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  1. dbphoenix

    My Wyckoff journal

    Sorry. I don't mean to be a wet blanket. But I do agree with Gringo. In any event, good luck.
  2. dbphoenix

    My Wyckoff journal

    The SLA/AMT, however, is very much a simplification of the "TBP" material. Sometimes one can explain too much. Trading is after all visual, at least that which is based on tape reading. For example, here's one of Metal's charts (interesting that he made only a few posts and disappeared, while...
  3. dbphoenix

    This should be an interesting read

    This will give you some idea.
  4. dbphoenix

    This should be an interesting read

    It's not likely that his books will be of much benefit. The specifics, such as they are, are in his course.
  5. dbphoenix

    Polar Temps... warming... all guesswork

    Scientists destroy another climate denier myth: Rising CO2 levels aren’t good for plants In a 40-year study, the benefits of increased CO2 couldn't make up for the harmful impacts of a changed climate
  6. dbphoenix

    This should be an interesting read

    JL didn't get as specific as W regarding protocols, but then JL wasn't teaching. But neither seemed all that concerned about "information risk" as what they needed to know was in the price movement. W, for example, understood the importance of equilibrium and balancing and the consequences of it...
  7. dbphoenix

    My Wyckoff journal

    See what I mean?
  8. dbphoenix

    My Wyckoff journal

    This is largely the point I've tried to get across over the years with regard to observation, but I can count on the fingers of one hand -- with fingers left over -- those who have actually done it. The whole concept of watching price and how it moves and how and where and when it slows and...
  9. dbphoenix

    My Wyckoff journal

    Unfortunately, based on the first dozen charts he posted, he falls into the same trap as just about everyone else who trades price. Whether he does this in his attempts to explain it or does it in his own trading is unknowable. Either way, the charts soon illustrate the elaborate and complex...
  10. dbphoenix

    This should be an interesting read

    All of these people -- Wyckoff, Livermore, Gann, Elliott, Schabacker, deVilliers et al -- were working at or about the same time, and must at least have known of each other. But whether or not they hung out together is as far as I know unknown. If they didn't, perhaps they felt no need to do so...
  11. dbphoenix

    This should be an interesting read

    The professional concerns himself with doing the right thing rather than with making money, knowing that the profit takes care of itself if the other things are attended to. It isn't as important to buy as cheap as possible as it is to buy at the right time. The real money made in speculating...
  12. dbphoenix

    This should be an interesting read

    Which may be the source of his difficulties. Instead of focusing on "now", he focused on what was expected, or anticipated, or predicted. In the meantime, the market goes on about its business and couldn't care less what anyone expects or anticipates.
  13. dbphoenix

    This should be an interesting read

    Doesn't necessarily require faith if one fully understands his market. Though some to many disagree with Dow Theory, it was at least an attempt to characterize the broader market and "judge the market by its own action", a theme taken up by Wyckoff. Once one understands this structure, the ego...
  14. dbphoenix

    This should be an interesting read

    True. However, once the trade begins backing up, the ego often intrudes and tells the trader that the trade is still good even though it's not. At the very least, one must define what constitutes a "good" trade. Nothing moves in a straight line with no retracements at all. But, again, one can...
  15. dbphoenix

    This should be an interesting read

    However, the "holding on to a winning position" is where ego affects the perception of whether or not the position is in fact "winning". People don't hold on to losing positions because they've recognized that it's a losing position and want to hold on anyway. Rather they refuse to acknowledge...
  16. dbphoenix

    This should be an interesting read

    One of his most-quoted utterances had to do with "sitting tight". If one is going to sit tight, however, he has to have some sort of bias with regard to direction if not to ultimate goal. Dow and Wyckoff, among others, couldn't care less about bias; they let the market tell them what to do. If...
  17. dbphoenix

    This should be an interesting read

    Keeping one's focus on the horizon doesn't prevent him from stepping into or falling into a hole. One of Wyckoff's major contributions was his approach to monitoring trend every step of the way rather than focus on some ultimate price objective. If one husbands the progress, the trend will take...
  18. dbphoenix

    This should be an interesting read

    I don't have a large enough sample to make any definitive comment, but the rule-breaking tended toward exit. This of course is highly related to bias toward the direction and ultimate "target" of the move, which is also tied up with ego.
  19. dbphoenix

    This should be an interesting read

    I've known more than one trader who had perfectly good trading plans but at some point began to believe that they were smarter than their own plans, leading to rule-breaking and "trading by feel". This never ended well.
  20. dbphoenix

    A must read. Someone has FINALLY said it.

    IOW, mindfulness :)
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