Aliassmith Psychology 101 and other stuff

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Humble
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Postby Humble » Sat Apr 24, 2010 3:15 am

:)

Congratulations on your trading this week.
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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aliassmith
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Postby aliassmith » Mon Apr 26, 2010 3:28 pm

In an attempt to control greed and fear. I observed some price action
that would give me some confidence. I am attempting to take profit at half
of the last range on my timeframe. Measuring from S/R.

If my risk/reward ratio is less than 1 then I will be inclined to take the
trade.
Trade Your Way as Long as It Makes Money!

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MightyOne
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Postby MightyOne » Mon Apr 26, 2010 7:07 pm

aliassmith wrote:In an attempt to control greed and fear. I observed some price action
that would give me some confidence. I am attempting to take profit at half
of the last range on my timeframe. Measuring from S/R.

If my risk/reward ratio is less than 1 then I will be inclined to take the
trade.


Buy a journal (err whatev) and write:

Analysis

a. this is how I see price
b. here are some things that I have noticed
c. this is how no part of my analysis conflicts with my other analytical ideas.
d. here are my ideas for how I can do things better.
e. here are some ideas of mine that might conflict with other ideas.
f. etc

Money Management

a. what is my goal?
b. how do I implode my risk?
c. what is a "safe" level of leverage that will get me to my goals?
d. etc

Entry Strategy

a. do I get in at one price or at several prices?
b. how much does timing matter?
c. etc

Exit Strategy.

a. What is my average gain and how much further does price usually go after I get out?
b. Can I safely hold for more?
c. How many times is my SL hit and price immediately goes back to my entry or half way back?
d. Can I use a mental stop and exit for a better price?
e. etc

Growth.

I am a better trader today because...

Turn the page the next day, start over, and then note your growth.


The more time that you spend thinking about what you are doing the more you know what you are doing ;)

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bredin
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Postby bredin » Tue Apr 27, 2010 4:15 am

Psych Point

First day not trading in some time, since after xmas, no wait there was a couple of days over easter, anyway got twitches soon after arrival in oz.
Gonna be a few rough days by the looks of it....

Anyone else get this?

G.
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MightyOne
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Postby MightyOne » Tue Apr 27, 2010 5:10 am

bredin wrote:Psych Point

First day not trading in some time, since after xmas, no wait there was a couple of days over easter, anyway got twitches soon after arrival in oz.
Gonna be a few rough days by the looks of it....

Anyone else get this?

G.


I don't think that I lasted 3 days without trading.

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Braathen
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Postby Braathen » Tue Apr 27, 2010 9:03 am

Thanks for the journal idea.. sound slike just what i need too.

Also id like to say that im very happy i came to this site! All you guys are great. I really enjoy reading posts here and... ahhh... I LOVE THE LOT OF YA!! couldnt find small enough pink superman so its just the logo :(
"Trading is the ability to see & to plan & to act; it is not crystal balls, precision entries, and ego stroking."
MO-

aliassmith
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Postby aliassmith » Tue Apr 27, 2010 11:38 am

MightyOne wrote:
aliassmith wrote:In an attempt to control greed and fear. I observed some price action
that would give me some confidence. I am attempting to take profit at half
of the last range on my timeframe. Measuring from S/R.

If my risk/reward ratio is less than 1 then I will be inclined to take the
trade.


Buy a journal (err whatev) and write:

Analysis

a. this is how I see price
b. here are some things that I have noticed
c. this is how no part of my analysis conflicts with my other analytical ideas.
d. here are my ideas for how I can do things better.
e. here are some ideas of mine that might conflict with other ideas.
f. etc

Money Management

a. what is my goal?
b. how do I implode my risk?
c. what is a "safe" level of leverage that will get me to my goals?
d. etc

Entry Strategy

a. do I get in at one price or at several prices?
b. how much does timing matter?
c. etc

Exit Strategy.

a. What is my average gain and how much further does price usually go after I get out?
b. Can I safely hold for more?
c. How many times is my SL hit and price immediately goes back to my entry or half way back?
d. Can I use a mental stop and exit for a better price?
e. etc

Growth.

I am a better trader today because...

Turn the page the next day, start over, and then note your growth.


The more time that you spend thinking about what you are doing the more you know what you are doing ;)


Thanks for the idea of what to put in my journal.

I had a trade journal, but I think I would benefit more from your questions.
Trade Your Way as Long as It Makes Money!

aliassmith
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Postby aliassmith » Tue Apr 27, 2010 3:19 pm

Hmmm,

Say you are in profit by a decent amount. How much are you willing to
give back before your mind says no more?

A question that is part of my trader's logic research.
Trade Your Way as Long as It Makes Money!

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MightyOne
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Postby MightyOne » Tue Apr 27, 2010 4:16 pm

aliassmith wrote:Hmmm,

Say you are in profit by a decent amount. How much are you willing to
give back before your mind says no more?

A question that is part of my trader's logic research.



If up even hundreds of pips I am willing to give back ALL OF IT because if I am still holding as the market retraces that means that my plan for the trade is not yet complete.

"How much" is the wrong question to be asking anyways.

The question that you should be asking is what technical reason is there to exit ie is price closing over or not closing over a line.

Considering that there will be many lower lows or higher highs, you should always try to liquidate at the lowest low, highest high, or lowest/highest close.

Overcome fear with greed Dolar_Smile

Greed cannot see anything but the result it desires.

aliassmith
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Postby aliassmith » Tue Apr 27, 2010 4:33 pm

MightyOne wrote:
aliassmith wrote:Hmmm,

Say you are in profit by a decent amount. How much are you willing to
give back before your mind says no more?

A question that is part of my trader's logic research.



If up even hundreds of pips I am willing to give back ALL OF IT because if I am still holding as the market retraces that means that my plan for the trade is not yet complete.

"How much" is the wrong question to be asking anyways.

The question that you should be asking is what technical reason is there to exit ie is price closing over or not closing over a line.

Considering that there will be many lower lows or higher highs, you should always try to liquidate at the lowest low, highest high, or lowest/highest close.

Overcome fear with greed Dolar_Smile

Greed cannot see anything but the result it desires.


Actually it was not a question about if I should liquidate based on a specific
drawback.

It was more about range and when the herd will start sending in orders
to liquidate a position that is up.
Trade Your Way as Long as It Makes Money!

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