Quote from reiehaxm:
I have read nearly everyone of your posts over the past year (with many days/weeks of time invested in your methods) and have yet to perform at $600+ a day per contract.
After having said that statement above...three things are possible....#1- I have not understood your teachings....#2- something is wrong with me or my EQ....#3- I will let others fill in this reason.
This post is about my frustration to get to a performance level to the likes of which you speak here.
I was in the PalTalk room many weeks where you would come in for an hour or two. To be honest, your trades left me and others in the dark many times. (eg. we would get long and as the trade went south we would be down a few points then told to take profits..... or you would have to leave because of your health) Simply put, a consistent $600.00 per contract was not possible trading your calls.
You state your health as the primary reason for not returning to PalTalk while you continue to post many times a day here because it's "fun". You also state that you have an "apprentice" by your side while you and him/her trade and make this large amount of money on a consistent basis.
I have never heard from one of your students. I would think that with your selection process of finding apprentices that you could find one willing to share something with us. Sitting next to you while you trade would shorten up the learning curve immensely. Your students need to speak up.
If your student or you can trade (buttons need to be pushed)...I would certainly think they could push the control key and say "I went long" or "I reversed".
Quite frankly, I would love some proof that all this works. I want consistency. eg...The INDU-YM relationship will work one day...the next 4 days it does not. A rocket will work one day and the next 3 days it will take all the profits away. Every indicator works great on certain days but one has to know when NOT to take their signals. Some days a simple stochastic will bring you 20+ ES points.....while the next day it will take 15 away.
Trading is all about risk/reward and supply/demand. Trading is very much an art form when using discretion.
Jack...I ask that you or your student's make some realtime calls in a chat room. Pulling down a consistent $3,000.00 a week per contract (sometimes scaling with 2) is something that is spoken here but few believe. I know it can be done occasionally but this trader would love to see it occur in action. If it was, you would have many less critics on ET.
Simply put......"Show me the money"
I consider myself a disappointed student of Jack Hershey. Question for you.......Should I continue to read your posts in the quest to become a better trader?
Thanks for your time.
Sincerely,
A good trader that wants to become great.
My picture here is that you are only a good trader.
You want to become great.
You made a serious investment and it hasn't paid off for you.
During this time, I was dealing with a several requests and some really excellent critiques of how to better deal with these requests.
Meanwhile, the market has done a really terrific job of allowing us all to sort through what works and what doesn't.
Your work and my efforts have led to good trading for you and just getting through the basics on my part.
This is a good prognosis for both of us. 600 bucks a day for a mentored beginner on one or two contracts is a good standard. You as a good trader don't do as well.
There are some posts at the MSN site in February that are more strident than yours as to what is wrong with my efforts and the trader's performance.
Here are some comments that will help you out. I make them from the viewpoint that I am betting they will be basic new activities for you that heretofore you have seen documented but elected to not do or did for a while and have transitioned past. The order of importance is roughly as I have listed them but that does not mean to introduce them serially. Do what you want.
1. Buy Read and annotate the following books. Make a 3 ring binder of copies of pages from them that support and define your approach. I gave this list to some members (at their request) of the finalist teams (Which I judged) of the TCA "duel in the Desert" national collegiate championships. Schwarger stuff, Edwards and Magee 7th Ed, HTMMIS by WJO, Bogle on Mutual funds, JCB (copy page 295), The new Life insurance Investment Advisor, Baldwin (copy page 147), TA from A to Z, Achlis, A strategy of daily stock Market timing (1960, up date 1976) by Granville, ARC's edition to the trade of Nickolas Darvas (my contemporary so you see how I thought at the beginning, and Knowing how to Know, Idries shah.
2. Set time stops from now on.
3. Do not reverse.
4. Keep the following records:
a. Market Log especially Squ Neut and Str columns. Know these values day to day and notice when they synch each morning.
b. Trading description: Do not IF2 trade. Outside the right column note the dollar profit as it accumulates during day. Fill in minimum columns during day and then as you debrief with it fill in bar and time columns. when you enter then get to wash level begin to scale. Only cover, do not reverse (enter as separate trade).
c. Emotional repair steno pad. Surprise emotions on left one per page. List your name for it. after trading flesh out the description below name. In right column name the desired replacement emotion. then flesh it out. If and when it appears agin use back of prior page to repeat above in a staccato manner with additional info. Repeat going down page. date work.
5. Deal with "executive function". Your brain does a "busy" loop 18 times a second. Read last 5 trend fader posts to see busted executive function. Google to get medical undrstanding. you scan IB 12 times per snapshot. We need to get this fixed biochemically speaking. Do that with 6.
6. Go to a sequence of money making (A through D below) that does not skip steps. You currently skip steps you tell me.
Intellectual:
A. Gather data. Gross to fine. Glance at gross periodically and focus on verniers. Gross is chart (five graphic sets). Medium is market log columns and INDU/YM04H pair. Verniers (fine) are DOM snapshots.
B. analysis. Integrate A and add in emotions that you summon (if an emotion ursurps the one you summon, list its name in steno).
Emotional
C. Decide based on your beliefs. If no belief exists, then exit.
D. Action Take action beliefs indicate. Most often "no change" is the action. Either "hold" or "wait" on sidelines. Enter /exit will be most improved by 7. below.
All of 6 goes together to "affect" what is called by some as discipline. It is just a routine actually. Not doing each part in sequence over and over is the single factor that leads to low efficiency in taking money out of market. The key to mentoring is starting out dong this for personand gradually sharing it more and more, then letting the mentoree take it over. You are alone and skipping steps. This is normal.
7. Leave the world of the mode (what is conventional in their handicapped orientation) of investors and traders. See minute 8 of the Ari Kiev video. Everything up to here is designed to break you away from the way people are. Nobel Prize results say. the following:
Re: profits, fear is the reigning emotion.
Re: losses, hope is the reigning emotion.
We need to replace fear and hope. The Nobel prize does not speak to this. Nor does Ari. See above for dealing with it (1 through 6).
8. Goal setting. The concrete back up for keeping 7 straight is goal setting. I always do my first day of goal setting at 1,000 per contract for mentoring. This acheives one stong connection. Every trade contributes to the whole. It nudges, very effectively fear and hope, the hell out of the picture.
If you are shooting for taking money out of the market with a seemingly impossible goal, there is no time for fear or hope to be summoned up. you may be surprised by it entering the scene, but there is no doubt at this point that fear and hope are forms of irrational support for making money.
You strive to exit at the best value. Get back in there and make more money. Stopping any mistakes YOU DISCOVER HAVE BEEN MADE and scurry to the sidelines to get back to work on being correct.
More... I had to pslit responcse
