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TygerKrane
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Finally done with Busy Season!! Psychology revisit

Postby TygerKrane » Sat Sep 17, 2011 6:06 pm

So in addition to watching Sam Seiden videos during my busy season, I also went back and watched some Trading Psychology videos as well. It feels kind of embarrassing to feel the need to go back and review psychology after more than a year and a half of trading forex, but f#ck it, if I'm not getting my 10% a week, I'm not going to assume that I have any part of this business mastered.
So, I wrote some notes too, paraphrased some stuff too, some of them might not even make as much sense without the context of the video, but whatever!
I watched all the videos in this post but the ones that stuck to me most this time around were: (in no particular order)

Emotional Control, Discipline, Attitude towards Losers, Patience; Those are the important qualities.
Trading Plan~ Is/Requires combining a personal trading method with specific money management and trade entry rules.
..........Where:
..........Personal Trading Method = System
..........Specific Money Management & Trade Entry Rules = The System tells us,
...............1)When to get in
...............2)Where to place our Stops
...............3)Where the targets are. [I know what my risk is on the trade, I know what my targets are on the trade.]

The absence of such is the root of all principal difficulties traders encounter in the market.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You need the ability to trade your plan through the difficult times; this is facilitated by a belief in your trading plan.
When you understand and believe in your plan, you understand--> i)what you're going to trade, ii)how you're going to trade it, iii)when you're going to get in, when you're going to get out, iv)what your risk is on the trade, and, v)how your model behaves (i.e.)how and why your method fails/when and how your profits come.) You develop a core philosophy -a belief- deep in your mind, so you can follow your rules systematically, and allow them to lead you to opportunities to participate in the market profitably.
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I also watched this video that TRO posted somewhere, can't find the post, but I got the video link, and these are the things that stuck out to me:

Stick with the approach, keep the routine going.
Get into the game, don't worry about the result.
*An ability to be in the present moment, forget about the past trades, all that exists is this particular trade, and this particular trade is coming at me right now.
*The essence is the idea of learning to be comfortable being uncomfortable, and having a mental HQ to recoup & reset at for when things get crazy
*the need for mental preparation and structure
*recognize failure as an unavoidable part of the game, and don't dwell on it
*how to stay balanced after bad trades or bad days
*How to Mature ~Go through and Accept the rejection, and be willing to take the risk to grow instead of playing it safe all the time
*An attempt to make you think in a different or more clear way; controlling the controllable aspects of playing the game
*Do what you're doing when you're doing it, be the moment as it happens with no relation to past or future results
*having an easily accessible mental routine to regain your focus onto the only thing that is happening

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Revisiting "The Money Mantra"

Postby TygerKrane » Sat Sep 17, 2011 6:40 pm

"Money is something that happens to people who do the right things irrespective of short term results. -M.O."

[font=Tahoma][highlight=darkviolet]You can do the right things irrespective of short term results when you have a core philosphy deep in your mind; when you truly [/highlight][highlight=darkviolet]believe in your core philosophy, you can follow your rules systematically, and allow them (read: WAIT for them) to lead you into the opportunities to participate in the market profitably.[/highlight][/font]

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Why did I go through the bother to dissect MightyOne's statement? B/c I decided to think of my trading history in light of it:

Not being able to wait b/c ultimately I didn't have confidence on whether I could decipher the market for my trading signal. I didn't have faith in my analysis, so to 'compensate' i would always be looking to participate in more trades. It was hard to wait b/c I wasn't sure if I actually knew what I was looking for to get in. Basically, when I had a losing trade, it shook my belief that I truly knew what I was looking for, and therefore, made it harder to look for that same signal b/c I didn't have enough belief to remain confident. {The short term result prevented me from doing the right things thereafter.}

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Categorize the Discretionary

Postby TygerKrane » Sat Sep 17, 2011 10:20 pm

I've also been trying to categorize the discretionary so that I can have a more intuitive feel of the market, to give myself a better frame of reference for understanding chart movements or what happened in certain areas of the chart. (breaking down and understanding what I see.)
Here is my best way to explain what I'm trying to say here:
I was watching this great documentary about memory.
http://topdocumentaryfilms.com/my-brill ... me-genius/ [it's the second part that I am referring to]
There was this lady, who was just born and bred to play chess by her father. They did a little experiment with her. In essence, they flashed her an image of a chess board for a few seconds, and then left her to duplicate what she saw on the chess board in front of her. By 'flash', I mean she was sitting at an outdoor cafe, and a truck drove by with a picture of a chess board on it :) . In one case she was able to duplicate it easily, in the other, she had as much trouble as you or I might. The difference? The first chessboard image was of an actual game in play. To anyone who isn't into chess, the two boards would have looked equally random. For her apparently, she could form memory 'chunks' of the different areas of the board, b/c the arrangement of pieces in relation to each other were actually different formations and strategies used in chess. The chessboard that she couldn't duplicate, were actually pieces placed on randomly by some noob.
So that's like what I mean when I say 'categorize the discretionary'. I want to have my own mental list of 'attack' & 'defense' formations.

