CONFIDENCE COMES WITH A PROVEN SYSTEM......DISCIPLINE IS AN EMOTIONAL TRAP...DISCIPLINE MEANS LEAD PAWS...MENTAL GRIDLOCK.........ONLY CONFIDENCE AND PATIENCE ALLOWED....WAIT FOR SYSTEM SIGNAL.....2 OR 3 PER DAY .......LONGER TIME FRAME CHARTS GIVE CLEARER PICTURE...NO EMOTION ALLOWED....U R THE ROBOT IF SYSTEM IS GOOD ENOUGH...WHEN SETUP HAPPENS, TAKE WHAT U HAVE PROVEN.....SET STOP WHERE IT IS ALWAYS SAFE. UNLESS FLUKE OCCURS. ALMOST NEVER.......THE LONGER THE PT TARGET, THE MORE PAIN U WILL SUFFER...4 POINT TARGET IS GOOD...4 IS USUALLY PAINLESS....THAT 3 TO 1 CRAP IS RIDICULOUS... LET THE SYSTEM WORK YOU..NOT YOU WORKING THE SYSTEM...ONCE SYSTEM IS READY TO TRADE. YOU MUST NOT BE IN CONTROL..SYSTEM IS IN CONTROL...PROVEN OVER AND OVER.....HUNDREDS OF TIMES OVER AND OVER....YOU CAN'T WIN. ONLY THE SYSTEM WINS OR LOSES AGAINST THE MARKET...YOU HAVE NO CONTROL IF UR SYSTEM WORKS. U TURN ON THE COMPUTER AND TURN IT OFF..AND DO WHAT THE SYSTEM SAYS U MUST TO SUCCEED....YOUR EMOTIONS MUST NOT BE ALLOWED IN THE PROCESS....IF YOU HAVE TO MAKE A DECISION DURING TRADING, U R A DISCRETIONARY TRADER...U LOSE...
Chronicles of an Idiot
- Thread starter VisionTrader
- Start date
I like your post. I just quoted this portion of it to understand a couple of points you made:
'the longer the point target, the more pain you will suffer" is understandable.
When you say , 4 point target is good, what do you mean ?
Good on VT's system ? Good for your system ? Good relating to ATR ?
'that 3 to 1 crap is ridiculous" - From your experience, what have you noted as being real ? 2 to 1 ? 4 to 1 ? And again, are you stating this based on VT's system or yours, or in general ?
Thanks,
tradersaavy
I've been away a lot this summer. I was surprised to see my old journal being dusted off. I have been checking in at ET from time to time and have been reading NPP's divergence journal with interest.
My methods have evolved a little since this journal began. I am still in contact with many who trade the 1M chart with this method successfully, or at least they indicate to me that they are having success.
I am mostly trading from the 5M chart now. Either ES or YM. Although my methods are basically the same as in my original journal, I trade with a lot of discretion based on what's going on during the day. I do in fact, plot the previous day open, high, low, on my charts. Always have. These price levels are always part of my divergence strategy. Much of what was posted in this journal was a discussion on divergence more than anything else.
I may start another journal soon so we can all discuss some trades. Just trying to get back in the groove again. I am glad there is some interest out there. Please keep in touch everybody. Fore those that have PM'd me. Please be patient. I am trying to get caught up.
Take care.
My methods have evolved a little since this journal began. I am still in contact with many who trade the 1M chart with this method successfully, or at least they indicate to me that they are having success.
I am mostly trading from the 5M chart now. Either ES or YM. Although my methods are basically the same as in my original journal, I trade with a lot of discretion based on what's going on during the day. I do in fact, plot the previous day open, high, low, on my charts. Always have. These price levels are always part of my divergence strategy. Much of what was posted in this journal was a discussion on divergence more than anything else.
I may start another journal soon so we can all discuss some trades. Just trying to get back in the groove again. I am glad there is some interest out there. Please keep in touch everybody. Fore those that have PM'd me. Please be patient. I am trying to get caught up.
Take care.
The 4 point comment is for conservative trading. After trading with a millionaire's expensive programs, and deep, deep pockets...I learned a few lessons....unfortunately at his expense...he accepted no input from employees...
He used consistent stops of 10 points....He tested with real money.....He took nothing less than 5 points...Depended on trader discretion. A fortune in equipment and programmers and people......Failed due to greed and no dependable system..One system was bought for $19,000....
4 point stop is perfect if you look closely. If I can trade 1 contract for 4 pts. consistently then I move to 2 contracts....get the same 4 pts. and buy/sell 1 contract and move #2 contract to breakeven and continue the ride or breakeven with 4 pts...
4 points is always there if trade entry is reasonably early. Yesterday was duck soup...all day long..if a person does not have a strategy in their system to give a sell signal early yesterday then I wish I could give them mine but I can't.
He used consistent stops of 10 points....He tested with real money.....He took nothing less than 5 points...Depended on trader discretion. A fortune in equipment and programmers and people......Failed due to greed and no dependable system..One system was bought for $19,000....
4 point stop is perfect if you look closely. If I can trade 1 contract for 4 pts. consistently then I move to 2 contracts....get the same 4 pts. and buy/sell 1 contract and move #2 contract to breakeven and continue the ride or breakeven with 4 pts...
4 points is always there if trade entry is reasonably early. Yesterday was duck soup...all day long..if a person does not have a strategy in their system to give a sell signal early yesterday then I wish I could give them mine but I can't.
Porgie,
I am a little confused at what you are saying. Are you promoting the use of non-discretionary trading or are you commenting on the risk/reward, trade management or what?
Are you talking about my journal or something else?
I am a little confused at what you are saying. Are you promoting the use of non-discretionary trading or are you commenting on the risk/reward, trade management or what?
Are you talking about my journal or something else?
Sorry. Just saw you were talking to Tradersavy. Nevermind.