PRGN
Saved here for future learning...
Thursday, April 28, 2016
Super Weird stuff
Was going through some tough mental battles over tuesday's mistakes. Was listening to Trading in the zone and exactly where i left off, it was almost narrating exactly what it was i needed to do..
Same thing on youtube, while listening to Bulls on Wall Street's Kunal free path to profitability video.. I was reviewing an in-play chart of this past day or two.. and Kunal was again TALKING exactly about what I was having problems on as well as what he was talking about was what was happening with the chart i'm currently looking at.. his youtube video is back from 2014 btw.. Same catalyst, same pattern... I just love how the coincidence of that point really sync'd my thoughts to kunal's mentality on trading...
On the daily timeframe, both charts have started to uptrend and just bounced off a MA when an Earnings Win Catalyst catapults both stocks above the ranges for a huge day.
On a more important note, Trading in the zone talks about qualities of a successful trader that both cameron fous and kunal talks about to the teeth. Staying disciplined, and having a specific mindset that allows them to not be worried about what the stocks would do. It almost seems like they are not fearful of the market just like Mark Douglas mentioned.. Why? It's because both cam/kunal knows that their strategy works and what hey focus on comes down to just managing risk. Courage is not needed if there is no fear in the first place, nerves of steel is not needed if there was no stress in the first place.. there is no stress since both cam/kunal have already accepted the RISK and have a system in which they can cut their risk/loss when the trade doesn't go their way. It's exactly why cam always repeats himself saying that at best, he's only a 50% win trader but it's how he manages his losses that makes him profitable/successful.
It's funny that up to this point, most of my studying/learning had been focused on trying to KNOW the market, KNOW the strategies, KNOW the indicators.. but something always lingered in the back of my mind... Alot of the successful traders i follow and learn from admits publicly that they aren't smart at all... They have no financial background, some have no degrees, sykes at the extreme just basically uses barebones candlesticks and nothing else other than basic support/resistance lines. Grittani who i love doesn't use that much indicators as well and trades off the level 1 mostly+basic resistance/support zones.---
--- Only when I started to listen to Matt Owens that it really hit me that the more complex/hedge fund strategies are out there alright,.. ones you can use to scale up your wins as your account grows. BUT for most if not all retail traders.. It's not needed.. The market is neutral... The strategy is already proven to give you an edge, the MAIN thing I really need to focus on is trying to be as objective and an impartial trader as i can. Finding a way to not be swayed by emotions such as fear, greed, fear of missing out, anger/revenge trading, boredom, etc.. should and IS NOW my main goal for trading since these are exactly what i see between the novice traders and all the successful/profitable traders i've followed so far... sykes, grittani, fous, kunal, nicorico's blog, tim bohen's presentation on youtube, derrick leon's blog, matt owens, and in the future superman..
The market is NEUTRAL, controlling yourself to be a disciplined and consistent trader = successful trader. Discipline.... Compared to the majority of americans, with my past, i feel like i have a very, very good discipline as far as financial discipline and work/studying discipline.. But currently, i'm having discipline problems in trading when it comes to sticking to the strategies i know since i like to try out new things. I do have systems thought out to counter the habits i have the is in direct confrontation to trading, but I have identified a 2nd problem.. a behavioral problem that gets in the way of me fixing my first problem.. Laziness/Procrastination... I've decided to halt trading for a week or so until i finally have the systems i want in place that'll protect me from my 1st problem of being an undisciplined trader..
Having a patient, disciplined, objective and impartial trading mindset/attitude is what i'll be working on this next 2weeks-1month .. Once i start on a path on being consistently being in that state.. Only then can I expect myself to be a consistent profitable/successful trader. ................
Computers can't accurately judge huge portions of the market because the market itself are just a huge blob of emotions. It's very irrational like everyone keeps saying, cause what moves the market at it's core is human emotion. If people stopped going to sbux, how would it affect its stock? If people's emotions towards buying each new iphone that comes out changes, what would happen to the stock of Apple for each new gen release of the iphone? lx21 says show me someone with no emotion, i'll show you someone with no passion.. On the other hand, there's been successful traders out there that says to trade as if you have no emotion, just like a robot.. Humans have the edge in analyzing the market because the market itself is irrational and made up of emotions.. humans are at heart, irrational/emotional beings... Computers have the edge in the act of trading, because they don't let the emotions of a human affect/disrupt the plan/strategy. I think I can refine those two opposing schools of thought even more in one sentence...
