Aliassmith Psychology 101 and other stuff

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MightyOne
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Postby MightyOne » Tue Apr 27, 2010 4:36 pm

aliassmith wrote:
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.


X

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aliassmith
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Postby aliassmith » Tue Apr 27, 2010 4:49 pm

MightyOne wrote:
aliassmith wrote:
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.


X


Funny is that a variable?
Trade Your Way as Long as It Makes Money!

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MightyOne
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Postby MightyOne » Tue Apr 27, 2010 4:55 pm

aliassmith wrote:
MightyOne wrote:
aliassmith wrote:
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.


X


Funny is that a variable?


No, it comes before and after Y :wink:

aliassmith
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Postby aliassmith » Tue Apr 27, 2010 4:58 pm

MightyOne wrote:
aliassmith wrote:
MightyOne wrote:
aliassmith wrote:
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.


X


Funny is that a variable?


No, it comes before and after Y :wink:


xyxy what a smart a$$ :lol: I understand your answer :)
Trade Your Way as Long as It Makes Money!

aliassmith
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Postby aliassmith » Wed Apr 28, 2010 12:23 pm

aliassmith wrote:
MightyOne wrote:
aliassmith wrote:
MightyOne wrote:
aliassmith wrote:
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.


X


Funny is that a variable?


No, it comes before and after Y :wink:


xyxy what a smart a$$ :lol: I understand your answer :)


Hope I didn't offend you MIghtyOne, I was only ribbing ya. :wink:
Trade Your Way as Long as It Makes Money!

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aliassmith
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Postby aliassmith » Wed Apr 28, 2010 1:13 pm

reviewed a word copy of some thread MightyOne posted in early. I think it
was NLA. I reviewed the portion of zeroing out held profit. It is definitly
worth re-reading.

The price gods either wick you out of profit almost right away or wait
until some profit is built up before coming back to snatch it up.

Overcome fear with greed nice one MO. :shock:
Trade Your Way as Long as It Makes Money!

aliassmith
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Postby aliassmith » Tue May 04, 2010 1:32 pm

BTW if anyone is using Zap's offline NLA then Mightyone's stuff starts
in section 7. Worth re-reading and then some.
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aliassmith
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Postby aliassmith » Wed May 05, 2010 4:55 pm

I think I fried my brain! :shock:

No real trading for a little while. I am going back over NLA and starting
from the beginning.

Lesson 1: body in the direction of profit

I think that means you need a closed body in the direction you want to go
on "your" timeframe.

I actually have a headache :(
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aliassmith
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Postby aliassmith » Thu May 06, 2010 12:35 pm

I flash through time frames to get a feel for where I am and then find a higher time frame that I want to peg my focus to & trade the smaller TF based on that chart. - MightyOne NLA

I don't believe I was doing this correctly in the past although I did ok.

So body in direction of profit on "peg" chart. Then zline formed on smaller
TF
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aliassmith
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Postby aliassmith » Thu May 06, 2010 3:55 pm

When I get a setup on the 30 minute I am dropping down to a 15 minute or smaller time frame to trade that chart.

Why a 15 minute? Because my risk is based on average 15 minute range.
Again, I do not enter via a chart that is greater in time than that used to calculate risk.

That a candle not close against me: If I am not immediately right then some thing is immediately wrong.

That a candle not close opposite to my entry direction: If I am trading the 30 minute long (via a 15m or lower TF) and the 30 minute closes bearish then I would rather exit and trade the 30 minute with candle color than hold onto the trade. - MIghtyOne NLA
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