The Tao of Minimalistic Trading: $300 Daily Profit

schizo said:
That's not to rationalize my bad trading this week, but isn't it a bit an overkill to prematurely jump to a conclusion based on only the last three days' trading?
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OMS was correct - and no it not overkill - we can't afford to slip ever

Get sloppy it only snowballs

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I have been following since the beginning..., and you have been doing good...., I like success stories

Never get lax on any trade - take a break if necessary

It only takes one - and that one will cut deeper than hell


RN
 
onemoreshot said:
Wasn't criticizing but pointing out something that I saw that might help him become a better trader. Isn't that what a forum like this should be about? Helping each other get better?
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I welcome constructive criticism, so thanks for your input.

Redneck said:
OMS was correct - and no it not overkill - we can't afford to slip ever

Get sloppy it only snowballs

=======================

I have been following since the beginning..., and you have been doing good...., I like success stories

Never get lax on any trade - take a break if necessary

It only takes one - and that one will cut deeper than hell


RN
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You're absolute correct and I've been in this game long enough to have known that myself. I hope this week's blunder will serve as a wakeup call. Thanks.
 
onemoreshot said:
Wasn't criticizing but pointing out something that I saw that might help him become a better trader. Isn't that what a forum like this should be about? Helping each other get better?
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Fair enough, but here is the thing. You've got all these guys showing up posting random calls on random hand picked days with zero consistency to them. Then you also have guys offering help who, to the best of my knowledge, don't have any posts or track record about their own trading. My personal gut reaction to this would be to say that someone should show me their track record before offering advice because my results might already be better than theirs anyway, so why is their "after the fact" advice of value?

If you look at schizo's stats, he is more profitable and has more winning days than anyone else who's journal I've seen. About the only other reference that I am familiar with is that of lescor who was very open about a few years worth of trading stats. He had considerably more losing days than schizo, and his average win vs average loss was very much in line with schizo's (on a much bigger scale mind you, but that isn't an issue here). My point is that this day means nothing when you consider the entire aggregate of the stats for this journal, and yet, perhaps because of the way he criticized his own trading, lots of people are thinking he needs help somehow. His stats are still better than about anything else I've seen.

Now of course he can take the replies how ever he wants, and my opinion means absolutely nothing, but I'm just a little surprised with some of those posts.
 
Stewie said:
Now of course he can take the replies how ever he wants, and my opinion means absolutely nothing, but I'm just a little surprised with some of those posts.
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Thanks. I do value your opinions, so keep them coming. I also want to hire you as my PR. The way you articulate things is much more refined than my coarse palette. :) Have a nice weekend.
 
schizo said:
The way you articulate things is much more refined than my coarse palette.
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LOL... Either you got someone to write this line for you, or you're just hustling me because this line is quite exquisite. :)
 
I'm late to the party this week, so I've condensed my contribution below. But first, thank you @schizo for this thread. A great, fresh example that trading is about the process, not the immediate result, and that the ideal psychology isn't ever attained, we just continually improve towards it. It's like taking a 5000km road trip to somewhere and back: you'd better enjoy the journey itself, because it sure as hell is going to form the bulk of the experience!

But more than that, I like the $300/day on one-lots idea as a proof of concept. (And I just realized, that's more than I made programming not that long ago...)

dratsum said:
u trying to separate reversals that don't work from those that do. U have a model of a lot of reversals that didn't work. Study it until you know why they failed. When you get that then u can develop a list of prerequisites for reversals.
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Careful not to end up curve fitting with that approach! If he already knows that, say, 60% of setup A produces a positive result, that's all he needs to know. The more you try to weed out the other 40%, the more complex the system gets, the sparser the trades become, and ultimately you fail to achieve significantly better because markets change and all those new "filters" are no longer optimal. In discretionary trading, simplicity seems to pay off.

schizo said:
What's the catalyst for this sudden mania?
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Still China.

onemoreshot said:
You already have croonie followers that said yesterday "great day" and looking to you like your a king trader
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No, no, no. I for one just enjoy seeing a fellow trader play publicly; it is a rare treat, good or bad. And @schizo sure doesn't hide the bad that comes along with the good.:) I find that process inspirational, even if the trading per se isn't my cup of tea (too fast).

Stewie said:
None of the posters come close to being able to offer advice for lack of any demonstrated trading skill themselves.
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And as far as I know, @schizo isn't here to offer advice, he's here to log his trading experiment.
 
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