Best Thread Firewalker's Journey: A path of discovery in search for enlightenment

[firewalker99]

There's no point in continuing that particular exercise since you're still trading your old setup in your head. Turn your attention to my suggestion regarding posting your pre-market trading plan.

When I was doing that particular exercise, I was only focusing on that exercise.

 

[firewalker99]

You posted plans for the 4th, 7th, and 8th, then quit. Then you posted a final one for the 10th. As for not posting your daily plans because nobody was interested, then I assume you see no point in putting together a daily plan at all. If you say you learned nothing from it after having done it only three or four times, I believe you.

Assuming that I didn't see a point in a daily plan is incorrect, otherwise I would not have done it for myself (offline) each day after, up til yesterday which is another 10 days.

 

[firewalker99]

If you are satisfied with these rules, then begin today to post a trading plan for the following day before midnight GMT. .

Satisfied... depends on what that means. Basically, that kind of setup generates not a lot of signals, not even one each day and as I was looking for something more like 3-5 signals a day, that's not satisfactory.

 

[dbphoenix]

FW, you began this journal because you wanted help with your trading plan. I suggested that you would be more likely to receive that help if you were to post your plan since it's difficult to comment on something if one has no idea what it is. You posted your plan for a few days, then stopped. Eventually, so did I.

You then complained here and in the PV thread that you weren't receiving any specific help, that it was all theory, all abstract, all general. After listening to this for a while, I then provided you with a specific task. But this wasn't to your liking, either.

So I am now suggesting that you begin posting your trading plan again since you aren't going to get any specific advice from anybody unless you give them something specific to work with. If you don't want to post your trading plan, or even write one, then don't. But then don't complain about how no one is providing you with anything specific.

 

[firewalker99]

You then complained here and in the PV thread that you weren't receiving any specific help, that it was all theory, all abstract, all general. After listening to this for a while, I then provided you with a specific task. But this wasn't to your liking, either.
.

Why do you assume that? I never said nor thought that. I did the whole exercise as you asked me to, and I did it without hesitation. I found it akward that you put up a task for us newbies, than establish that almost no one is willing to do it, to afterwards just throw it in the trashcan. What kind of example is that? How can I ever follow where you take me, if each time I come to a crossroad which ends up dead or run into a roundabout with no way but returning?

 

[dbphoenix]

Why do you assume that? I never said nor thought that.

FW, I don't have the time to go back through several hundred posts and link to all those where you complained about the kind of help you were receiving or about not receiving any help at all.

If you want help with your trading plan, post it. If you don't want to post it, don't. The responsibility for what happens to your future as a trader is entirely yours.

 

[firewalker99]

So I am now suggesting that you begin posting your trading plan again since you aren't going to get any specific advice from anybody unless you give them something specific to work with. If you don't want to post your trading plan, or even write one, then don't. But then don't complain about how no one is providing you with anything specific.

I haven't been complaining about anything since we started the exercise. Since then I've only been asking questions. Questions that have been left unanswered or been dealt with in evasive manners. If you're trying to test my mental strength or somekind, you're doing a pretty good job. I have no issues in continuining my journal offline, like I've been doing. If you insist I do this on this public forum, I'd like to hear - or rather see - explained why this can be beneficial for myself. If you have a "roadbook" of some kind, feel free to share. Put I'm hesitant in participating in yet another exercise of which I don't know the ultimate goal, especially as you - and not me - quit the last one abruptly.

 

[firewalker99]

FW, I don't have the time to go back through several hundred posts and link to all those where you complained about the kind of help you were receiving or about not receiving any help at all.

If you want help with your trading plan, post it. If you don't want to post it, don't. The responsibility for what happens to your future as a trader is entirely yours.

Look, I don't mean to get into a "I said that, you said that" discussion which leads both of us nowhere. But for the record I'll state this: from the moment you asked me whether I was done complaining and willing to work I answered "whenever you are". From that point I have not issued one complaint nor comment on behalf of you or anybody else. If your exercise didn't have a point than just say it instead of avoiding responsibility. If I have to assume resp. about what happens to me, than I think it's only fair towards me that you do the same in your tutoring/teaching.

*Edit: as this thread is actively viewed, I think I would furthermore benefit the "public" that they a clue on where this is going to end. I don't want a TOC but in order to use a compass one needs to know where the needle is pointing towards.

