LET'S THINK ABOUT TRADING

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casinoman
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Convience me translates into "make me or tell me"

Postby casinoman » Sun Sep 02, 2007 4:29 am

DB,

Thanks for your query. Read your earlier posts and found them very interesting. Love all the techno jargon.

Relative to your posting addressing me, I've given up long ago trying to convience people of anything. However, I just can't resist putting in my two cents worth in an open forum platform. Today I posted a rather lengthly statement pertinent to "convincing you" of random entries. Check it out at:

http://kreslik.com/forums/viewtopic.php?t=455&start=460

My earlier posting here addressing the topic question was not an attempt to foster any specific trading method. I was specifically answering the question within the defined parameters which were we knew nothing whatsoever. Upon the initial trading tick we began dealing with a known (position direction taken). At that point we would have to treat the invested capital as though it were our own money. With no other known factors, we would be capitalizing upon any directional movement in our favor or we would have to exit the position.

We can make no assumptions (i.e. as many have here in responding). The posed question didn't say the account was given to us to keep nor did it say that it wasn't. The question didn't say that we were to attempt to make a profit or take a loss in order to take a shot a profit. We know that our position would be to preserve our capital at all costs, if we treated the investment as our own money which would be our obligation to anyone trusting funds to us. Hence, take a profit if the opportunty drops in our lap otherwise, adios amigo!
"Technicians never die - they just chart away"
Trade like a Lemming but don't jump off the cliff like the others

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dgbones
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Postby dgbones » Sun Sep 02, 2007 1:58 pm

Right. I do not mean to contend with you and I certainly understand your reasoning. We can differ without disagrement. I will go check out the random entry post now. DB

jutsu
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interesting topic TRO

Postby jutsu » Mon Mar 21, 2011 11:37 pm

well well this is a very interesting topic....I think as traders each time we open a position we are faced with exactly the same situation...I would set a stop-loss and a profit target and leave it to fate :D .But hey TRO what Would you do?

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TheRumpledOne
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Postby TheRumpledOne » Mon Mar 21, 2011 11:45 pm

I exit according to my EXIT PLAY BOOK.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

xtremeforex
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Postby xtremeforex » Fri Jun 03, 2011 9:55 pm

If I don't know what price I entered, I can't possibly know if I am in profit or loss and by what size. If I did know I was in profit or loss, I could calculate backwards what price I have entered. However, since you have stated price entry is unknown, my assumption will be profit/loss is unknown.

Since, this open position was handed to me at random, my entry into the market is random, my exit should be immediate and random. Close the position.

Anybody who remains in the position is taking a large risk, they don't know what price they entered they don't know how much they might already be IN profit or IN loss. Waiting for a move in a profitable direction can never be known, therefore there is nothing to wait for.

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Postby Fingobob » Thu Jun 30, 2011 7:14 am

Whats the Exit play book?

hamishd
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robots

Postby hamishd » Tue Jul 05, 2011 1:49 pm

TRO, is this your site or someone you know?

http://drainthebanks.wordpress.com/

They are promoting an EA and a user the handle Avery is making comments.

I thought you generally disliked EAs?

Belkin
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Postby Belkin » Tue Jul 05, 2011 3:14 pm

read through the comment in the blog. you'll see him asking the owner to rename the blog. ITS NOT HIM.

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TheRumpledOne
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Postby TheRumpledOne » Thu May 15, 2014 1:53 pm

I am paraphrasing an email I received today:

Thus, if you over think or over analyze your trade, try to force it, or try to be too perfect with your performance, you are guilty of getting in your own way.

Most of the time, traders get in their own way because of fear of failure or perfectionism.

When you get out of your own way, you allow yourself to trade freely without expectations or pressure. You allow yourself to just do it and trust in your skills.

Two mental keys can help you get out of your own way:

(1) Understand the core issue that blocks your performance and cope better with this, such as fear of failure, fear of embarrassment, or perfectionism.

(2) Learn how to let go and trust what you have trained yourself to do in practice. We call this the performance mindset.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

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RicG
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Postby RicG » Thu May 15, 2014 7:12 pm

TheRumpledOne wrote:I am paraphrasing an email I received today:

Thus, if you over think or over analyze your trade, try to force it, or try to be too perfect with your performance, you are guilty of getting in your own way.

Most of the time, traders get in their own way because of fear of failure or perfectionism.

When you get out of your own way, you allow yourself to trade freely without expectations or pressure. You allow yourself to just do it and trust in your skills.

Two mental keys can help you get out of your own way:

(1) Understand the core issue that blocks your performance and cope better with this, such as fear of failure, fear of embarrassment, or perfectionism.

(2) Learn how to let go and trust what you have trained yourself to do in practice. We call this the performance mindset.



This very subject is covered in great detail in a book that I highly recommend to traders who ask what books are "must" reads (it's in my top 5 trading books of all times). And ironically it has absolutely nothing to do with trading. The book is "Golf is Not a Game of Perfect", by Dr. Bob Rotella, a sports psychologist and performance coach, who has coached the winners of 74 major championships in men's, women's and senior professional golf.

A trader doesn't need to know anything about golf to get tremendous value out of Dr. Rotella's writings. Just substitute the term "trader" for "golfer" and the term "taking a trade" for "hitting a shot", etc. and it all completely applies. Obviously, if you are both a trader and a golfer you'll get double the value for reading the book and applying the principals.

It's interesting to note that a highly successful and published trading friend of mine, who had never played golf in his life, recommended the book to me. I only played golf for a few years in my teens and twenties, but haven't pick up a club in decades.
(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

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