My now "not" so secret philosophy to trading successfully.

Funny we are about the same age and same progression from Handicapping to trading. However I have taken a much different approach to edge. I do think visual patterns can be replicated. I just do not know how and can test.

However when wrong, lets say a bearish pattern, then a big rise and a loss and if it becomes bullish..it is funny how at halftime we just need to take our losses. It would be interesting if the book, did take the half time loss bet.

However what you did not say is that the bookie would take any bet. Therefore what you suppose as a trend follower , that it would be more or less of a bet after the first half of game has been played.

Does this team have momentum? Does this team have the ability to come from behind and reverse?.

Whether or not "we" as traders are right or wrong on our bet, has absolutely no effect on the outcome of the second half of the game. However it has every effect on the spread and future behavior of the other gamblers.

Once I got that thru my head, at least I stopped losing so much...LACK
 
Quote from ChartingMarkets:

Neurtino we both know that to come up with what is my edge or your edge for that matter could take up my more pages on ET then anybody would want to read in one sitting. Heck I can say broadly though that I use traditional TA. I use candlestick charts, bar charts, line charts. I watch for the H&S, inverted H&S, cups and handles, Triangles. I watch for simple breaks of support or breaks of resistance (usually on a daily frame for swing trading). I trade for multiple days at a time when I am at my best. I know and have a good feel for the stocks that I have on my watchlist and know just through good old fashioned tape reading where a stock's demand zone and supply zone is as well. I watch the market indices and have learned when to increase size in a favorable market and visa versa. I trade with the overall market trend and never against it. Aka 90% of my positions are long in an up market and visa versa. I don't short run away trains I short stocks that are breaking down out of topping patterns. I don't buy stocks where I have missed the breakout to such a point that it has the chance of being susceptible to profit taking at that point. I wait for entries where I can place a mental stop since I watching in realtime, and that allows me the best reward/risk ratio possible for making good money probability. I have learned how to look at a chart and in less then 2 seconds see an opportunity and get aboard or see nothing but a 50/50 shot and pass it on by. I am disciplined and willing to wait for the market to come to me. I trade light when I have drawdowns as a fail safety and get back a few small winners under my belt to restore confidence. I trade with confidence as though I am the "best" out there and I am coming to get you. Thats the key, confidence in yourself and your trust in your ability because the market presents endless opportunities and you can only take so much out of it.

The market for me is like being thrown in a Kings Treasure room full of gold coin and precious gems. You can go on in and take fill up your pockets with as much as you can. However, you have to be careful not to fill up with too much in one day or else you wont be able to leave the room as you will be weighed down. So a little at a time is my motto.
More...

Attention newbies. This is what it's all about, not filling your screen with 18 indicators.
 
Quote from ChartingMarkets:

Neurtino we both know that to come up with what is my edge or your edge for that matter could take up my more pages on ET then anybody would want to read in one sitting. Heck I can say broadly though that I use traditional TA............
More...

Thanks ChartingMarkets, I appreciate your answer :) In one post you managed to touch on so many different aspects of trading! What's more interesting for me personally is that when I was reading your post, it was as if I was reading my own thoughts about trading, word by word! This gives me more confidence to continue doing what I am doing (on a conceptual level) and that I am on the right track to "consistent profitability" :cool:
 
In a recent interview, Justin Mamis said that the current crop of traders (not necessarily young) really couldn't care less about understanding, much less studying, support and resistance, demand and supply, the dynamic between price and volume. Rather they were interested only in "indicators". All they wanted to know was whether to use the blue line or the red line or the yellow line and what to do when one crossed the other and what the best settings were for each. They didn't even care what each of those lines meant, or how they were derived. All of which scared the hell out of him.

ChartingMarkets seems to have figured this game out. Good for him.
 
I am disciplined and willing to wait for the market to come to me. I trade light when I have drawdowns as a fail safety and get back a few small winners under my belt to restore confidence.

you have more discipline than at least 2/3 of us elitists :p
 
Quote from ChartingMarkets:

Hey guys and gals I had a few beers tonight. So after 15 years from when I first started playing around with game theory and evolved in to the person I am today that focuses on trading in the stock market I feel its time to share some thoughts on what keeps me focused when I am trading...


...I knew right there that trading was going to be my future. I knew that with just this cornerstone philosophy to build upon I would one day obtain financial abundance and a method that virtually allows me to extract money on a consistent basis, almost at will when seen through the eyes of disbelief from the naysayers. All the while those same naysayers would whisper in my ears its gambling you cant win its rigged! I would say to them yes its gambling for you for me its paradise.

Thanks for allowing me to share this with you ET. Now back to my drinking.
More...

Thanks Charting Markets,

For me whisky does the same.
As for the Stock Market, I consider it second biggest game, after Life itself of course...

Cheers...


:D :D :D
 
You must log in or register to reply here.
Back
Top