What is the difference between not having a bias to direction and DOUBT?

[harrytrader]

If they go the other way too often they risk to get whipsawhed. To avoid that risk one could adapt a general framework (I don't mean it's the best, it's just an illustration):

1°) have a plan

2°) execute the plan

3°) if it fails retry no more than once if it fails again stop for that day until next opportunity.

Quote from prox:

You have your own bias/idea what the market will do , but you have to be willing to accept that your signal will fail and go the other way.

 

[harrytrader]

Let's say it' in your honor hihi ! Ok it's french version of your "heehee" but much shorter to write ! Usually english has much shorter word than french what a pity it is not the case here

Quote from hii a_ooiioo_a:

Harry, does "hihi" mean "laughing"? If so, please spell it "heehee". Everytime you write "hihi" I think you're trying to get my attention.

 

[hii a_ooiioo_a]

Even hehe is understood on the internet to mean the same, if you prefer. C'est à rire, non?

 

[harrytrader]

I will use haha with hihi it is my post signature

Hehe I found a great solution for everybody:

http://www.wallstreetfollies.com/nasdaqpredictor.htm

Quote from hii a_ooiioo_a:

Even hehe is understood on the internet to mean the same, if you prefer. C'est à rire, non?

 

[F. d'Anconia]

Quote from hii a_ooiioo_a:


Seminar guy quoted Theodore Roosevelt as having said "The best thing to do, is the Right Thing. The second best thing to do is The Wrong Thing. The worst thing to do, is nothing." [/B]

Sorry, Hide Hooo, but I totally disagree with that quote. Most days in the markets, there is nothing to do. It takes extreme discipline to know not to do anything. I think the markets chop sideways at LEAST 50% of the time. The RIGHT thing to do in those situations IS nothing. Track your trades, my friend and then at the end of the month eliminate all the ones that happened when the major indices were in a tight trading range. I GUARANTEE you your P&L will soar.

regards,
F. d'Anconia

 

[hii a_ooiioo_a]

True. I probably forgot half of that quote, and may have distorted it in that way. The point though, was that when you need to decide whether it will go up or down, if you choose the wrong way, you'll soon know it, and hopefully be able to reverse.

There certainly are times when it's best to sit it out when there's no definite sense of where it's going.

 

[spreadem]

Seriously, I don't think being open to market's direction means you need to deny any directional signals you rely on. It just means be willing to make your decision based on those signals as you receive them, rather than saying to yourself "the news said blah blah about Greenspan, etc., so market must be going up/down".

That's it man keep it simple ... follow your trading systems signals and wherever the market goes, it goes. You cannot predict, nor control the market. You can, however, control whether or not you follow your signal.

 

[alfonso]

Quote from hii a_ooiioo_a:

Seriously, I don't think being open to market's direction means you need to deny any directional signals you rely on. It just means be willing to make your decision based on those signals as you receive them, rather than saying to yourself "the news said blah blah about Greenspan, etc., so market must be going up/down".

[/i]

Here's a good example of that:

Quote from regough:
Anybody else getting ready to go long just about the time(09.50) when the floor fell?

I would have thought the market would go up on strong consumer confidence numbers-

Oh, well. . .

 

[pdcomm]

Webster's definition of "OPEN" : not shut ; not frozen up ; without reserve ; unrestricted and on and on .

Like any business for profit that has the " OPEN " sign on display , ALL are welcome . We can't Know who is the millionaire or who is broke , nor should we care . The guy who LOOKS like $$ may be broke and the one with nothing special about him could be a Bill Gates .

As business people ( traders ) , profits are realized only when we are " OPEN " for business . We ADAPT to whichever opportunity comes through the door . If we are good at that adapting thing , then our accountants will heap mountains of praise on us ( they get to keep their jobs ) .

Always remember : the market senses weakness and will take your money , given the chance .

The BEST comes to those expecting it .

pd .

 

[freealways]

>>3°) if it fails retry no more than once if it fails again stop for that day until next opportunity.<<

Harry, when you mention your third point I hope you do have statistics for backing up that opinion as my experience causes me to have the opposite opinion as far as stopping after the second attempt to get it right is concerned) ?

freealways