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I agree with you regarding following rules based theory, but wouldn't it be advantagous to create the rule to say either a profit target of 1 or 2 pts for the day or a circuit breaker of say 2 to 4 pts for the day or what limit the person is comfortable with?
I too prefer the x trades method. Otherwise I can just trade and trade and forget about the number of points, ticks or whatever. 2 trade is easy to remember and is totally quantifiable.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
2nd trade, entered long in an attempt to test high of the morning and forgot about news. I got 6 ticks of profit and then news hit, filled my stop of 8 ticks and I ended up with 3 ticks of profit before it actually filled the order. In real life, this probably would have been 8 ticks or more of loss instead of 3 ticks of profit.
The chart below is one that has my marked trades in real time. As you can see, I have it marked for my next target which is low of day. It could take all day to get there. So far, I am 100% on the real time marked trades.
I will post the final one along with my actual trades showing at end of day.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
AZ, I've been lurking around this thread with great interest for some time now. I believe that you are an extremely talented and accomplished individual, and your ability to search within yourself is both impressing and touching.
Now the bad news, in the trading world that doesn't count for much. Being right in this context is making money, nothing else. And even worse, nobody gives you any appreciation other than yourself. It's stone cold, and I believe that you are aware of this by now.
I have traveled the very same road, and found that being a PhD, MENSA member, a successful business owner or anything else objectively considered as an accomplishment outside the trading business provides no merit in this game. I was mentally programmed to be right all the time, and if I wasn't I considered it a failure.
For me, trading is all in the head. You don't need a PhD or even high school degree to find a method that gives you an edge. But you better need to prove your edge, believe in it and most important of all, be consistent and throw any ego aside.
You will never be right all of the time but you can be right most of the time. That's hard enough to accept for most people.
It has taken 18 months to realize that being wrong is perfectly ok. In all other aspects of life, being wrong is seen as a weakness. Never mind most truly successful people failed for years in anonymity before they made it. In trading its a non-event, or at least its supposed to be anyway.
This journal is not about being right. Its about trading well. At first it was about being right. But thats over. I do disagree with you though on knowing you who are inside is without merit. Quite the reverse, I think you need to know who you are as a person, what you believe in and what your weakness are as well as your strengths before you will really be big time. Otherwise, I couldn't agree more with you. I think trading will reward the patient and focused person regardless of intellect and education. And perhaps those without better degrees more....not sure on that one though. I have no personal experience to justify that statement. Just a gut feel.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris