Arthur Deco Mentors ET Noobs

[Redneck]

Quote from Optionpro007:

Dr. Deco because I know you have studied psychology I wonder if you have an answer to this question.

Regarding you statement above, do you believe that this is something that happens to traders because of the nature of this business, the stress etc.., because perhaps as humans we all tend to self-destruct in an abstract environment or is it that this business in itself attracts people with natural self-destruct tendencies?

My feeble minded opinion

We use intellect, cunning, ingenuity, fill in the blank…, in a multitude of ways to figure out how to extract money

The act of extraction is the polar opposite


Not so sure it is so much self sabotage…, as it is maybe lacking the ability to simply shut things down, then execute -Ad nauseam



But as while trading… I could be dead wrong – I’m no where near a psychology expert


RN

 

[LeeD]

Quote from trefoil:

Chart reading and successful trading are polar opposites. Absolutely correct.

I should read the thread again for more pearls like this.

 

[sosueme]

Quote from trefoil:

Chart reading and successful trading are polar opposites. Absolutely correct.

I am more inclined to believe that they are two different things, not to be confused or directly linked

 

[Arthur Deco]

Quote from Redneck:

My feeble minded opinion

We use intellect, cunning, ingenuity, fill in the blank…, in a multitude of ways to figure out how to extract money

The act of extraction is the polar opposite


Not so sure it is so much self sabotage…, as it is maybe lacking the ability to simply shut things down, then execute -Ad nauseam



But as while trading… I could be dead wrong – I’m no where near a psychology expert


RN

I am guessing that as home-bound traders go, you are quite psychologically healthy. Not so the majority. IMO most were marginally successful in conventional careers because of sociabilty issues, and are more comfortable working without supervision or social pressure. Of course that's only based on a sample of the one trader I know intimately.

 

[Arthur Deco]

Quote from sosueme:

Does this mean that the world is populated with little mini-me Art Decos.

The mind boggles at the mere thought.

If you read a piece of technical writing with the following characteristics:

no qualitative adjectives or adverbs, only quantified numerical information

single phrase sentences

no passive voice

five paragraph sentences

first sentence makes the point

middle sentences support the point evidentially

fifth sentence reiterates the point,

then I taught them.

 

[cap'ncod]

Quote from trefoil:

Chart reading and successful trading are polar opposites. Absolutely correct.

If you understand how price patterns are used against the trader then you can determine when an opportunity exists. If you seel that a short term trend is taking place this will be reflected in the price action. combining the two can give useful entries? I also think that some things are very difficult to hide and can be seen in the humble bar chart. What do you think, Art.

 

[Arthur Deco]

Quote from cap'ncod:

If you understand how price patterns are used against the trader then you can determine when an opportunity exists. If you seel that a short term trend is taking place this will be reflected in the price action. combining the two can give useful entries? I also think that some things are very difficult to hide and can be seen in the humble bar chart. What do you think, Art.

My answer is suspect because I don't trade chart interpretation. I think I could scalp off of a chart because on a scale of 20 minutes or so price is bouncing off of S/R like a Pachinko machine. But longer term, say if you want to hold all day, the chart predicts nothing. One of my biggest problems in learning to follow my systems conscientiously was overcoming the frequent impression that "the chart isn't supporting what the system says to do."

 

[Zr1Trader]

What art said about the system aspect of trading and thinking... why in the fuck would I go long here ,thinking that it is obvious and not taking the trade that the system told you to take. I find this to be so true, some of those trades turn out to be the best trades . When trading a system that has a positive expectancy I feel that one must be a dumbass , buy on green , sell on red. Thats it. no thinking.

As for discretionary traders, a poster mentioned that you have to understand what price patterns are used against the heard, also spot on. I've seen price on opening so many times just barely penetrate the premarket range only to stop out those that provide liquidity for the big guy to reverse violently in the opposite direction.

 

[Arthur Deco]

Quote from Zr1Trader:

What art said about the system aspect of trading and thinking... why in the fuck would I go long here ,thinking that it is obvious and not taking the trade that the system told you to take. I find this to be so true, some of those trades turn out to be the best trades . When trading a system that has a positive expectancy I feel that one must be a dumbass , buy on green , sell on red. Thats it. no thinking.

As for discretionary traders, a poster mentioned that you have to understand what price patterns are used against the heard, also spot on. I've seen price on opening so many times just barely penetrate the premarket range only to stop out those that provide liquidity for the big guy to reverse violently in the opposite direction.

You should write a book.

 

[cap'ncod]

Quote from Arthur Deco:

My answer is suspect because I don't trade chart interpretation. I think I could scalp off of a chart because on a scale of 20 minutes or so price is bouncing off of S/R like a Pachinko machine. But longer term, say if you want to hold all day, the chart predicts nothing. One of my biggest problems in learning to follow my systems conscientiously was overcoming the frequent impression that "the chart isn't supporting what the system says to do."

My I be so bold. Am I correct in saying your system is volume based, either partly or predominantly? If not, would you mind, without spilling one's beans, telling what it is looking for. If it is looking at 'behaviour' in relation to a certain event at a certain time and a prediction of wave size etc, then would I be correct in saying it has to be tailored to a specific market and could not work universally? You seek the Kahuna (now I know why I thought about Hemingway). The big move that you say cannot be predicted with price behaviour. So is it oscillation. Is time a factor. Much obliged, Art.