Quote from dkm:
I understand the need to look ahead in order to assess the context and anticipate the turns. However, the view ahead is far from clear for someone lacking the skill set such as your own, even on the nursery slopes. When skiing or driving I can usually see clearly what is ahead. When trading I cannot. âLooking aheadâ in trading terms suggests anticipating areas of likely support / resistance. That would make sense. I can see channel lines, volume histogram, Fib retracement levels, areas of high and low volume etc. These I can anticipate. So while the training wheels are on, perhaps it would be best to focus on looking for FTTs in areas of likely s/r?
Thanks for your comment.
It is important.
In parallel with what you are saying, we reviewed the names of about 700 topical subjects last night to get a handle on what is important to a person to deal with to take the step you are speaking of.
We are making it a top priority to support work people are doing to achieve a balance in attaining skills as opposed to just adding finer and finer details of rules upon rules.
Your last sentence and the China comment and Spyder's emphasis on FTT's is avery balanced viewpoint for stepping along.
The FTT's are milestones for taking profits and turning from one side of the market to the other. This gives profits and continuing success. By making this the emphasis, a daily routine comes into being as a foundation.
Just use the channel annotation as the major key. Look at volume as you do this. Work to succeed to take periodic profits.
As you debrief focus on price and volume. Rather, focus on channels and volume formations. Look at the containers.
As time passes, the debriefing will allow you to understand yourself and your connection to the market. You improve by becoming more and more sensitive to the market's way of containing the variables. FTT's emerge as periods of time where you do not add tools so much but you add repititions of monitoring and analysis, etc..
As you find out, by stages of increased skills that you can always handle what is presented to you, your beliefs and behavior come into alignment.
This trading does not use training wheels. Just like using a snow plough in skiing is unsafe, slow and unnecessary, we just start with paralle checking on nearly flat surfaces because it is safe, responsive and excellent. In trading the wash trade solves all problems because the person is sidelined and does not go through developing a vast body of knowledge on being a loser.
Here in FTT's the reverse is used instead of a wash. What this means is, if an actions is called for as a consequence of analysis, we act tocomplete the routine and then begin the routine again and deal with the dataset.
If anyone wants to find out how screwy trading can be, then put on training wheels and try to navigate market signals with high noice content. It would be like a child who was in a room with excessive furnishings and hitting the SIDES of wheels on furniture all the time. The extension and tread of the wheel is designed to stabilize but there is no good applicationof the design because of other intrusions.
We are not operating in this vein.
What we are doing is working to refine a routine. The simple staight lines we use geometrically give us the basic envelope that define inside and outside. Volume varies continually.
We are looking at two containers. Price is contained and volume is contained. there is nothing outside and extraneous to consider.
the routine of looking at data sets of these containers allows us to carry out a mission of becoming better and better at doing about 10 to 15 things a day over 6 hours.
Every once in a while we are called upon to deal with something that is occurring within the price container. One aspect is to use skill to complete a task of makig some money. The other tsk is to begin a new task of making another sgement of money.
As we become sensitive, we are enabled to see the common characterisitcs of both tasks and do them concurrently and simultaneously. as we approach this kind of work and effort we see that any imperfections do not add up to very much ineffciency or ineffectivenss. It late after the market is closed we derief and see hat some skill can be added, we note under skill improvement what to be doing.
You may discover that you need something that you do not have. Then is when you go to additional resources to get that implement. You debrief seeing that yu did channels and you did volume containers effectively and efficiently. You see that there is a vernier or additional degree of sensitivity required because you are ready to add another skill aspect, then you do add it.
I make bets in the wilderness on using my axe to make a canoe paddle from a log. The 10 miutes before I collect my bet are spent using one of the two blades to shave and scrape and smooth the power handle and blade surfaces. I do not even think of that aspect until it is the time for that. I make sure I take the large half of the log at the beginning in order that I have the branch hearts forming the spines in the plane of the blade to assure no splitting and maximum strength. I do not cut a log that has a spiral in the piece.
For going from scratch to SCT, we use nothing superfluous at first. We contain price and volume for the near future. The containers gie us focus and we just dwell on the key times when we are optimizing two actions: taking profits and begnning a new segment of being in the market. We do this as a first and scond step where gradually they beging to overlap and form a multipurpose blur. All of this is in a contained place whose envelope we spend time perfecting as our sklls increase.
The print builds over the day. We repeat a routine. Success comes to us. We are partners with the market.
With complete yet simple data sets, we do analysis to draw a conclusion from the data. This is clean and straight forward.
One side of the blade surface is there, the branch hearts define the interlocking strength point of each edge of the blade. flip the log and adz off the bulk of the material. This is the coarse viewing of price movement towards a place where the coarse trend is going to into break new price extremes and the trend continues. You are taking data sets seeing the extent of success in movement. There will be a time to look at the next work (annotating effort) The container tells you what is what and, as Spyder says what are the possibilities to work with; the hypothesis or what in the sequence is logical.
As time and effort pass over the days; it becomes more logical to gather more elements of data to grow skills. All of this is there to make proper use of.
You are actually using items that I do not use. everyone who blends this with ohter practices puts their own slant on things. There is no way, except for the very beginner person, to fast track to expert. Some people come well equipped with fear, others have a black and white world they have built, others have to be right, some people are imbued with inventiveness. To have such priorities instead of being rich is their business.
I will spend a portion of my time between now and the first of the year to take another lap on this milestone that people must pass.
I saw a post the other day where a person said a complete set of screwups (each on their own non-merit were stoppers) and his conclusion was he made a lot of money and then he gave it all back. I simply said if I could talk for 10 minutes to this guy........ then I simply passed on the matter.... So much knowledge and understanding being mis-directed. It is not a good idea to create recipes that make poached eggs out of scrambled eggs.
