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GRPT example from today.

I've marked your chart to show you what I mean about my GRPT (Golden Rule of Pullback Trading). The pullback you marked it great because price most recently came of a new high for the day. The GRPT says don't go short here, if it happens that the rest of the method says to go short. If...

The pullback you have marked does not violate the "Golden Rule". It's a long entry after a pullback from a new high which is fine.

Oh there are definitely lots of problems with my system. I did not trade Friday (I have been down with a bad flu since thursday night) but nevertheless I have seen some big problems. I'll be re-hashing out the rules here in the journal over the next few weeks. The biggest change is I am...

Instead of boring you with charts I thought i'd post a concise summary of my trading day: Thank God I was only trading a 1 lot.

You da man. You might also want to start a journal here. My trading has improved since I did.

:D <--- me

Do not enter longs on pullbacks off new lows for the day. Do not enter shorts on pullbacks off new highs for the day. Corallary: It's OK enter a long off a pullback off the low of the day, as long as it's not a new low (i.e. double or triple bottom is OK). Likewise, it's OK to...

Furiously traded one lots for the past 2 days. Worked out an outstanding filter for pullback trades. Worthy of its own post (see next msg).

No, I have some issues to clear up. The system still allows too many trades. But i'm aiming for something very simple. From NQoos (I should follow his advice):

Why what? :confused:

Indeed, the best trade was probably a short where I closed my long today, after touching 1420. But I like to keep the option of holding overnight open, on every trade. Supposing I got short today, and the naz closed 20 pts lower, I would still be uncomfortable holding a short overnight with...

Following dB's suggestion I didn't worry about predicting what kind of day it was. I looked for my setups and took them. Two trades, executed both according to plan, no problems. One winner, one loser. The first one was a short after backing off the 1420 high from last week in the...

First I see what you are saying now about purely mechanical systems-- if everyone tries to do exactly the same thing, on the same instrument, the entries erode. Big discretionary funds face the same problem, that's why they set up fake order desks to blow smoke. A big poker game. Now to...

I would just like to hear one story, just one example, of a secret mechanical system that was pulling in cash, was revealed (or better yet, discovered by a "keen market participant"), and then had its entries erode to the point where it was no longer useful.

I agree with T-REX. Fact is, there is not one documented case of secret system that worked great, then stopped working once it was revealed (if you don't count illegal insider trading :D ). In fact you can find just the opposite. LBR group posts their good trades and methods on their...

Goal: Seek and destroy any signs of this viscious cycle: (1) discipline (2) winning (3) addiction to winning (4) taking more chances in order to satisfy need to win (5) losing I have identified this pattern in both my trading and poker playing. Really just (1) and (2) are fine. No...

to get from trader maxims, to trader actions, takes a lot of hard work and practice.

The Tao of Publias