 

[wasp]

Did Mr Miagi explain anything to Daniel-san on his karate training but it all worked out well in the end

 

[firewalker99]

Did Mr Miagi explain anything to Daniel-san on his karate training but it all worked out well in the end

"I respect faith, but doubt is what gets you an education." - Wilson Mizner (1876 - 1933)

 

[dbphoenix]

Look, I don't mean to get into a "I said that, you said that" discussion which leads both of us nowhere. But for the record I'll state this: from the moment you asked me whether I was done complaining and willing to work I answered "whenever you are". From that point I have not issued one complaint nor comment on behalf of you or anybody else. If your exercise didn't have a point than just say it instead of avoiding responsibility. If I have to assume resp. about what happens to me, than I think it's only fair towards me that you do the same in your tutoring/teaching.

*Edit: as this thread is actively viewed, I think I would furthermore benefit the "public" that they a clue on where this is going to end. I don't want a TOC but in order to use a compass one needs to now where the needle is pointing towards.

If you don't do what's asked, then I have no responsibility to you whatsoever. As for when "this" ends, that's entirely up to you.

You posted on ET that in a given week, 95% of your trades went the wrong way, you had 25 consecutive losses, you had "crippled" your account, and you were lost. As long as you continue to try to shift the responsibility for all that onto somebody else, your situation won't change.

Take the responsibility. Post your trading plan. Trade it. Compare what you did with what you planned to do. Or whine. It's up to you.

 

[firewalker99]

If you don't do what's asked, then I have no responsibility to you whatsoever. As for when "this" ends, that's entirely up to you.

You posted on ET that in a given week, 95% of your trades went the wrong way, you had 25 consecutive losses, you had "crippled" your account, and you were lost. As long as you continue to try to shift the responsibility for all that onto somebody else, your situation won't change.

Take the responsibility. Post your trading plan. Trade it. Compare what you did with what you planned to do. Or whine. It's up to you.

Of course you have no responsibility to me, I never said that. As for doing what's asked, I did that exactly with the exercise (seems like hearing myself echo that quite a lot).
Well, if I don't learn how to trade, than perhaps I can aspire a career in politics. The way you manage to turn a discussion around and avoid answering a straightforward question is admirable. You somehow don't have to time to look up a confirmation about my complaints of your exercise (which I never had incidentally), but you do manage to look up a post on ET. Admirable, but questionnable.

 

[firewalker99]

August 23: Preparation

Per time frame, only those levels are noted where the zone or line didn't appear on a higher time frame. Lines drawn for left to right over the full length are those that appear on a higher time frame. Anyway, same principle as before for those who followed from the beginning (and are still following :?: )

Long term S/R levels:
6200, 5950, 5800, 5750, 5575, 5400, 5300

Medium term S/R levels:
5850, 5825, 5775, 5750 ,5725, 5615

Short term S/R levels:
5835, 5820, 5812, 5800/5, 5775

So this part of the setup is done:
V Put up a chart of the past months and draw long term S/R lines.
V Put up a chart of the last month and draw intermediate term S/R lines.
V Put up yesterday's chart and draw short term S/R lines.

Addendum: I will also check what happens when price approaches PDH, PDL, PDC.
PDH = 5845, PDL = 5770, PDC = 5820

 

[dbphoenix]

Of course you have no responsibility to me, I never said that. As for doing what's asked, I did that exactly with the exercise (seems like hearing myself echo that).
Well, if I don't learn how to trade, than perhaps I can aspire a career in politics. The way you manage to turn a discussion around and avoid answering a straightforward question is admirable. You somehow don't have to time to look up a confirmation about my complaints of your exercise (which I never had incidentally), but you do manage to look up a post on ET. Admirable, but questionnable.

I looked up all your posts on ET before offering my help. Saves time. And it's a public record. And the comments there were pretty much the same as what I've said. And they've been echoed by others here at T2W.

As for turning a discussion around, again, post your trading plan, then compare what you did with what you planned to do. Posting hindsight charts and asking everybody what you did wrong is not planning. If you refuse to do what I've asked you to do, that's not my problem.

