Quote from onthemoney3:
F9
I can't speak for Index but I don't understand your point. Not everyone can stick exactly to their gameplan. When I stick to my gameplan, I can run up my account 50-70% in two hours or less, but I am not that disciplined unfortunately and have made much more on the losses then gains. Perhaps Index has the similar issues. I wrote on p.13 or so that he needs to be EXTREMELY disciplined and only then will this work. It seems that the setups are there. The discipline is another issue altogether.
good morning OTM,
Another day another dollar.
Let me try and respond to your excellent post as best I can.
This is only about the ES, I know nothing about anything else in detail.
ES moves each RTH from level to level. It pauses at a level, an almighty battle quite often takes place between big traders and sometimes it just pauses and then moves.
So, there are optimum levels in which to enter and exit.
If you filter your T&S to >99 you will see clearly what the big boys are doing.
This does in no way imply that the < 99 crowd are wrong...not at all, it is simply a technique to slow down the action so your eye can see it and your mind can capture it.
When your strike enters within the optimum range of a level, you will be in the company of some of the big traders and you will be against others big traders.
Do not let this be of concern because the big strikes are trading exactly to a strategy, their strategy, and you must do the same.... trade your strategy.
What are I trying to say.
When your strike enters the market, you are in the company of some very big players and you do not have the luxury of allowing your emotions to lead you astray.
Played properly, this game can be very difficult, made all the more so by the quality of the major players.
I have several friends who are surgeons. Differing expertise but they are have one thing in common and that is they have a ritual they go through before surgery.
Now, I have a computer solely for trading, chart and front end programmes only. No email, no google, nothing other than chart and front end.
I need to physically roll my chair to be in front of it. Not a great distance I grant you, but sufficient to form a part of the switch in my brain that puts me in trading mode.
My Wife says that you could blow up half of Buenos Aires when I am in trading mode and I would not notice.
My entries are by way of stops and covering stops.(brackets)
I will manipulate the stops once I am in the trade but I never never ever open my protective stop... quite the opposite in fact.
But I digress because your very fair question was centred on trading your strategy.
Solo Virtuosos and tennis players are in a similar situation to traders IMO, in that they are alone, supported solely by their training and strength of character.
However their show must go on, whilst a Trader can always take the day off.
Surgeons and golfers have their teams and caddies for support, but again their show must go on, whilst we Traders can take the day off.
And so in that respect we are fortunate.
What does all this mean.
Well, put quite crudely, pissing around with your strategy is a luxury that you cannot afford.
Think of the price as a part of your very self.
Allow yourself to be drawn into the price and you will begin to know what it is about to do before it reveals its hand in the charts.
regards
f9
