Quote from franklin:
Note Scientist's reluctance to talk about the details of his trading methodology, but his eagerness to talk about "psychology". Which do you think is really more valuable to him? His apparent studiousness, testing, and attention to detail impress me, but his need for attention, verboseness, and claims of psychological superiority do not.
1) Where please am I reluctant to talk about methodology? Are you kidding?
2 Need for attention, verboseness? Hello? I started this thread, so you
a) Don't need to pay attention to it
b) Don't need to read all the verbosity
I'm not force-feeding you. You can eat whatever you like. Some concepts take words to explain. What do you want me to do? Post a 3-line formula?
Scientist: I like reading your stuff, and only about 25% of what you now say is total ****.
The latest **** being your contention that the only real traders are the ones who trade large size in extremely short time frames. Ha! It would be fun to have you go back and document for us all the stuff that you now think is nonsense that you once spouted with such confidence on ET.
3. I would greatly appreciate if you made me aware of the 25% and taught me better. Constructive criticism is always welcome. And sure, we all evolve. I don't use much TA anymore, but it worked for me at the time, I just have better tools now. Just because I'm better now doesn't mean I was so bad then. Did you make money a year ago? I did. What's your problem?
4. Regarding "my latest 25%", my "contention that the only real traders trade large size on short time frames" - Wait a second... What was just the title of this thread??? Scroll to the top of page, please. What do you see? Thank you!
To sum up things I've said before: No style is "the best". I mentioned very recently that there is no "better" style, but only the one that suits you best. You can do very well as a swing trader, and work a lot less. AMT can make more than me with a lot less trades, he can work less. No doubt he has a good approach which isn't scalping. Jack, who also contributed here, does not scalp, either. He trades SCT, which is, in my eyes, the most refined and extraction-effective method of trading altogether. Yet I'm not discussing it here.. Now could you please point any other of the supposed "25%"?
Finally coming to psychology: Here is a nice recent quote from Mark - A very good trader. Probably not nearly as good as master franklin - nor does he have his face on nearly as many dollar bills - but good enough to comment. I'm sure you've read his journal.
Quote from velocity_trader:You don't need a book.
When it comes to scalping 80% of it is discipline. You have to "eat " your losers quick and never let winners turn into losers.
The other 20% is getting a feel for the market. The best way to do that is watch it day in and day out and write down your observations.
No book will ever teach you how to be disciplined and stay in control of your emotions. Most people can't do these things and that is why there are so many losers.
You must identify what your "trading demons" and get rid of them, it's hard though because most are embedded deep within your belief system and its uncomfortable,e even if it makes you money, to get away from what you have always done.
Here are some guidelines for the continuation of conversation:
This is a Scalping Thread. You or I may talk about other things on other threads, but for this purpose, this thread is for scalping. In any reference or discussion, which refers to execution, psychology, technology, thinking, position size, time frame, ratios etc, we are referring to scalping.
That means, if we talk about psychology, the context is scalping psychology.
If you want to talk about trading systems, "edges", or Buffetology, please do it elsewhere. Thank you for your courtesy!
And now I would appreciate if we could get back on topic, with valuable, on-topic postings, please. Cheers!
Scientist