Make Your Own Road
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Thread: Make Your Own Road

  1. #1
    In one of his articles, Jay walker said”I prefer to be incorrect in my terms, than be right on yours. Or, I'd rather be wrong with my own trades than be right with yours.

    And I believe both lines make a whole lot of sense.

    P.S.: I would love to engage on a ribbon dedied to this topic. I feel it'd be of excellent help to many.

    Everyone is now invited to begin posting on this topic. I would humbly request let's wait to choose the next post. .

  2. #2
    Quote Originally Posted by ;
    A rational motivation to exchange Forex markets could be money, but are we fair? Dan Ariely and behavioral economists told us a different rationale.

    Once we look at history of mankind for the last 3000 years or longer, it makes more sense , it is irrationality that will prevail and dominate individual mind.
    Bizken, very good article.

    Let me provide a pertinent example. It took me to conquer this relevance issue.

    I enter a position let us state for a 100 pip profit, together with stoploss of 80 pips. The transaction goes . It goes against me by 70 or 75 pips virtually touching my stoploss. Then position changes, PA begins coming back and return to the point where I initially entered. It goes farther up and I am 10 or 20 pip positive. I used to close my position for those 10 or 20 pips instead of wating for it to reach on my TP of 100 pips. Fearing that it could go back to my own stoploss.

    Same used to be authentic for PA first moving in my desired direction, then coming back and showing me a reduction of 10 or 20 pips.

    It took me months to not think in terms of this relevance and stick with the TP and SL as initially set.

  3. #3
    Quote Originally Posted by ;
    That sounds like a smart course of action. But, that is what misleads most traders to destroy. A system is simply part of the solution.

    What do you repeatedly do? It is possible to determine your position dimensions. You may choose when to put in a trade. You can leave a trade at a sure reduction level. Anything else is beyond your control. The market is in control. These details can not be changed by any system. It is a hard pill to swallow but it's the reality.
    Exactly, Gbppip.

    I heard this hardway in the cost of time and money. Finally came to conclusion that the best system is the one that gives you a likely outcome i.e. probability of more than 50% positive outcome based on specific proven assumptions (but nevertheless assumptions). Here really is the most one. Trading to me is an Art, not a science, and it in fact is an Art.

    These Basic Trading Basics idea would be to list those down tested assumptions (not forgetting their limitations) in order to assess whatever system one chooses or designs from these parameters.

    Thank you for the input.

  4. #4
    Quote Originally Posted by ;
    Indeed, I was speaking more particularly into the trickiness of the term management in itself, which may direct a trader to think that, as the markets can not be controlled, there is nothing else that can be controlled either and use that as a explanation (fortune ) to warrant the failures...

    The small devil's inner voice strength feeds off fear, greed and overconfidence... not to mention lazyness and carelessness... the angel's (or, more correctly, plain awareness) inner voice is barely heard or comprehended unless one feeds it steadily and...
    Great post. Link for'awareness' (Aware Ego),''inner voice' (Inner Critic) http://delos-inc.com/Reading_Room/articlesbyhs.html.

    -----

    Here is my take on the last several ones:

    A specialized system can reduce the possibility of a miss or mm increase the capture of a hit to negate the other's utility. A way to describe technicals-to-mm usage follows.

    People are constructed to study motion; they need to be, to survive. Watch a moving chart and exchange as if your life depended on it (or at least research it at ofme, too, to keep interest high) for years -- some say that the minimum is 10,000 hours and you also build a great kinaesthetic awareness of the way in which a chart, and so a trade, transfers, more likely thru sr / easy patterns you has internalized and can respond to in microseconds.

    That does not mean we'll listen to ourselves after we've got a flash of brilliance stating when to enter, stop or exit bad timing. Both a method, to some deep kinaesthetic awareness trained in charts, and mm, to some obedience to awareness' call to exchange, are redundant. There could be other, more-pressing things from our control to involve us along with a rational sense of one's chart-training limitations, and a system's feature of explaining a trade more simply occasionally depends on for precision, or mm's physical prevent or limitation, is there to rescue us.

