Journal XburbX - My Plan

Something that I think would be good for anyone reading this to read is a thread by GEEZ. It isnt to copy his trading (which I tried) but to learn a really important lesson. His setup is simple and he discloses everything in his thread. After having everything in front of me, I still couldnt trade it in a profitable manner which I tried about 2 years ago. I didn't understand at the time why I couldnt do it. I now understand because I didn't believe in it or trust it like I trust my own trading. It wasnt mine.

There was also a post recently by NODOJI about the same concept. She watched a trader trade and couldnt repeat what he was doing. She knew what he was doing, but couldnt repeat it herself. It wasnt hers. On another note, her entire journal is an awesome read, not just that post.
 
Quote from xburbx:

There was also a post recently by NODOJI about the same concept. She watched a trader trade and couldnt repeat what he was doing. She knew what he was doing, but couldnt repeat it herself. It wasnt hers. On another note, her entire journal is an awesome read, not just that post.
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That was Geez! He called every trade in advance all day every day and I was there all day every day for months and months and I never, not once, mirrored a single trade. Every time he called a pending trade I thought to myself, "No way that will work." I was so clueless about probabilities and money management at the time.

Thanks for the kind words for my journal. There are scary parts in it :p
 
Ah. Small world. I didn't know it was geez. Well I guess we had the same experience. He just trusted the hell out of his system. There wasn't another option in his mind. It was just going to work.
 
Quote from xburbx:

There wasn't another option in his mind. It was just going to work.
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Think WRR



And XB,

A rare treat indeed – a NOD-ster sighting :D :cool:

The quality and class around here just tripled :)


RN
 
Quote from Redneck:

As for the chop – it can be bitch to trade… but take note of what happens after (more on this to follow)
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Put in the right context a couple days ago, chop was a failed trend that favored a reverse to the initial trend.
 
So my buddy that I play a lot of golf with challenged me to a 4 day heads up tournament. The prize- a golf club towel on the bag that says 2012 World Golf Champion & The Loser ------->. The loser arrow points to the person sitting in the seat next the winner. An entire years reminder. The winner also gets a bottle of JW Black label. So far I am up 8 strokes on day 1. Yes I will post a picture of the towel. This has nothing to do with trading, but it's what I do when not trading. Golf is a stress reliever as to play it, it takes an intense amount of concentration which takes my mind of business.

On a side note, I am looking at volume and what it actually means. It is pretty cool
 
Managing risk – always our #1 job


============================

So, other than identifying the longer TF influence(s) that can affect what we’re trading

It’s important to be aware of a few other things


http://mam.econoday.com/byweek.asp?day=27&month=8&year=2012&cust=mam&lid=0


http://www.rightline.net/calendar/market-holidays.html


http://www.briefing.com/investor/calendars/economic/



Also, good to know when earnings announcement are due out on what you’re trading – not to actually trade, but in preparation for trading the reaction…., and obviously not getting caught by same


RN
 
RN,

I do little analysis of volume other than observing it 'by price' - is price attracting volume or is it drying up. How do you use it as a tool along side PA (bar by bar?)
 
BD,

I made a 2 part post in Illiquid's journal back in the day....

Its a starting place to learn the language of volume - which is separate from the language price speaks - but when read together - gives the story


http://www.elitetrader.com/vb/showthread.php?s=&threadid=193066&perpage=6&pagenumber=12


btw,

I am not willing to lay it all out here before God and everyone..., but I'll answer any questions...

I will add this;

Think about what the mkt is....

Think how/ what you would do - if you have the means to influence price - while attempting to remain under the radar screen as you do... but also not always being able to

Think what that would look like on a chart


RN
 
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