Mentor journal trades entries posted live

There is something about Brooks that i would like to point out.

Most professional traders want to make money.....this would seem obvious and stupid to say but i will explain what i mean....if you will kindly bear with me.

So if you go to them for teaching advice they will say 'ok here is the set up...wait and enter and put stop and target.....take 2 trades and call me in the morning '

Brooks will not say it like that....because Brooks LOVES to trade...and he mistakenly believes that you and all the other apprentice traders love to trade too..... but most just want the money

so all his books are written for those few traders, who want to know what the market is doing, what it does and want to trade anything that moves.

That is why many traders will find Brooks nuts because they just do not understand him.
 
in a bull move there will be bear moves....some will be quite strong......but these are bull PBs. in a 5 min bar if a low and high is made in the first min and then you get a bear move from the high till the low....DO YOU EXIT? or do you trust your stop and the bull trend.
 
a mentor will give you buy and sell signals..........and the students will see them everywhere..... and usually in quick succession.

each of those signals will have a different strength.. all buy and sell signals are not created equal.
but usually the mentor will not have time to go into all that.

but the student will find this out on his own and it will mostly be at the cost of his finances: if he asks the mentor 'what the hell happened to his money why did it disappear' he will hear 'you have to learn risk management'.
some may realise that all buy and sell signals are not equal ....most will not: it is not easy to think rationally sensibly when your money has gone.

this is just what trading is about.
 
i discuss bitcoin-chatting in skype- with my student when he is trading real money and i always get it right.

but once i have to trade my own money...i never get right.

my student thinks i am making millions.

but the first thing about solving a problem is to accept that there is a problem and then look for a solution.
 
i too am going Brooks way: enjoy the trading....the Ferrari can wait.

so i am stopped taking huge positions,.... swinging for the fences.

i am just thinking technically........and making correct and sensible trades.

that is what i mean by enjoying trading
 
Is it a cultural thing (India) to ramble on and on and on ? B/c I've listened to some Hindu (india) Swami Guru types go on and on and they actually sound like they know what they're talking about. But smart people can see through the BS and know they are just making sh#t up as they go......Kinda like u are
 
wiesman02 said:
Is it a cultural thing (India) to ramble on and on and on ? B/c I've listened to some Hindu (india) Swami Guru types go on and on and they actually sound like they know what they're talking about. But smart people can see through the BS and know they are just making sh#t up as they go......Kinda like u are
More...

Could be a cultural thing to think "rambling" is a cultural thing. :D

Seriously, it will be like me asking you if its a cultural thing to use the word "kinda" instead of "kind of". :rolleyes:

Here's a funny rant by a mom...please tell me what cultural ?


(Hint: Its a trick question)

wrbtrader
 
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wiesman02 said:
Is it a cultural thing (India) to ramble on and on and on ? B/c I've listened to some Hindu (india) Swami Guru types go on and on and they actually sound like they know what they're talking about. But smart people can see through the BS and know they are just making sh#t up as they go......Kinda like u are
More...
now that you know what i am doing... well thank you for educating the world about me and the many gurus

kinda nice that somebody is actually reading it
 
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i have found that using probability is a good way of knowing when to exit whether to expect large reward or also where to put stops.

it has totally change my P/L

after i understood that,[probability] my trading as totally fallen into place ....i know when to enter and what to expect and when to exit....

i have already vast experience but i have always mocked at probability. BIG MISTAKE

most traders do not consider it as a part of trading plan. Tragedy.

That is the greatness of Brooks.. IMO He and he alone has always stressed that aspect, nay, reality of trading.

without that your edge is blunted

come on guys let us hear hear you say what shit i am talking.

people can smell which is the shit.

most traders do not like thinking in those probability terms because they feel that makes it gambling. but FOR ME it totally cleared up the fog and made me see the light
 
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