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OmDBnamah

Trading Lessons SLA/AMT

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Namo Gurudev,

 

I will be posting what I learn from my mistakes trading and hopefully you can guide me...

 

- Don't incorporate something new to trading unless backtested. Today I mixed long time frame trend channel etc. up and had a huge loss... the real lesson is

 

Need to put hard stop loss tomorrow onwards as the need to be right overtakes all logic and reasoning...and of course the fear of loss.....

 

- Follow the plan.... the stop should be at 50% of the OR.... and of course have hard stop.... two big losses in a day.... Hard stop to be used...Always. ...

 

Regards,

K

 

What is your plan?

Edited by DbPhoenix

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Namo Gurudev. ..

 

My plan is to wait for first 30 minutes range to form and enter on breakout or pullback as per the market conditions. ....

I also keep in mind the following. ..

Yesterday's range

Overall trend last few days

Market trend today

ATR

Initial stop loss is near 50% of the OR

 

Once in trade I don't move the stop and give trade room in terms of price and time...

If it reverses and moves the other way I exit and generally enter the other side...

I do believe like Livermoore that if it is not going up it will go down (of course I also follow your 3 trade rule)....

 

Regards,

K

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Namo Gurudev. .

 

Learnings last few days....

 

Started putting hard stops however twice got stopped out for just .2 and trade went in my direction for 2- 3 points...

 

I have seen that logical stops are too far away and increases risk .. still trying to find the solution. ..

 

Regards,

K

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Namo Gurudev...

 

Lesson learnt over last few weeks - "FEAR always creeps in when you are short on CAPITAL"

 

It might be obvious for most but again experiencing what you read is very different from....

 

Another learning - "Going back to higher time bar intervals e.g. 15m, 60m every now and then helps me be calm and see the big picture" in fact as Gurudev suggested once I enter a trade I switch to higher time frame (5m/15m) and just follow along...

 

And - "What I have learnt so far this year (when my trading activity has been the most frequent compared to last few years) is that I have to take all the setups provided by my edge regardless of what I read/think about the market, the result of my previous trade etc....

 

Many times I only took the setups which resulted in losses though it was me who was to be blamed as on days where it was a success I was not available to trade or was late and the trend was already on or was second guessing and you know the market waits for none...

 

Regards,

K

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Namo Gurudev,

 

Something I thought about today after your guidance and links on ET. I think I need some time to re read everything... contemplate...and formulate a plan..

 

Also I need to have this somewhere so that I can get back to it whenever required..here goes...an extract of wisdom from the endless sea ... thanks Gurudev. ..

 

The*market couldn't care less about the trader's*entries and exits and stops. The market couldn't care less about what the trader wants. The market couldn't care less about the trader's personality. The market functions in a certain way. It has a certain structure. If a trader is to be truly successful, i.e., more than just "getting by", he must understand these functions and this structure, neither of which have anything whatsoever to do with him.One begins, of course, again, by observing the market, characterizing it, then formulating hypotheses that tentatively explain its movements. One then tests those hypotheses in order to determine whether or*not they are true, i.e., predictable and reliable.*Only after all this do the matters of how to take advantage of what one has determined come into the picture, i.e., entrances, exits, stops, etc. It is at this point that the process becomes almost entirely egocentric, e.g., how much risk can I tolerate, and the market itself becomes largely ignored except insofar as itserves the trader's needs and wants. But the market couldn't care less about the trader's needs and wants. And thisresults in a perpetual frustration among those who focus on themselves rather than on the behavior of price (which is the aggregate of the behaviors of everyone who is participating in the market). If, for example, the trader is focused not only on breakeven but on getting to breakeven as quickly as possible, he is focusing not on the market but on himself. One of the more obvious consequences of this,particularly if the trader is "stopped out", is that the trader dwells or even obsesses over his "failed trade"*and completely ignores what the market has told him by having come back to*or exceeded his entry point, thus preventing him from evaluating the situation and preparing for the next trade, especially if it happens to be in the opposite direction.I*suggest, therefore, that those who are serious about developing*trading plans focus on the market and on price behavior rather than on themselves, unless they want to spend years trying to reconcile two forces which are in many ways mutually incompatible. If one enters correctly, for example, issues of stops and breakeven and size and "targets" become irrelevant. If one doesn't enter correctly, then of course he has to exit. But his doing so hasnothing to do with his hopes and needs and wants and desires. Rather it has to do with the fact that he read the market incorrectly. One should, in fact, once he has entered a trade, forget about thefact that he entered the trade at all and instead focus on the market. Only in this way will he become "available" to profit from what the market has to offer.Nearly all traders except for beginners are in a quandary: they are eager to trade yet are afraid to trade. Thus they seek to exploit the market while simultaneously insulating themselves from any negative consequences ofattempting to do so. That's what the bulk of these millions of posts here and elsewhere are all about. Only aninfinitesimally small number of them are focused on why price moves as it does. Which is why there are so many millions (billions?) of posts.

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Namo Gurudev,

 

Another gem from you to come back to time and again...

 

Well, if you can afford to lose what 10pts represent, why not? But if you don't have to, why should you?

 

This is why I suggest at least a minimum period observing. By going through that, you'll know what stop is required without having to ask anybody. And if the stop that's required is too much for you, then you'll know to look at 30m bars. Or 15m. Or 5. Or, if you've done what you consider to be enough observation, you may find that you need to look at where you're placing the stop: is a certain number of points away from your entry sufficient, or do you need to look at the "danger point"? Is there some way of doing both at the same time? And if your entries are correct, does the stop really matter? When does the stop matter? And those times when it matters, where should it be placed?

 

Regards,

K

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Namo Gurudev,

 

I do not understand why they did what they did at BMT... (I have been guided by you for the last 4+ years and have read everything (most of it many times over) you have said since your candlestick days......(you were using candlestick at the time however your approach, understanding and the thinking pattern were the same)

 

Don't people see that even if they took one line of wisdom (e.g. the one in the above post), contemplate on it, observe, back test and make it their own based on their experience; this is all one needs...

 

but it means WORK needs to be done which almost all of us avoid .....

 

Regards,

K

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but it means WORK needs to be done which almost all of us avoid .....

 

And there's your reason. Coupled with adolescent ego. And a general lack of understanding of how the market works.

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