Question for Grob/Hershey...

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Quote from icarus618:

I also looked at your similar post for Friday...

I have struggled for what seems like an eternity to get something, anything, that works (for me) consistently. Many times I have questioned whether I should be pursuing a path as a trader or not. Your comments here have encouraged me immensely - thank you!

I had a bit of difficulty with this exercise; initially I was unsure which exit items were conducive to growing my account. When I realized this fact, it spoke to me more than anything else. I need to identify and define my exits. Monitoring is indeed a problem, and I believe its root cause is that I don't know what I am looking for. There were other conclusions also. From these, I generated a list of tasks/goals to work towards overcoming what I noted. It's a good exercise, and I intend to incorporate it into my trading system. I hope the results are useful for the others, and similar to the conclusions you came to.

Thank you for taking the time and effort to help me along - I appreciate it.
 

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Quote from aweissen:

I don't know how Jack does it, but some of the goofiest things he says gets etched into my brain.

Oh Yes. On top of his trading expertise Jack is a very good poet and the reason he is so good is that its pure free verse without rehearsal or forethought.
 
Quote from Dantheman:

what does he mean by 'hairy trader'?

I originally thought it was just his humor. The more I think about it though, he is also saying that he pulls the trigger ("hair trigger") when the market says to go.

Could be wrong. Been known to happen before :)
 
"Pardon my friend; he's a little slow" Llyod Christmas, Dumb and Dumber

I'll preface this post with the statement that I was very stupid today. I should not have taken one trade until I had at least come up with an exit sequence. Why? I guess I thought I could continue doing what I had been doing, and come out ok (path of least resistance.) So after today, I'm back into the lab until I come up with some resolutions to the issues I brought up in my previous post.

Iterative refinement.

3 trades, 3 losers.
Gross: -2.0 pts
 

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Here is some further excellent feedback I received from Icarus in a pm. At his encouragement, I'm posting it here.

There are several things going on as you monitor, not all of them being helpful to you. When you are sidelined, the unhelpful things do not come to the forefront as you look for entry. Once you are participating, the unhelpful things crop up as you monitor for exit. They show up as fretting or fear or some other. When you are able to look past these things, usually during a debrief after the trade is over, you may see that your "rationale" for taking action had little to do with your knowledge and skills about trend. The exercise was just a simple way to show what you were sensing and analyzing before you decided and acted. The exercise was made possible because you organized yourself in a way that allows for you to debrief effectively.

With regard to the second part of your post: Rockets fail and rockets sometimes "work". Price trends do not strictly follow the rules of "rockets" or any other indicator setting as laid out by any person. The rocket is a device by which a skilled person can relay to an unskilled person learning unsupervised that "this is a low risk time for a beginner to be participating." All such devices are limited and perhaps doomed to fail to achieve their intended purpose for the reason that it may not be possible to define a low risk situation for a person with no skills trading on his own.

In any case, I believe that making money solves all problems in learning to trade. What a person learns by making money defies explanation with words. By "making money" I mean growing your account through all kinds of errors and tribulations. I use a simple benchmark: trading the minimum, grow your account to 3x, where x = initial capital and no greater than twice full margin for one contract ES (roughly $8000). There is no time limit in which to do this.

As a venue for transference, ET, and the internet in general, is very limited. Nonetheless, I think enough has been made available over the course of years for a person to get started. You are definitely way past the beginning stage and I think you need no recommendation as to how to proceed at this point.
 
Quote from aweissen:

"Pardon my friend; he's a little slow" Llyod Christmas, Dumb and Dumber

I'll preface this post with the statement that I was very stupid today. I should not have taken one trade until I had at least come up with an exit sequence. Why? I guess I thought I could continue doing what I had been doing, and come out ok (path of least resistance.) So after today, I'm back into the lab until I come up with some resolutions to the issues I brought up in my previous post.

Iterative refinement.

3 trades, 3 losers.
Gross: -2.0 pts

It would be good to see a chart with your lines drawn.
 
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