Wyckoff's Monster

green.green said:
Here is a look at the hourly. I'm not sure if the upslopping channel is still in play. I think this is one of those times when the upper channel line should be moved but I'm not sure. I've include a second hourly with this change. Maybe DBP will weigh in.
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Great to have you in chat. And very interesting background BTW. :)
 
niko said:
Great to have you in chat. And very interesting background BTW. :)
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Thanks - its nice having company. I never had that until late in the game with poker and was always envious of the players that had others to bounce ideas off of and to propel each other forward.
 
green.green said:
Thanks - its nice having company. I never had that until late in the game with poker and was always envious of the players that had others to bounce ideas off of and to propel each other forward.
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I don't like you anymore... LOL.... you don't have that fear of money/loss Green!

I mean when you take that out of the equation, this thing is quite easy. You've already done 8 days I believe you said without a losing day, no surprise when you follow the rules, and because of your poker background, you are very well versed in statistics and realize that not even a string of bad trades can ruin you. What's more, poker has taught you the discipline necessary.

Will be watching your journal with envy! ;)
 
k p said:
I don't like you anymore... LOL.... you don't have that fear of money/loss Green!

I mean when you take that out of the equation, this thing is quite easy. You've already done 8 days I believe you said without a losing day, no surprise when you follow the rules, and because of your poker background, you are very well versed in statistics and realize that not even a string of bad trades can ruin you. What's more, poker has taught you the discipline necessary.

Will be watching your journal with envy! ;)
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I'm nothing special. I have fears - mostly of failure. I haven't made a dime in nearly 3 years and have two kids and a wife - a very loving and supportive wife whose belief in me is probably stronger than my own.

I don't fear losing money any more because I have done it so many times. I lost nearly 50k the day Absolute Poker shut down. I just have 10 years more experience with the psychology part of the equation than most.

Its exactly the same traps - wanting to quit after booking a small win - wanting to quit after a bad loss - wanting to change your game plan when things aren't going well - wanting to change your game plan when things are going great - playing looser when you think the cards "owe you" - playing too tight to "protect a lead" etc. Its the exact same shit. Its why most poker players fail and most likely why most traders fail.

You either separate yourself from the results or you learn to get out of the game when you feel that rage/fear rising up inside of you.
 
green.green said:
I'm nothing special. I have fears - mostly of failure. I haven't made a dime in nearly 3 years and have two kids and a wife - a very loving and supportive wife whose belief in me is probably stronger than my own.

I don't fear losing money any more because I have done it so many times. I lost nearly 50k the day Absolute Poker shut down. I just have 10 years more experience with the psychology part of the equation than most.

Its exactly the same traps - wanting to quit after booking a small win - wanting to quit after a bad loss - wanting to change your game plan when things aren't going well - wanting to change your game plan when things are going great - playing looser when you think the cards "owe you" - playing too tight to "protect a lead" etc. Its the exact same shit. Its why most poker players fail and most likely why most traders fail.

You either separate yourself from the results or you learn to get out of the game when you feel that rage/fear rising up inside of you.
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And being aware of all this puts you 9/10ths of the way into the winner's circle. Have you read that Mark Douglas book that Db quotes from often... "Trading In The Zone"? I don't think you need to because you seem to have it all down pat. Having read it myself a few months ago, I am at least quite happy that I can identify most of these things. Getting over them is another matter.
 
green.green said:
I'm nothing special. I have fears - mostly of failure.
---
Its exactly the same traps - wanting to quit after booking a small win - wanting to quit after a bad loss - wanting to change your game plan when things aren't going well - wanting to change your game plan when things are going great - playing looser when you think the cards "owe you" - playing too tight to "protect a lead" etc. Its the exact same shit. Its why most poker players fail and most likely why most traders fail.
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Seems like this could have been a post in my journal (minus the poker references!). Wow - almost uncanny.
 
green.green said:
I took 3 trades today. One was a 6 tick loss (1). One was a 10 tick win (2). One was a 13 point winner.

The first two I shouldn't have taken at all as I was still inside that pesky range. The first one was bad location, bad price action - pretty much bad. The second one has better reasoning behind but SLA indicated I was in chop and should stand aside. I have no problems with the third entry. In my mind this reinforces a couple of things. Keeping loses small makes everything possible. Even if you get in for the wrong reasons (or no reason) you can still manage the trade and sometimes get a little something out of it.

I drew the channel because it frames things nicely and shows good interplay around the mean but it isn't necessary at all.
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nice trades today green
 
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