***When I was planning on writing this post I didn't think of it, but as I was just typing the post now, I am reminded of 'THE TREE' that MightyOne posted about a few times.***

I know we already have our descriptions of what happens on the charts, but I'm trying out something a little deeper for myself; we'll see how it goes.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Are Traders PREPROGRAMMED to Fail?

Postby TygerKrane » Sat Sep 17, 2011 10:52 pm

Actually out of my list of videos that I focused on above, there was one that was a bit more favorite:

Are Traders PREPROGRAMMED to Fail? Lesson 1

Just the first part on its own really stood out to me, I really liked it.

But to sweeten the deal somehow, I forgot to follow up on the fact that it was a 6-part series (1 hour total), so I just went through and checked those out. These are all trading psychology videos, I think they are good.
There is a playlist for the six videos, however, they are (accidentally) set up to play in backwards order.
http://www.youtube.com/playlist?list=PLDC5304927D3C1152


As for the first video, I like the fact that they related trading to a task like driving and that the goal is to have our rules and method carried out automatically in the same way we are able to drive, reacting to what is happening around us, how we are able to handle the many different decisions involved fluidly. In fact, suggesting how to go about moving our trading skills so that they inhabit the same part of our brain as the other tasks we once had to learn & focus on to carry out correctly, but then they moved to the 'automatic' part of the brain, so that now we can do them effortlessly without focusing on doing them, like driving or typing.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby TygerKrane » Sat Sep 17, 2011 11:06 pm

MightyOne wrote: If you just draw a box around a group of candles then you have a custom time frame.

If the number of periods encapsulated is equal to the number of shifts on the chart then you DO NOT have a custom time frame but TIMING of a SINGLE TF chart.

Again, a 3xCC on a one hour chart is a one hour chart.

A CC on a one hour chart is a three hour chart.


The weird?/frustrating?/stupefying? part being that with the exception of 'encapsulated', I learned all those words by the time I was in 3rd grade...

Yet it still took me like 20 mins to understand what-the-hell he was saying. (no offense to you MO)


I'm just stunned that literally that's how long it took me to get the meaning, that's all.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby TygerKrane » Sat Sep 17, 2011 11:19 pm

forexjake80 wrote:TygerKrane: Price didn´t care for the supply level the 2nd time, because price was "already there before". You can observe this all the time. I am having a hard time to quantify exactly this "already there before". Maybe anyone has an Idear....
If you zoom in and only watch the right half of the chart... you would also be selling at supply, cuz you think price is there for the first time. That ist the 2nd problem i am on with this method right now.


forexjake,
Yeah, but then price also didn't care for the demand level b/c it was "already there before" you could say, no?

Image




I can't believe that all week long no one replied with a 3xCC observation :cry: :cry:

:?



forexjake,
BTW, I like your sig:

Image


It looks oddly familiar:

Image

:D

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby TygerKrane » Sat Sep 17, 2011 11:44 pm

MightyOne wrote:Image


The first thing I thought was, "Very interesting that out of the three shifts I posted, this was the one you made an analysis on. I see which chart he chose to make a Fat Cat SR off of, but I also wonder what it could mean for interpreting 3xCC as well."


The second thing I thought was, "Hey! That's not fair, how could you possibly make that decision to be going long, if in real time, all you are presented with is this:"

Image


Then the third thing I realized is that this should all be taken as "If --> Then" statements and that the plan of attack MO plotted could have equally failed had price continued to close lower after his two Buy placements. :shock:
But what I also thought was that if we are at a Weekly/Daily low extreme, then this type of speculation isn't so reckless after-all." :idea:

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby 1992 DREAM TEAM » Sun Sep 18, 2011 12:41 am

TK - Thank you for all of your helpful links in your posts. I am sure they have been extremely useful for a lot of the people here.

Please forgive me if I am reading too much into this, but from here it appears that your mind is VERY busy. I know I don't have much kreslik cred and my micro account is still quite micro, but I think you already have the knowledge to be a great trader and it is simply a matter of application. It is easy to lose oneself in analysis whether it is correct or not. Conceptualization is only a vehicle to get to truth, and sometimes it is good to go back to the beginning every once in a while.

Just have some patience :) You say you aren't getting your 10% a week. Well, if that implies you are winning and not losing, I don't think you have much to worry about. Maybe simplify things for a while and focus on playing cornerback instead of quarterback.