Same thing on youtube, while listening to Bulls on Wall Street's Kunal free path to profitability video.. I was reviewing an in-play chart of this past day or two.. and Kunal was again TALKING exactly about what I was having problems on as well as what he was talking about was what was happening with the chart i'm currently looking at.. his youtube video is back from 2014 btw.. Same catalyst, same pattern... I just love how the coincidence of that point really sync'd my thoughts to kunal's mentality on trading...
On the daily timeframe, both charts have started to uptrend and just bounced off a MA when an Earnings Win Catalyst catapults both stocks above the ranges for a huge day.
On a more important note, Trading in the zone talks about qualities of a successful trader that both cameron fous and kunal talks about to the teeth. Staying disciplined, and having a specific mindset that allows them to not be worried about what the stocks would do. It almost seems like they are not fearful of the market just like Mark Douglas mentioned.. Why? It's because both cam/kunal knows that their strategy works and what hey focus on comes down to just managing risk. Courage is not needed if there is no fear in the first place, nerves of steel is not needed if there was no stress in the first place.. there is no stress since both cam/kunal have already accepted the RISK and have a system in which they can cut their risk/loss when the trade doesn't go their way. It's exactly why cam always repeats himself saying that at best, he's only a 50% win trader but it's how he manages his losses that makes him profitable/successful.
It's funny that up to this point, most of my studying/learning had been focused on trying to KNOW the market, KNOW the strategies, KNOW the indicators.. but something always lingered in the back of my mind... Alot of the successful traders i follow and learn from admits publicly that they aren't smart at all... They have no financial background, some have no degrees, sykes at the extreme just basically uses barebones candlesticks and nothing else other than basic support/resistance lines. Grittani who i love doesn't use that much indicators as well and trades off the level 1 mostly+basic resistance/support zones.---
--- Only when I started to listen to Matt Owens that it really hit me that the more complex/hedge fund strategies are out there alright,.. ones you can use to scale up your wins as your account grows. BUT for most if not all retail traders.. It's not needed.. The market is neutral... The strategy is already proven to give you an edge, the MAIN thing I really need to focus on is trying to be as objective and an impartial trader as i can. Finding a way to not be swayed by emotions such as fear, greed, fear of missing out, anger/revenge trading, boredom, etc.. should and IS NOW my main goal for trading since these are exactly what i see between the novice traders and all the successful/profitable traders i've followed so far... sykes, grittani, fous, kunal, nicorico's blog, tim bohen's presentation on youtube, derrick leon's blog, matt owens, and in the future superman..
The market is NEUTRAL, controlling yourself to be a disciplined and consistent trader = successful trader. Discipline.... Compared to the majority of americans, with my past, i feel like i have a very, very good discipline as far as financial discipline and work/studying discipline.. But currently, i'm having discipline problems in trading when it comes to sticking to the strategies i know since i like to try out new things. I do have systems thought out to counter the habits i have the is in direct confrontation to trading, but I have identified a 2nd problem.. a behavioral problem that gets in the way of me fixing my first problem.. Laziness/Procrastination... I've decided to halt trading for a week or so until i finally have the systems i want in place that'll protect me from my 1st problem of being an undisciplined trader..
"Think of it this way, as traders, Our job is to be patient. Most of our time should be spent watching and waiting.” -LX21
Having a patient, disciplined, objective and impartial trading mindset/attitude is what i'll be working on this next 2weeks-1month .. Once i start on a path on being consistently being in that state.. Only then can I expect myself to be a consistent profitable/successful trader. ................
Computers can't accurately judge huge portions of the market because the market itself are just a huge blob of emotions. It's very irrational like everyone keeps saying, cause what moves the market at it's core is human emotion. If people stopped going to sbux, how would it affect its stock? If people's emotions towards buying each new iphone that comes out changes, what would happen to the stock of Apple for each new gen release of the iphone? lx21 says show me someone with no emotion, i'll show you someone with no passion.. On the other hand, there's been successful traders out there that says to trade as if you have no emotion, just like a robot.. Humans have the edge in analyzing the market because the market itself is irrational and made up of emotions.. humans are at heart, irrational/emotional beings... Computers have the edge in the act of trading, because they don't let the emotions of a human affect/disrupt the plan/strategy. I think I can refine those two opposing schools of thought even more in one sentence...
Subscribe to:
Posts (Atom)