, and in real trading. Only x number of trades without taking a break. In real trading, one trade per day should do it.

In this trading, I can pretty much be confident that if I only make 10 trades, the balance will be a positive one. If instead I start out with the plan to bring my account from 10k to 100k, it will not work out. Because I'll be in a rush, push my luck, and see opportunities where there aren't any. Right now I don't feel there's any need for indicators of any sort. The chart tells you enough. But maybe indicators are what I'd need to make more than 10 trades in a row: they're probably what's necessary to implement a semi-automated trading system (manually executed). The only problem is that I don't know yet what exactly I am doing in those ten trades that makes me profitable. I can't describe it univocally yet. What I do know is that each time I exceed that number of trades, I start losing money. In real trading, it's worse, and, as soon as I exceed the two trades per day, I start losing money.
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