http://chatwithtraders.com/ep-072-rob-discovery-trading-group/
Just finished that podcast and really got me thinking about how I'm really trading.
Background is that I trade off a daily time frame. I work full time so it fits my schedule and to be honest day trading just isn't something that fits my personality.
All my live trading right now is based off Adam Grimes book and course. I've developed my own approaches to it and manually back tested hours of this and a bit of quantitative work on some points of it and built my own approach to it.
They consist of pullbacks/consolidations and another setup he calls the failure test which is based off Wyckoff's "Up Thrust" and "Springs", I do think he refers to them as, and are price rejections at support/resistance levels.
I do have two purely systematic(manual entry) systems I've got in incubation currently paper trading and to be honest I'm still learning the ways of validating a system and hoping in a months time to try putting some small size on with one of them.
It's been awhile since school and I was always great with math but if you don't use it, you kind of lose it. Feel like I'm lacking how to apply math to my trading.
I always read up a bit on quantocracy.com once or twice a week to see what pops up and would have to say I have a hard time understanding over half the articles and would say I'm jealous of the talent of some of these guys and the concepts they come up with.
I'm looking for material to get the brain working again and concepts for position sizing/# of positions. Perhaps ways to work with MAE/MFE stats to come up with optimal profit targets and stop placements. (Maybe these are dumb ideas to even show as examples)
Books I thought about getting is some of the ones from Ralph Vince which I've heard a few times are pretty math heavy but then I heard on a podcast with Larry Williams that he said Ralph Vince taught himself all the math so sure I could take the time and effort to read it and teach myself.
That podcast got me quite interested in the idea of developing risk models that are a bit more advanced/adaptive and its not the first time I've heard someone more or less mention that they don't find entries all that important but risk/trade management providing the edge to their trading.
I myself have found out after months of trading that trade management wasn't that easy and the hard right edge is way different when checking mid day on my account compared to when I paper traded nightly/manual back tested my discretionary trading. My trading plan and rules have grown quite a bit since when I started and now.
Maybe its all hogwash, maybe I'm ranting and I'm not a great writer so my ideas probably sound dumb. Perhaps someone understands where I'm coming from and could point me at some ideas for some literature and educational material to get me working with statistics and probabilities more.
Feels like its an area where retail traders don't touch as it is hard work and its not as flashy as a book on trade setups or method or some sort of trade signal/chatroom.
Just finished that podcast and really got me thinking about how I'm really trading.
Background is that I trade off a daily time frame. I work full time so it fits my schedule and to be honest day trading just isn't something that fits my personality.
All my live trading right now is based off Adam Grimes book and course. I've developed my own approaches to it and manually back tested hours of this and a bit of quantitative work on some points of it and built my own approach to it.
They consist of pullbacks/consolidations and another setup he calls the failure test which is based off Wyckoff's "Up Thrust" and "Springs", I do think he refers to them as, and are price rejections at support/resistance levels.
I do have two purely systematic(manual entry) systems I've got in incubation currently paper trading and to be honest I'm still learning the ways of validating a system and hoping in a months time to try putting some small size on with one of them.
It's been awhile since school and I was always great with math but if you don't use it, you kind of lose it. Feel like I'm lacking how to apply math to my trading.
I always read up a bit on quantocracy.com once or twice a week to see what pops up and would have to say I have a hard time understanding over half the articles and would say I'm jealous of the talent of some of these guys and the concepts they come up with.
I'm looking for material to get the brain working again and concepts for position sizing/# of positions. Perhaps ways to work with MAE/MFE stats to come up with optimal profit targets and stop placements. (Maybe these are dumb ideas to even show as examples)
Books I thought about getting is some of the ones from Ralph Vince which I've heard a few times are pretty math heavy but then I heard on a podcast with Larry Williams that he said Ralph Vince taught himself all the math so sure I could take the time and effort to read it and teach myself.
That podcast got me quite interested in the idea of developing risk models that are a bit more advanced/adaptive and its not the first time I've heard someone more or less mention that they don't find entries all that important but risk/trade management providing the edge to their trading.
I myself have found out after months of trading that trade management wasn't that easy and the hard right edge is way different when checking mid day on my account compared to when I paper traded nightly/manual back tested my discretionary trading. My trading plan and rules have grown quite a bit since when I started and now.
Maybe its all hogwash, maybe I'm ranting and I'm not a great writer so my ideas probably sound dumb. Perhaps someone understands where I'm coming from and could point me at some ideas for some literature and educational material to get me working with statistics and probabilities more.
Feels like its an area where retail traders don't touch as it is hard work and its not as flashy as a book on trade setups or method or some sort of trade signal/chatroom.