    Just how one generates the redundant abilities in the more-innate ones is adjacent. I would imagine the critic, or'devil', appreciates having complete reign of the amygdala, seat of emotions that are negative. For cause of a greater unknown threat from others, the voice prepares you for a struggle to internalized ability or for a lack of focus through using mm around trading distractions, which you externalizes.
    While shedding an inborn ability to learn a new language early in life, adults get the capacity to talk about a job-related language or discover in studies a group of patterns that explains what it insures in language-like terms. Our character then finds a procedure to suit our capacity to deal with our self's inner trade call along with also the planet's call to our attention. The conscious ego then follows through on this specialized procedure ('system').

  5. #5
    Quote Originally Posted by ;
    Exactly, Gbppip.

    I learned this hardway in the cost of time and money. Finally came to conclude that the best system is the one which gives you a likely outcome i.e. likelihood of over 50% positive outcome based on certain proven assumptions (but nevertheless assumptions). This really is the most one can do. Trading to me is an Art, not a science, and it in truth is an Art.

    These simple Trading Principles idea would be to record those down tested assumptions (not forgetting their limitations) in order to assess whatever system one selects or designs contrary to...
    You are most welcome,. Try not to get caught up in dualities such as right/wrong, good/bad and art/science. It is not either/or nor can it be shades of gray. It just is. The market flows. When you learn how to go with the flow, there's absolutely no mystery.

  6. #6
    Basic Trading Basics - Publish Market never remains stable. It moves down or up. Whatever way it goes, it goes directly in that way. [Doblece additional ] But, each different market has speed and its recognizable and steady stepping. All market moves derive from collective need and supply which keeps on changing. Market often honor amounts, fibs, waves, supports and resistances You will find retraces and breaks It creates trends and consolidations It occasionally reveals forms spikes and high volatility [ additional ] Risk does, has, and can exist. You can chose to dread it or acknowledge it. [Addition based on ce_me_flow's opinions ] Trade preparation is essential in calculating risk in a transaction and also to implement money management techniques aiming in funding preservation Mega trends do not reverse

  7. #7
    Pre-requisites of a trading method

    All market moves are based upon collective demand and supply created by tens of thousands of buyers and vendors. Since goals and amounts of these requirements and provides one of those sellers and buyers change second by second, market never stays stable at one price level. It keeps on moving up or down. Whatever direction it goes, it goes directly in that direction. Each currency pair has its own character with comfortable and steady patterns and speed. This sounds a bit strange, but it's an undeniable fact that market tends to respect plogical amounts, pivots, fibs, waves, trend lines, etc. as supports and resistances. Market flows from one point to next forming price trends and consolidations. Price consolidations ultimately break, followed retraces. Market occasionally shows forms spikes and volatility, especially close to news releases. It takes much force to stop and reverse a market tendency and therefore reversals of trends that are main take time.

    Any trading system developed recognizing the above features of Foreign Exchange market would have better odds of succeeding as it might generate more winners than quantity of trades. At constant dollar amount of risk and benefit per transaction , such egy should create positive overall benefits. The amount of transactions, more are the chance of getting results that are overall.

    Trade preparation is vital in calculating risk and benefit in a trade and to implement cash management techniques aiming at capital preservation. Risk has, does, and can exist. You can chose to dread it or admit it.

    No risk no business,..................but blind risk, additionally no business.

    Now, you may love to create your own road to success in trading business.


    Every different market has its own steady and recognizable stepping and rate - Doblece

    Risk has, does, and can exist. You can chose to fear it or admit it -

    Trade preparation is essential in calculating risk at a trade and also to implement cash management techniques aiming in capital preservation - ce-me-flow

  8. #8
    ”I Would Rather be wrong on my own terms, than be Correct on yours-

    Would like to Include to Jay's above statement that... because I know that I would be wrong on my terms lesser number of Occasions Compared to yours - and this is all I Need from my trading

  9. #9

  10. #10
    Quote Originally Posted by ;
    Can you beat the rat?
    Through daytime - Yes, During night - No.
    From the open - Yes. In a tube - No.
    One rat - Yes. Many - No.
    Few times - Yes. Consistently - No.
    Big rat - Yes. Little rat - No.
    -------- - Yes. -------- No.
    -------- - Yes. -------- No.


    But the larger question is: Can rats beat me with my this egy?

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