my journal

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Yamato

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Mar 22, 2003
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1) you haven't lost over 250 dollars for the day (from discretionary trading)
2) your entry and your take profit are >=10 ticks away from any pivot lines
3) you're monitoring "correlated" chart (1 month to 2 hours)
4) the 225-period ma is in favor by >= 5 ticks
5) the 15-period ma gets crossed by price (in favor) after touching the other side >= 3 minutes
 

Yamato

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Mar 22, 2003
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Thanks for the information.

I'm short even though one of the requirements wasn't met. Broke my rules.
 

GladiatorX

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Jun 7, 2009
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I'm short even though one of the requirements wasn't met. Broke my rules.
ECB press conferance with Trichet going on;
Causes volatility, especially as a Q&A session can bring up anything;

The press conference following the meeting of the Governing Council of the European Central Bank
on 3 December 2009 will take place in Frankfurt am Main at 2.30 p.m. C.E.T. and have the following format:

* an introductory statement by Jean-Claude Trichet, President of the ECB; and

* a question and answer session at which registered journalists will be able to pose questions to Jean-Claude Trichet, President of the ECB, and Lucas Papademos, Vice-President of the ECB.

http://www.thomson-webcast.net/de/dispatching/?ecb_091203_stream_video
 

Yamato

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Mar 22, 2003
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ok, made hundreds... that's good enough... now I won't trust my rules again, or hopefully it will just be a bad accident. turning it off for a few hours: enough of a heartache... finally I am back at 7k.
 

wprins

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Apr 13, 2008
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ok, made hundreds... that's good enough... now I won't trust my rules again, or hopefully it will just be a bad accident. turning it off for a few hours: enough of a heartache... finally I am back at 7k.
Some observations:
1.) There are no perfect rules.
2.) This implies that one set of rules which capture a statistical edge will nevertheless fail in some situations where another other rules (or a discretionary trade) will succeed.
3.) You cannot therefore distrust your rules just because you happened to manage to make money outside of them.

If I was you, I'd be thankful for making some money and immediately go back to following the rules as much as possible.

Just some thoughts. :)
 

Yamato

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Mar 22, 2003
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Yes, that's good advice and reasonable remarks, as usual. Thanks. (#2. that's why I created 42 systems, each capturing a different edge).

I am still unstable from today's trading session. It wasn't good at all for me. I am still tense from that. I am referring to the 14.30 CET trades, wth that trichet news being released and so on. You're right, from now on I'll go back to my "usual rules" (that lasted me already 3 days). Much less stress.
 

Yamato

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Mar 22, 2003
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Yes, you're right, but it wasn't because of any losses. It was because I was staring at prices too much. I got hypnotized.
 
Jul 8, 2009
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at least you made money :). still you broke your rules , honestly dude, just set the stop and profit target, or if you want to protect profits then have a scale out plan, scaling out gives you piece of mind . scaling out half of position at halfway to profit target, other half placed at breakeven
 
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