[jonbig04]

Originally Posted by brownsfan019 »

If you are 100% 'fly by the seat of your pants' it would be rather difficult to backtest.

Right. I wouldnt say I act impulsively ( I try not to), my trades are thought out in advance. Usually its something like "I will buy here if x happens along with y" etc, so its not "fly by the seat of my pants", but it is dependent on the price action of that particular chart, so I think back testing is out.

[cantana]

Originally Posted by jonbig04 »

Still need to figure out how I can have a set strategy too eliminate emotional and rash decisions. Since I'm not using any indicators (other than VOL) its hard to me to have a set of concrete rules to go by.

I can't be the only price action trader that has had this dilemma though. There is really now way for me to back test is there?

You might take the extra step and inquire about db's e-book, since you're collecting books anyway. I'm sure you'll find your own answers to your questions there.

Just a thought.

[jonbig04]

Thanks. I try to read pretty much everything DB says

I do have the beginning of his E-book (the journey intro and 1-3), is there more that I don't have? Just making sure I'm not missing anything. I will re-read everything tonight though. Thanks again.

[cantana]

Originally Posted by jonbig04 »

Thanks. I try to read pretty much everything DB says

I do have the beginning of his E-book (the journey intro and 1-3), is there more that I don't have? Just making sure I'm not missing anything. I will re-read everything tonight though. Thanks again.

Yes, much more.

What I had in mind that might be a help to you in translating the subjective fear/greed combo into an objective display of P/V was the section on Ws.

[jonbig04]

Originally Posted by cantana »

Yes, much more.

What I had in mind that might be a help to you in translating the subjective fear/greed combo into an objective display of P/V was the section on Ws.

Where can I find this? I could have sworn I saved everything I could find that DB wrote...

[atto]

Originally Posted by jonbig04 »

I do have the beginning of his E-book (the journey intro and 1-3), is there more that I don't have? Just making sure I'm not missing anything. I will re-read everything tonight though. Thanks again.

Contact him if you feel what he's posted is something you'd be interested in.

I applaud your young start and desire to learn. My word of advice: define exact setups you're looking for. For example, let's say you want to "buy pullbacks" (assuming bull trend). Define trend (define this in exact terms), pullback (same; along with any prerequisites that help avoid reversals), what is the exact entry signal, how you will manage risk, and how will you exit (doesn't have to be a specific point amount, could be at next resistance confirmation, climactic volume, etc).

This may seem like overkill, but it will simplify your trading, give you confidence in your edge, and allow you to actually backtest to verify that you have an edge. Start with one setup. Learn it backwards and forwards; learn nuances, when it tends to work, when it tends to fail.

[jonbig04]

Originally Posted by atto »

Contact him if you feel what he's posted is something you'd be interested in.

I applaud your young start and desire to learn. My word of advice: define exact setups you're looking for. For example, let's say you want to "buy pullbacks" (assuming bull trend). Define trend (define this in exact terms), pullback (same; along with any prerequisites that help avoid reversals), what is the exact entry signal, how you will manage risk, and how will you exit (doesn't have to be a specific point amount, could be at next resistance confirmation, climactic volume, etc).

This may seem like overkill, but it will simplify your trading, give you confidence in your edge, and allow you to actually backtest to verify that you have an edge. Start with one setup. Learn it backwards and forwards; learn nuances, when it tends to work, when it tends to fail.

Thanks I will contact him. I will also take your advice to heart. I wish I knew what to call whatever it is that I'm doing. All I can say is that I try to buy when I think demand is kicking in and sell when supply is being dumped. If you can make out my chart I hope you can kind of see what I mean. I can even explain any particular entries if you would like me to. I'm not saying my reasoning is correct, but I do have a reasoning. In fact if you were standing over my shoulder I could give you an earful on why I am taking a particular position and what I expect to happen. I hope that makes some kind of sense.

jon

[atto]

Originally Posted by jonbig04 »

I'm not saying my reasoning is correct, but I do have a reasoning. In fact if you were standing over my shoulder I could give you an earful on why I am taking a particular position and what I expect to happen.

That's a great start, because it shows you're actually thinking about it (better than most). I highly recommend you read The Phantom of the Pits. Don't let the price (free) fool you, you'd have a hard time beating the wisdom for any less . This may help you with position managment, helping you take an idea and make it as profitable as possible.

Push yourself to quantify your entries/exits. You will struggle when you add real money to the equation if you don't have something exact to fall back on.