Discretionary trading attitude

[tech/a]

You can shut off the mind and still be conscious and functional - that's what "being in the zone" means.

How is it that I'm evaluating? There is no evaluation. Evaluation is what the mind does and if the mind is switched off, then there can be no evaluation. All that's left is spontaneous action.

There's no reference to one's personal past history of trading. However one still looks at the stock's history. The right move just appears on its own. You don't think it out.

Oh.----I read about astral travelling once---interesting concept--personally I use a plane.
I doubt Douglas had that interpretation in mind.

Ill have to settle then with being in the top 5%
Ill never reach the 1%
Good luck GG.

 

[Trembling Hand]

I already have asked you, earlier in this thread. I am genuinely interested in the way you trade. Your response was "what peter said".

I wasn't talking about me. I'm somewhere at the right end of the scale but not in the Big big boys league. I'm talking dudes that have position sizes in the many hundreds of futs contracts, 40 to 50 mil at a bite. I know them, I've seen them trade. Aint got nothing to do with what I see you talking about here.

I had a shot at trading Prop in 2006. Spent 3 weeks trading on the floor. What I learnt was 1 thing. Funny it is also what 4 other dudes that I have sent there also learnt - it's what every other person has taken away from their time there. So in the end I didn't move to Sydney to take the gig. As I got the most valuable lesson there was. Have a guess what I'm talking about.

 

[Gringotts Bank]

Oh.----I read about astral travelling once---interesting concept--personally I use a plane.
I doubt Douglas had that interpretation in mind.

Ill have to settle then with being in the top 5%
Ill never reach the 1%
Good luck GG.

It's exactly what he had in mind.

But you have never read the book, have you?

Also, you're too afraid to take up the challenge I set. Considering this fact, I'm stunned you have the audacity to continue posting here.

 

[Gringotts Bank]

Have a guess what I'm talking about.

I'm not into guessing games. Tell me if you like...or if not, I'm not too fussed.

 

[Trembling Hand]

Also, you're too afraid to take up the challenge I set. Considering this fact, I'm stunned you have the audacity to continue posting here.

I think Tech has years of on going trading results live. Something that is completely lacking from your mighty record.

 

[tech/a]

It's exactly what he had in mind.

But you have never read the book, have you?

Also, you're too afraid to take up the challenge I set. Considering this fact, I'm stunned you have the audacity to continue posting here.

Yeh read the book back 15 yrs ago.
Sold it back to Trish Radges bookshop.

Ill stop posting on this thread as requested.

 

[Trembling Hand]

I'm not into guessing games. Tell me if you like...or if not, I'm not too fussed.

See this,

I believe that a discretionary trader starts with a structured approach with only minor discretionary elements, masters one strategy then adds another suited to different market conditions, masters each additional strategy and ends up with multiple strategies and able to trade all market conditions. Any intuition that develops is based on extensive experience in knowing which strategy to apply to the current market and be able to rapidly adapt to changing market conditions.

Normal guys who have "waxed on and waxed off" 1000 times more than the other "normal" guys who look like this,



Have a read of this,

http://thetalentcode.com/book/

 

[sinner]

I've also read Mark Douglas Trading in the Zone (one of the few trading books I've read) and I don't really agree with the message you are taking away from it GB.

What you are describing sounds essentially like an irrational market participant.

 

[CanOz]

Study, Plan, Stalk, Strike...Review

This is what I'm trying to do with my intra-day trading, it's the continual practice and gradual application for me, that adds confidence.

CanOz

 

[Trembling Hand]

I've also read Mark Douglas Trading in the Zone (one of the few trading books I've read) and I don't really agree with the message you are taking away from it GB.

What you are describing sounds essentially like an irrational market participant.

I haven't read that one but I did read "The Disciplined Trader" by him. Thought it was utter crap and designed to feed the very myth in his first line of the blurb,

Successful trading is 80% psychological and 20% methodological.

!!!. I didn't think it had much practical application. Just a bit of common-sense gumph that feeds on the punters fears.

 

[ThingyMajiggy]

I haven't read that one but I did read "The Disciplined Trader" by him. Thought it was utter crap and designed to feed the very myth in his first line of the blurb,

Amen, I also got sweet fluff all from his book/s.

