Zen and The Art of Trading

Quote from martys:

Testing my new stupid resistance theory right out of the gate, lost 2 points in a minute fighting the trend... lost another point and more trying to get my money back. Scalp back to 1.25 point loss and took a nap. Scalp back to even and took another rest. Ride the late move after 3 pm and end with 2 point win for the day and stop. It's never easy for me but the break will come, provided that I can keep my focus.
More...


Yeah-- don't give up, throw up your hands, and join the opposition against yourself.
Like a basketball team in a dire situation which suddenly hits a bunch of "3's" right at the end and ekes out a win, at the buzzer.
It CAN happen. Don't rule this out by certain actions you take.

Best,
Larry Phillips
 
"POKER RULE #94: The cards will tell you how much money you are going to win... The cards will let you know the range you are going to be in; your job is to maximize it... Don't overplay your cards. Success in poker is a rhythm; don't try to go outside the rhythm... "

The setup, market trend, support/resistance, and market internals dictate the potential of an entry. For scalp trades, trade the norm and take profits. Manage your expectation. The longer term trades are usually fade trades (early entries) for me and are not as straight forward... still working on it. :(
 
Quote from martys:

"POKER RULE #94: The cards will tell you how much money you are going to win... The cards will let you know the range you are going to be in; your job is to maximize it... Don't overplay your cards. Success in poker is a rhythm; don't try to go outside the rhythm... "

The setup, market trend, support/resistance, and market internals dictate the potential of an entry. For scalp trades, trade the norm and take profits. Manage your expectation. The longer term trades are usually fade trades (early entries) for me and are not as straight forward... still working on it. :(
More...

But someone might say: True skill is taking more than the cards give you. But for most of us, we ought to be content to take what the cards (or trading) are giving us, not try to over-stretch it, lest we start going backwards in the other direction from over-reaching.

Larry Phillips
 
Quote from waterflow:

if you "think" there is a trend, you have a bias...this is not Zen...flow with the market/price with no fear.
More...

I think it's a chicken and egg thing and for all practical purposes, I still want the market to tip its hand more than ever... I mean if there is no bias or imbalance then why do I even bother to enter the market?
 
"POKER RULE #95: Don't get in touch with your victim side."

Marty Schwartz: "God, I hated negative thinkers, they were such losers."
"Winning is a habit... so is losing."
 
It can be especially difficult to stay away from negative thinking when you are in a slump.

It takes work to develop the attitude of, "What steps do I need to take to win!", rather than fall into that black hole of, "How do I keep from losing?".

I have always found that negative thinking has an effect of keeping me out of profitable trading opportunities. I talk myself out of good trades. This is when I feel the most stupid, and realize that I need to change my attitude.

Charles
 
"POKER RULE #96: Don't succumb to victim thinking."

The market is too big to care whether you are long or short. Do not inject your emotions into a single trade within a statistical run. Conserve your vitality.
 
Hi Larry,
Had a good week on the tables at partypoker - up $1600 from Sunday to thursday playing on the $5/10 limit tables. Yesterday went down $250 and turned on full tilt, moved to the $15/30 tables and blew up the whole lot in 3 hours.
How to know when to walk away or..?
 
Quote from roberk:

Hi Larry,
Had a good week on the tables at partypoker - up $1600 from Sunday to thursday playing on the $5/10 limit tables. Yesterday went down $250 and turned on full tilt, moved to the $15/30 tables and blew up the whole lot in 3 hours.
How to know when to walk away or..?
More...

These sites seem to be quite democratic, even-handed and 'equal opportunity' when it comes to this sort of thing. If you are making money hand-over-fist on one day, you can take it to the bank that a day is coming-- & probably sooner rather than later-- when things are going to go the other way. Since it is online it's not quite real. It feels more ike a 'Cliff's Notes' version of bad luck/good luck, and rest assured both sides WILL be represented. Your question is a tough one. If you get way up, take some time off? You can't lose it back in the next four days, for instance, if you're somewhere ELSE the next four days. Though you may succumb just as easily on the fifth day, if you start again.
If you win a huge pot in a casino card game-- let's say, $2,000-- go for a walk. Take a stroll. Visit the deli. Have a hot dog. Stare into space. Leave your chips sit on the table. Your stack won't be going down if you're not there. When you come back in a half hour or 45 minutes the $2K will still be sitting there. Play at YOUR speed. Take a break. Online = ? who knows.
The standard cure for tilt in anything, to my way of thinking at least--whether poker, football, sports, trading-- is to go back to basics. You're on tilt you're being swept along on a tide-- usually somebody else's tide-- so be like that basketball team that goes into 'slow-down' mode, takes everything one step at a time. You're no longer being swept along on any tide if you're doing things this way.
Go back to what got you there. Go back to basics.
(This is going to happen to one of the two teams in the Super Bowl on Sunday, and this is what they're going to do, to adjust-- to stop the hemmoraging) (hemmorag. prob. misspelled).
Like the football coach who gathers the team together and says, "THIS is a football".
Go back to playing by the book. This is the opposite of tilt, to me.

Best,
Larry Phillips
 
You must log in or register to reply here.
Back
Top