Random Rants and All the other Goodies 2 - No, not a Gann journal...

Quote from Colonel_Blood:

WDG, I like your rants, and the fact that you're normally very humble about yourself :D

This is my take on MM, (although I know nothing about it), and all the other vendor systems and concepts out there. There's no doubt that there are people making money off all sorts of ideas, some crazy, some logical. And also no doubt that there's even more people losing a crap load with the same methods.

But how is this possible? Simple, the people that are making the money are good traders anyways, and would make money with almost any kind of system or strategy. You WDG may well be in this league. Take Gann away from you and replace it with something totally different and you'd likely make a return.

You agree?
More...

I'm not really sure if I would have traded well without Gann. Dealing with Gann Analysis taught me about trading and that's why I'm the way I am. Struggling to use Gann and trading well built my perception and that's how I got into system trading and other stuff. Technically, yes I can make money without Gann, right now.

I started my market analysis from Gann. I was so inconsistant with my trades and was gradually losing. Then I started looking for ways to be consistant. That lead me to study and apply system trading. When I started trading mechanical systems, I put Gann aside and stuck with just making a system and executing signals. That actually built myself to follow rules and also made me recognize the importance of it.

Soon, I started picking signals out. I had the discipline to follow rules comfortably (a lot has to do with myself making the system I trade). Because I made the system and trading it, I knew the flaws of the system in general. I couldn't code the filters for the flaws but I knew it from trading it and also from making it. I would pick out signals out of it. I became a signal trader from a system trader.

Soon I started using Gann to filter the signals. It worked great. I actually was scared using Gann because of my bad experience with Gann in trading. Then I started trading completely off Gann, with a little help from my system.

If you read back what I've written before under my 2 handles, WDGann and TSaimoto, you'll see my gradual growth into my current style. My previous Random Rant journal was written just when I made the transition. Funny stuff looking back...

I've consistantly followed Gann and studied it. I guess I can say my trading has been circling around Gann Analysis even if I was trading systems or picking signals... Can't imagine myself as a trader without Gann. If I didn't fail using Gann, I wouldn't be into system trading and other stuff. I really don't know...
 
I just got hold of a copy of Toby Crabel's book!!!

After reading a thread about it in here, I asked a few guys to see if they knew how I can get hold of it!!! My friend had a copy and he xeroxed the book for me!!!

Wooo Hooo!!!! I have to bind them together so... after that I'll read it and give my 1st book review...

He he he... I'm going to rock opening moves now...

All of you with only TASC article envy me!!! I got hold of it for free!!! Har har har!!!

Good to have good friends!!!
 
Short rant...

Time is so important in trading but we don't seem to consider it too much...

One of my future topics I'll get into...

Back to reading a book!!!
 
Shit... It's 1:35am.... I finished Toby Crabel's book and did some testing on Wealth-Lab based on the book.

Gawd.... this stuff is goood... Well here's my review while it's fresh in my mind:

1. It's kinda-Holy Grail. It doesn't give you an 80-100% profitable 2 to 1 Risk/Reward system. But the perspectives and points of his studies are in fact a holy-grail.

2. Mind opener. It's a simple concept of how he perceives opens but I never really thought about it like he did. I finally have respect towards opening moves.

3. I'm going to make more money. My system based on his perspective using my criterias work well. I am going to be the next Open Move Guru.... LOL...

4. Works eexxxxxxxtttrrrreeemmmeeely well with Street Smart concepts, I can see why LBR recommends this book.

5. Works under any market. If there's an open and a close in a market, it'll work... or shall I say I can make it work...

6. I think you have some real trading experience to really appreciate this book.

7. Rating. 10/10... 5 Stars out of 5... 2 thumbs up!!!
 
Oh no... I've only got 3 hours of sleep today....

But I'll start with my morning rant... (come to think of it, I'm very consistant with this journal :D )

Because of the book, I'll write about the systems. As some long time ET people know, I'm a system trader turned signal trader turned discretionary Gann Trader. All of this happened since I move to Chicago. Start of the transition dating back about 3 years ago.

Not to bragful, I think I'm quite a system developer. I can code in all 3 Cs(C/C++/C#), EasyLanguage, and Wealth-Lab. I have about 14 intraday systems with a profit factor above 3.0. 9 for stock equity and 5 for E-mini NQ (If it was 5-8 I can say it's a Fib Ratio... he he he). Lots more based on daily signal. (Yes, people, I'm bragging...)

Hrmm... OK... topic of the day... Trading System ain't easy...