 

[firewalker99]

I looked up all your posts on ET before offering my help. Saves time. And it's a public record. And the comments there were pretty much the same as what I've said. And they've been echoed by others here at T2W.

I have no secrets, anybody can read anything they like, I don't care. As for the comments of others, all that matters is what I believe can help me. What others echo or copy or reiterate is of no special use to me. Apart from what some members have communicated through PM, this the journal has offered me little useful information. But if you looked up my posts on ET (only a handful) and you decided to offer help based on what I wrote there, I'm very surprised.

Posting hindsight charts and asking everybody what you did wrong is not planning. If you refuse to do what I've asked you to do, that's not my problem.

At the time I posted hindsight charts, I was still looking to fully understand the reason why price moves, breaks through S/R, pauzes, drops to a SC, and so forth... Indeed, I've given up on those attempts.

 

[firewalker99]

Take the responsibility. Post your trading plan. Trade it. Compare what you did with what you planned to do. Or whine. It's up to you.

For the sakes of I don't know what reason anymore, I posted my preparation for today late last night (local time) so anybody living in the US would have got time enough to look at it before the opening. I hope this time you can guide me constructively through the following stages instead of giving me pointless* tasks that do not benefit me at all.

*Pointless = apparently serving no useful purpose [if there was a purpose I would assume you've told me after I looked and asked a couple of times]

 

[firewalker99]

I'll repeat this to myself over and over again

The right mindset needs to be implemented into your plan. Simply knock down the barriers of the ego and learn that you don’t know everything. Once a trader realizes that he is just a pawn in the midst of dragons, it is at this point that they can begin to progress to that state of an optimal mindset. This will take time and determination, but it is a necessary path that a trader needs to endure if they wish to remain in this business for the long term. Trade without emotion and continue to learn a new lesson everyday. Challenge others opinions based on your perceptions of the market with an open mind in order to bring to light wrong ideas and accept those thoughts that are true...

 

[dbphoenix]

For the sakes of I don't know what reason anymore, I posted my preparation for today late last night (local time) so anybody living in the US would have got time enough to look at it before the opening. I hope this time you can guide me constructively through the following stages instead of giving me pointless* tasks that do not benefit me at all.

*Pointless = apparently serving no useful purpose [if there was a purpose I would assume you've told me after I looked and asked a couple of times]

From Aug 3, previously posted twice:

1. Pre-market, post charts of the previous day, the previous week, the previous month. Plot whatever S/R lines you need for the current day.

2. State where you plan to go long or short after the open and why (no theory).

3. State what your stop is going to be and why (no theory).

4. State what your target(s) is(are) and why (no theory).

5. State how and where you're going to exit and why (no theory).

If you see no point in planning out your trading day in advance, then don't do it. It's your money.

 

[firewalker99]

trading plan

If you see no point in planning out your trading day in advance, then don't do it. It's your money.

I didn't see the point in reposting the same thing yet again (#85, #107, #112,...), as this thread already has a low enough signal/noise ratio and the "plan" hasn't changed.

For the record a review:

1. Pre-market, post charts of the previous day, the previous month, the previous 6 months. Plot whatever S/R lines you need for the current day.
-> #341

2. State where you plan to go long or short after the open and why (no theory).
-> Long exactly on the line that becomes S after breaktrough R
-> Short exactly on the line that becomes R after breaktrough S
-> Entry with two contracts simultaneously.
-> Taking everyline S/R line available from #341

3. State what your stop is going to be and why (no theory).
-> Stop = ATR. Why? It's dynamic and objective.

4. State what your target(s) is(are) and why (no theory).
-> First target = 2x ATR, second target = 3x ATR
Why? At minimum I would want risk:reward of 1:2.

5. State how and where you're going to exit and why (no theory).
-> Exit at stop or when target is reached. After first target is reached, move stop to breakeven.
Why? I will want to lock in any possible profits.

 

[dbphoenix]

I didn't see the point in reposting the same thing yet again (#85, #107, #112,...), as this thread already has a low enough signal/noise ratio and the "plan" hasn't changed.

The point is so that everyone knows what your current plan is, which is why I asked for your current plan. Since this is different from what you posted yesterday, is this your current plan? If so, there are a number of things missing from what you posted last night.

Again, you are in complete control of this process. You can stop anytime you want to.