It was the best of times, it was the worst of times

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laksh
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Re: It was the best of times, it was the worst of times

Postby laksh » Sun Sep 25, 2016 6:39 pm

jrtrading wrote:Here is a chart of long term S&P.
Will it "reverse from new highs"?

ES.png


If Trump does better than Clinton in US Presidential Election debates, my bias will be a reversal. Fits with technicals.

Interesting times ahead until US elections!! Looking forward to a good volatility :-)

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Re: It was the best of times, it was the worst of times

Postby jrtrading » Sun Sep 25, 2016 9:53 pm

laksh wrote:If Trump does better than Clinton in US Presidential Election debates, my bias will be a reversal. Fits with technicals.

Interesting times ahead until US elections!! Looking forward to a good volatility :-)


Thanks for your post, laksh, much appreciated.
I was always impressed by your thread, the progress you made in such a short period of time and also how you emphasised practice.
Many, including me, often think progress has been made by reading on forums and watching videos.
Perhaps there is some truth to that, but in my case I am pretty certain avoiding practice has really been an avoidance of pain.

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laksh
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Re: It was the best of times, it was the worst of times

Postby laksh » Mon Sep 26, 2016 6:38 pm

jrtrading wrote:Many, including me, often think progress has been made by reading on forums and watching videos.
Perhaps there is some truth to that, but in my case I am pretty certain avoiding practice has really been an avoidance of pain.


Thank you jrtrading. I still need to progress leaps and bounds psychologically. :)

Your post reminds me of the following paragraph (from the Book: Reminiscences of a Stock Operator). It explains what you wrote above with a good analogy. You may have already read it, but copy & pasting it here, just in case...

Jesse Livermore wrote:“The training of a trader is like a medical education.

“The physician has to spend long years learning anatomy, physiology, materia medica and collateral subjects by the dozen.

“He learns the theory and then proceeds to devote his life to the practice. He observes and classifies all sorts of pathological phenomena. He learns to diagnose. If his diagnosis is correct – and that depends upon the accuracy of his observation – he ought to do pretty well in his prognosis, always keeping in mind, of course, that human fallibility and the utterly unforeseen will keep him from scoring 100 percent of bull’s-eyes.

And then, as he gains in experience, he learns not only to do the right thing but to do it instantly, so that many people will think he does it instinctively. It really isn’t automatism. It is that he has diagnosed the case according to his observations of such cases during a period of many years; and, naturally, after he has diagnosed it, he can only treat it in the way that experience has taught him is the proper treatment.”

“You can transmit knowledge-that is, your particular collection of card-indexed facts-but not your experience. A man may know what to do and lose money – if he doesn’t do it quickly enough.

“Observation, experience, memory and mathematics – these are what the successful trader must depend on. He must not only observe accurately but remember at all times what he has observed. He cannot bet on the unreasonable or on the unexpected, however strong his personal convictions may be about man’s unreasonableness or however certain he may feel that the unexpected happens very frequently. He must bet always on probabilities – that is, try to anticipate them. Years of practice at the game, of constant study, of always remembering, enable the trader to act on the instant when the unexpected happens as well as when the expected comes to pass.”

“A man can have great mathematical ability and an unusual power of accurate observation and yet fail in speculation unless he also possesses the experience and the memory. And then, like the physician who keeps up with the advances of science, the wise trader never ceases to study general conditions, to keep track of developments everywhere that are likely to affect or influence the course of the various markets. After years at the game it becomes a habit to keep posted. He acts almost automatically. He acquires the invaluable professional attitude and that enables him to beat the game-at times! This difference between the professional and the amateur or occasional trader cannot be overemphasized. I find, for instance, that memory and mathematics help me very much. Wall Street makes its money on a mathematical basis. I mean, it makes its money by dealing with facts and figures.”

“When I said that a trader has to keep posted to the minute and that he must take a purely professional attitude toward all markets and all developments, I merely meant to emphasize again that hunches and the mysterious ticker-sense haven’t so very much to do with success.”

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Re: It was the best of times, it was the worst of times

Postby jrtrading » Thu Sep 29, 2016 12:49 am

The green line (take profit) is close to the weekly crash zone.
The red line is the "no loss" stop.
Time to hit the sack.

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Re: It was the best of times, it was the worst of times

Postby jrtrading » Thu Sep 29, 2016 5:42 am

There are always two crash zones #-o

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Re: It was the best of times, it was the worst of times

Postby jrtrading » Thu Sep 29, 2016 5:48 pm

Edit: Moved the position behind the weekly high (gray x).

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Re: It was the best of times, it was the worst of times

Postby jrtrading » Thu Sep 29, 2016 10:14 pm

But I say unto you, I will not drink henceforth of this fruit of the vine, until that day when I drink it new with you in my Father's kingdom.


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jrtrading
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Re: It was the best of times, it was the worst of times

Postby jrtrading » Thu Sep 29, 2016 10:45 pm

Managed to double space, now moved position to the weekly low, because of HTF.
Some people call me stupid, they are just bullies so *censored - swear word* them.

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laksh
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Re: It was the best of times, it was the worst of times

Postby laksh » Thu Sep 29, 2016 10:57 pm

jrtrading wrote:
But I say unto you, I will not drink henceforth of this fruit of the vine, until that day when I drink it new with you in my Father's kingdom.


es.png


Hi jrtrading,

If you like indices, you may take a look at DAX30. Its got super ATR with very low spreads.

Shorts got paid very well today, Deutsche Bank fiasco sell off was nice!!

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Re: It was the best of times, it was the worst of times

Postby jrtrading » Fri Sep 30, 2016 12:31 am

laksh wrote:Hi jrtrading,

If you like indices, you may take a look at DAX30. Its got super ATR with very low spreads.

Shorts got paid very well today, Deutsche Bank fiasco sell off was nice!!


Thank you for the reply, laksh.
I will have a look at it, my broker has it as CFD.

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