System Trading is hard. Some think it's easy but it's not. First, your work in not during market hours but after it ends. You'll have to sacrifice the after market hours for the luxury of trading without thinking.

First, you have to constantly make systems. In any given day, I think I was dealing with 4-5 systems a day. Some were made from scratch. Most of them were from past ideas, trying to integrate it. The human capacity is so small that you have to look at other materials for ideas. TASC, Active Trader, Futures Mag., Websites, Mail List, and books... You're either in front of the computer or reading something.

Also, when you're putting orders in, you see flaw and obvious bad signals. You get questions and doubts about the system. So you try to filter that out from re-coding, simplifying, or adding filters without killing other good signals. You also do that after-market hours. Simply, you have no life... Simple life cycle: Sleep then mix of Eat, Bathroom, Computer, Read, Execute Order... then back to Sleep

It's not easy... so all you market is hard... system is not working whiners... of course you're losing money or not trading well, you guys are amateur system trader wanna-bees....

.....

Another point with system trading. Just like a discretionary trader, system traders need market feel. It's not exactly, buy now or sell now feel... but... this would work to make it better market feel.

Back when I first started I had a hard time making a system that was profitable. Soon I was able to make break-even systems... then to systems with 2.0 then to 3.0 Profit Factor.... I'm not saying it becomes easy or is easy now... I just got used to it. From my point of view, I think I gradually built my psychological model of how I make systems.... I take an idea and I kinda know how to apply it to make it profitable.

.....

Last thought... coding and programming. I read a lot of posters whining about Wealth-Lab or other programming language like VB, Excel or Cs as hard. But the hardest thing is coming up with a core concept of a system.

Programming is easy. Or should I say, easier than trading well. Some talk about the programming learning curve to be steep but come to think of it, trading's learning curve is more tough. Programming is simple, it's static, the language in itself is set and given in front of you. Trading is different, it's not static but dynamic. The art in itself is not set and given, it depends on each individual to seek within themselves for a "fitting" style...

Like what Van Tharp mentions first in Peak Performance Course, "How committed are you?"
 
WDGann, let Oddiduro do his thing, he fails - he fails. So some people will think badly of MM based on him failing.. so what??? He lost "challenge" to surf.. so what?
 
Quote from traderkay:

WDGann, let Oddiduro do his thing, he fails - he fails. So some people will think badly of MM based on him failing.. so what??? He lost "challenge" to surf.. so what?
More...

Yes, he did lose the challenge.

Did Oddiduro admit he lost the challenge?

Did Oddiduro congratulate surf when surf hit his MSFT target within a penny?

Did Oddiduro become humble after losing?

The answer to all these 3 questions explains why he has zero credibility around here among the traders....
 
Today's trade was a so so trade. Well, from the book, here's my open trade results, As you might have not known I'm a NQ trader.

1. 1100 and 1095 was my predetermined Gann level for the open.

2. I tried the Open Range Breakout from the book went in at 1088.50.

3. Price past 1095... I'm thinking the market is strong because it past the level. Waiting... but it doesn't seem to go so I exit at 1092. +3.5 handles.

4. The market goes a little lower to a figure I don't remember. Then goes back up past 1095. Bought at 1095.5. The market goes to 1101. I knew I was off by 1 point today with Gann so I considered it a hit. Waited exited position at 1098. + 2.5. I place a buy stop at 1101.50 but it never hits... The market lags...

The market doesn't move... and I became sleepy (only 3 hours of sleep) so I decided to hit the beds. Ended today with 6 handles).

... and just a while ago... I wake up...

Hmmm... my reaction speed today was slow... lack of sleep sucks... I need to sleep early today!!!
 
Few more thoughts about today's trade...

Well, it was a bad choice to trade today with my lack of sleep too. Even though my trades were (2 trades) were profitable, I'm thinking I should have lowered my overall exposure. The market's about to end but I feel better not staying in and taking the sleep, I'm sure I would have given it back.

Also, putting a new technique to your trade is pretty confusing... one side of you is saying Out. Other side is saying Sell. I still need to organize the rules of how I should trade it and get the best out of the new material based on my current style. It's a nerve-racking time... but that's what investing in yourself is all about.

So what can I do? Or I do know but for your reference, there 2 things I can do, one is to go through some extensive study based on the new material. The other one is to be passive about the new material.

My choice is... after market I stay extensive, when I trade I "try" to keep it passive. From my experience, going through 2-3 weeks of extensive study eventually leads to being passive, in general, because you see a lot of more detailed flaws and good points about it. Once you identify them, it's easier to be passive and trade it at the spot.

Well, good trading all...
 
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