Thursday, March 22, 2007
3/22/07 Yes... I'm not in Kansas anymore!
Thanks for the comment Tradding Goddess. I should link your blog to mine... in fact I think I will.
Today I've been perfect on every trade. I'm down 3 points but an A for following rules. I was catching some crap in Palskank room for going long on high ticks and what not but for some strange reason you will always find an indicator that will not agree with your plan. Hell... I think that most of the time they don't agree with my plan... but I do know that my simple plan does make money over time. So I don't sweat it. Some work, others don't. What I was trying to get across was that it doesn't matter if the system makes money or not. If I can't follow a good or bad system then what difference does it make if the system makes millions! If I can't follow it then it isn't any good to me. This is where Rico and I developed this simplest system we could come up with... Price action only. Nothing else. Rico has continued his search for a better system but after we tested this one it did consistently make money almost every day. My only challenge was to trade it without fail. It was very hard to remove my bias and take every signal that came along. Very hard. Or I would shoot from the hip and enter without signal and they would always be wrong. Hell, the system was perfect for overriding my stupid impulses! So we spent a good 3 months paper trading it and it worked great. Then every time we went with real money we got burned because we didn't follow them. Then I would force myself to stop after I didn't follow rules so as to not hurt myself too badly. I would get better. After breaking rules 2-3 times I would catch myself and stop. Finally I would get some days where I would be perfect or only break once..... and I wasn't losing as much when I followed rules better. Still hard to override bias and emotions! I'm getting better tho... still working on it every day. Then there are days like yesterday when you think.. "man.. I'm there!" but don't get too cocky! It will kill yea
Today I'm perfect on rules... but losing money. Very choppy day and just getting stopped on entries. Just got stopped again but still haven't lost as much as I made yesterday.
Back to following rules. I figure I can always improve a system by adding more crap to it and making it more difficult which won't improve it but that isn't the point. I can add more stuff to it and make it more complicated but if I can't trade it what difference does it make???? NONE! So the point here is to perfect my discipline so I can trade a system if I think it is better than the stupidly simple one I've already got. Makes sense. So I'm getting crap for following my system when most people say they have a system but don't... and if they really do they rarely follow it. I am coming from the school that simpler if better and that being consistent is more important than following 500 indicators and waiting for them all to line up for the perfect trade. All I use is 2 price action entries and 2 stops. Same for both directions and that is it. Very simple and I am still learning to trade it!
Trader X
Today I've been perfect on every trade. I'm down 3 points but an A for following rules. I was catching some crap in Palskank room for going long on high ticks and what not but for some strange reason you will always find an indicator that will not agree with your plan. Hell... I think that most of the time they don't agree with my plan... but I do know that my simple plan does make money over time. So I don't sweat it. Some work, others don't. What I was trying to get across was that it doesn't matter if the system makes money or not. If I can't follow a good or bad system then what difference does it make if the system makes millions! If I can't follow it then it isn't any good to me. This is where Rico and I developed this simplest system we could come up with... Price action only. Nothing else. Rico has continued his search for a better system but after we tested this one it did consistently make money almost every day. My only challenge was to trade it without fail. It was very hard to remove my bias and take every signal that came along. Very hard. Or I would shoot from the hip and enter without signal and they would always be wrong. Hell, the system was perfect for overriding my stupid impulses! So we spent a good 3 months paper trading it and it worked great. Then every time we went with real money we got burned because we didn't follow them. Then I would force myself to stop after I didn't follow rules so as to not hurt myself too badly. I would get better. After breaking rules 2-3 times I would catch myself and stop. Finally I would get some days where I would be perfect or only break once..... and I wasn't losing as much when I followed rules better. Still hard to override bias and emotions! I'm getting better tho... still working on it every day. Then there are days like yesterday when you think.. "man.. I'm there!" but don't get too cocky! It will kill yea
Today I'm perfect on rules... but losing money. Very choppy day and just getting stopped on entries. Just got stopped again but still haven't lost as much as I made yesterday.
Back to following rules. I figure I can always improve a system by adding more crap to it and making it more difficult which won't improve it but that isn't the point. I can add more stuff to it and make it more complicated but if I can't trade it what difference does it make???? NONE! So the point here is to perfect my discipline so I can trade a system if I think it is better than the stupidly simple one I've already got. Makes sense. So I'm getting crap for following my system when most people say they have a system but don't... and if they really do they rarely follow it. I am coming from the school that simpler if better and that being consistent is more important than following 500 indicators and waiting for them all to line up for the perfect trade. All I use is 2 price action entries and 2 stops. Same for both directions and that is it. Very simple and I am still learning to trade it!
Trader X