Again, sorry if this is totally irrelevant, I just want to be helpful where I can.

p.s. questioning MO's decision-making is -EV

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Postby MightyOne » Sun Sep 18, 2011 2:07 am

It is a beautiful song, I wish that you could hear it...

http://i54.tinypic.com/2s8smk7.gif

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Postby TygerKrane » Mon Sep 19, 2011 3:48 am

1992 DREAM TEAM wrote:TK - Thank you for all of your helpful links in your posts. I am sure they have been extremely useful for a lot of the people here.

Please forgive me if I am reading too much into this, but from here it appears that your mind is VERY busy. I know I don't have much kreslik cred and my micro account is still quite micro, but I think you already have the knowledge to be a great trader and it is simply a matter of application. It is easy to lose oneself in analysis whether it is correct or not. Conceptualization is only a vehicle to get to truth, and sometimes it is good to go back to the beginning every once in a while.

Just have some patience :) You say you aren't getting your 10% a week. Well, if that implies you are winning and not losing, I don't think you have much to worry about. Maybe simplify things for a while and focus on playing cornerback instead of quarterback.

Again, sorry if this is totally irrelevant, I just want to be helpful where I can.

p.s. questioning MO's decision-making is -EV


Dream Team,
Thanks for the feedback, your analysis is fine; as long as you are not telling me to quit my job and find a hermetically-sealed cave in order to become good at trading. And your observation is pretty sharp, b/c I do have the knowledge to be a great trader :oops: my mind just gets in the way. It has a hard time accepting that 'being right, doesn't mean that you are always right,' totally not like science, if I toss an apple in an air, it's definitely always going to come down and hit the ground b/c that's just what apples do.
When I'm not able to trade for a bit, I'm still right next to live charts or my screenshots and learning resources, so that when I come back, I can hit the trading arena HARD. So yes, my mind has been VERY, VERY busy, and now that busy season is over, it's time to step back in.
I think my latest revisit to the Psychological Aspects has been A GREAT help to my overall being as a trader; I DEFINITELY did not expect to get as much out of it as I did from re-watching that stuff...

BTW, as for
>>p.s. questioning MO's decision-making is -EV<<
is -EV some slang I don't know, or just a smiley gone wrong?? But regardless, I get the gist of what you were saying :wink: , I had just felt like poking a little fun at MO. (Let him know, he better come correct when he post some analysis up in THIS thread!! )
Image (you don't think he heard that, do you?)

Other than that, Nice avatar, , that's pretty militant.

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The most groundbreaking thing that I've found to help me in revisiting the Psychology, is the comparison of having 'following your trading plan' occupy the same level of execution as it goes for driving a car. The analogy of the two somehow really enlightened me this time. I don't know what it was, if it was my random playlist mp3 player somehow playing 8 relaxing songs in a row, or if it was the lavender-scented Aveeno lotion I had used, but I was driving and like some Zen-sh!t just hit me.
To simply just accept that 'following my trading plan' has already moved into same area of my brain as driving a car.
Procedural Memory (Wikipedia):
    Procedural memory is memory for how to do things. Procedural memory guides the processes we perform and most frequently resides below the level of conscious awareness. When needed, procedural memories are automatically retrieved and utilized for the execution of the integrated procedures involved in both cognitive and motor skills; from tying shoes to flying an airplane to reading. Procedural memories are accessed and used without the need for conscious control or attention. Procedural memory is a type of long-term memory and, more specifically, a type of implicit memory. Procedural memory is created through "procedural learning" or, repeating a complex activity over and over again until we figure out how to make all of the relevant neural systems work together to automatically produce the activity. Implicit procedural learning is essential to the development of any motor skill or cognitive activity.
(Really, I could underline that whole paragraph for importance, but that might be overkill.)

But I felt really, super-relaxed to realize that I should approach trading the way that I approach driving. A lot of good analogies to make here. The first step being, to accept that I know how to carry out my trading plan the way I carry out my driving (i.e. to accept that they are each Procedural Memories to me at this point.) I have a destination, I'm aware that any number of random (or potentially lethal) things can happen that I will need to be sharp and react to, but I don't sit in my car shaking for a bit and trying to gather up the nerve to pull out of the driveway.

That is to say,:

[font=Comic Sans MS][highlight=darkgreen]Turning on my trading station and reacting to what the charts are putting in front me, as I get to my destination, [/highlight]
[highlight=darkgreen]should feel exactly the same as [/highlight]
[highlight=darkgreen]Turning on my car and reacting to what the roads are putting in front of me, as I get to my destination.[/highlight][/font]



Damn, I feel good.

Now, who wants to go for a drive, because frankly, I drive very well without even thinking about it, plus, I can't remember the last time I was ever scared to get behind the wheel. 8) :twisted:
Last edited by TygerKrane on Mon Sep 19, 2011 4:16 am, edited 2 times in total.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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