I am kind of suspicious this guy is really a good trader. what I only can say he is very discplined. if that guy works like a machine or robot, then wall street can be replaced with algorithm trading, let computer program do it.
since I am a discretional trader. I do not trade purely technically. though I like cripsy cut science.
to my common sense, trading really needs rules and disciplines, from this point of view, I think he is really a good trader.
market is not crispy cut science, full of maybe this maybe that, too many variables. that easily creates confusion/hestitation to enter or get out.
from this fact, I think clearly define what you do is verycritical. I have a bad experience last week, I bought last lastweek friday NBG's 4.5 call, this monday it jumps, my calls rockets 5folds, I am wondering thisjunk will shoot more, obviously I already noticed NBG pullbackwith heavy volume thursday, and a thrust failed bar in 5.59 (5.5 breakout failed), all means SELL, but I still hold, then on thursday I cannot tolerate any more, get rid of it.
according to my rules, I should observe the market after I enter, any sign of exit, I should take. but I broken it, ignore those market signs, waste me time. if I get out on tuesday, I can put more focus on SPY,grab the whole SPY reserval.
Disciplined army always beat lousy loose lazy army.
but too mechanical is I do not agree.
for example, NBG last week, the SELL signs are tuesday's heavy volume with noprogress, in the opening it jumps to new high, some guys whohave stop there, and there is no much stop loss there, that means, breakout of 5.5 failed, it is a pump and dump,
SELL is obvious.
a disciplined and wise trader will watch those signs, then sell. a mechincal disciplied trader may put a stop buy above monday high, end up with loss, or a program trader.
Quote from NoDoji:
I realize now more than ever that Geez was the rarest sort of trader. He had a specific plan based on statistics compiled over time, and the ability to trade it manually like a machine. As soon as he got a valid signal, he placed his order, always adhering to appropriate size based on the R:R. It was amazing how consistent he was at simply trading every valid signal without allowing the result of any trade to influence the next trade in any way, and how he could just leave his trade alone until either the stop or target order was filled.
When I first met him and watched him trade, I thought he was pretty dense because he'd allow trades to come within a penny of his profit target and then stop him out for the full loss. I asked him why he didn't move his stop to break even or just take profit a few pennies less than target if price stalled right there.
And he told me something that I couldn't get my head around at the time because I didn't understand what good trading was about. He told me that his trading is based on specific statistics that demonstrated net profitability over time and if he were to start messing with his stops and targets it would lead him down a slippery slope and skew the odds of his plan.
Even now it's a struggle for me every day to ignore my thoughts about setups. With few exceptions, the hard right edge always feels dangerous and my dear brain steps right up to protect me with thoughts such as "let's watch how price reacts first, then go from there" or "hmmm, it's starting to look a bit weak, why not move your stop to break even just in case".
It is very hard to detect someone copying your trades. if you think this is scifi, see forex forums where trade copiers are widespread.
