JIM Cramer is posting on ET

[IndexSwing]

Quote from Fangdog:

From the perspective as an ex-fighter pilot and those on this forum who have been or are aviators, I am sure you find many similarities with trading and flying. In weather instrument flying (IFR) there is only one source for our maintaining flight integrity and it the aircraft instrument panel (Indicators). In a weather situation we may "think" we are straight and level, but our instruments are visually telling us we in fact, are in a 60 degree bank turn. We may think we are ascending, but in fact our instruments tell us we are descending. We have to condition ourselves to believe our instruments (eye-sight) and disregard what we "think" (mind-sight).

The obituaries are full of pilots who could not make the transition from their normal everyday environment of "mind-sight" to the essential environment of "eye-sight" required for safe instrument flying (spatial-orientation).

In the case of an in-flight emergency, we had to have the critical emergency procedures committed to rote and acted upon without thought (trade entry and exit). Otherwise, it would be too easy to fall in to a thought process of "Oh no, this can't be happening to me" (cancel the stop), or "maybe it is just my imagination and it will all of a sudden correct itself (denial) and so on.

The key was increasing our awareness through proven rules and practiced procedures. So in the event something came about unexpectedly, we would have the correct discipline to make a consciously wise-decision requiring action fed to us by our conditioned sub-conscious mind. Ego and its insecurity born of the need to think we have to be in control, plays tricks on us which are not always in our best interest.

As a pilot and flight instructor myself, I completely agree. When flying or trading risk management is the most important factor. If you ignore the risks in flying you could easily end up dead. If you ignore the risks in trading you could easily blow up your account. And it just takes one slip up. You can never eliminate risk, but you can always manage it.

 

[Red_Ink_inc]

Quote from Steelhead:

RII-

what do you think this next week?

SH

Huh?

 

[JSSPMK]

Quote from marketsurfer:

i agree with you--- BUT only after the trade is entered--success or failure is dependent on time frame, capital base, conviction, speed, goals, etc. NOT a pattern that may or may not repeat in whatever your fractal whim of the moment.

the now ( what is there) starts after the trade is executed, prior is the past and is irrelevant except for illustrative purposes. TA is descriptive, not predictive.




surf

Of course there is another angle to WHY Surf says "TA is descriptive, not predictive and patterns don't work, etc" he probably thinks that some listening in to his philosophical "explanations" how exactly it doesn't work will turn heads to his journal, getting some interest from silly money sort of speak.

Surf how is my last histogram based trade looking? I believe histo method (so basic) nailed 1600+ Dow points LOL indeed. Ah, I know it was luck

 

[Warrior4g]

Cramer should have a show once a week and stop clowning around. he lost any credibility he once thought he had. its impossible to give your take on the markets on a daily basis because it changes so friggin much. the bottom is in,oh,no its not. wait,its a bottom,wait,no its not. buy the financials,no,they are going lower. the market is going higher,wait,no its not,its the fed's fault...get the picture. thats his show.