Actually being through the prop shop pretty much makes you realise 99% of all trading books are complete BS, being around insanely good live traders does that though.

 

[notting]

I just bought an audio CD off eBay of Reminiscences of a Stock Operator.
He apparently shot himself!!
I hope not to follow him too closely.
I have read Trading in the Zone.
Also watched a Radge DVD - basic message - Beginners Cycle or Cumulative winner.
Nice and sharp.

 

[tech/a]

Amen, I also got sweet fluff all from his book/s.

Actually being through the prop shop pretty much makes you realize 99% of all trading books are complete BS, being around insanely good live traders does that though.

97% cant trade and have no idea where to start.
Books are directed at the 97%.
As I keep rattling on about very little to NO PRACTICAL APPLICATION wanna be's
try the latest "thing" and when it returns "ho hum" or "Oh Sh*T" they will buy the next
fad.
There then comes a time when Psychology gets a start as everything else has failed---so that just has to be it.

After all Psychologists are the best of all traders --aren't they?

being around insanely good live traders does that though.

Shwagger wrote 2 books on that as well.

 

[CanOz]

Its real easy to say that books are useless but everyone needs to start somewhere.

It starts with an interest and likely the successful traders have put the screen time, or even floor time for those old enough. They have had the tough mind set to stick with it, learn from their mistakes and not give up until they have a successful edge. By that time they're confidence has grown as well as their knowledge, intuition and gut feel for the markets.

You can certainly feel the confidence in the successful traders around here.

Most of these guys have dedicated their life to this, they've not just decided to give up their day job, it was their day job.

To get the Prop jobs having not traded before you need to prove you have the aptitude but also the drive, ambition and passion to become one of the best.

The other thing to is if you don't have a competitive spirit, you can't win at this. You have to want to be the best at what your doing.

I should add that most of what i have said above has been learned from one or two here...

CanOz

 

[Gringotts Bank]

97% cant trade and have no idea where to start.
Books are directed at the 97%.
As I keep rattling on about very little to NO PRACTICAL APPLICATION wanna be's
try the latest "thing" and when it returns "ho hum" or "Oh Sh*T" they will buy the next
fad.
There then comes a time when Psychology gets a start as everything else has failed---so that just has to be it.

After all Psychologists are the best of all traders --aren't they?


Shwagger wrote 2 books on that as well.

Stunning.

You sh*t your feathers when I challenged you to a trade off. Chicken.

TH also sh*t himself.

I feel the confidence too canoz...the lack of it.

 

[ThingyMajiggy]

Its real easy to say that books are useless but everyone needs to start somewhere.

Yeah agreed obviously, has to start somewhere, but I'm referring to getting to that top level, isn't in a book somewhere.

 

[prawn_86]

Lets please keep this thread on topic and avoid it denegrating into a slanging match.

I beleive TH did accept any challenge, there was just no rules etc hashed out.

 

[explod]

Its real easy to say that books are useless but everyone needs to start somewhere.

I should add that most of what i have said above has been learned from one or two here...

CanOz

A good post and well put.

When I realised that all the advice I was paying for was mostly wrong, going to yeee haaar seminars etc., and after losing a lot of money, I hit the books to find out everything from the bottom up for myself.

With one exception, I attended one of Darryle Morely's (Daytrader, Herald Sun) weekend seminars on technical analysis some 6 years back and was one of the best $400 I ever spent. Not pushing him, he is very expensive now but tech/a's way of looking at is very similar and if you stick to the rules and never fall in love with a stock you will come out on top.

 

[CanOz]

Stunning.

You sh*t your feathers when I challenged you to a trade off. Chicken.

TH also sh*t himself.

I feel the confidence too canoz...the lack of it.

Lol...GB, c'mon, your just winding them up now. How could expect TH to take up your challenge when he's built he's whole career trading index futures? Why do you think are are so few really successful equity traders in Australia?



CanOz

 

[Trembling Hand]

TH also sh*t himself.

I just checked the back of my pants. They had no crap on them but my wallet had more money in it than when you started this thread. :xmastree

Ya still haven't walked the walk with this idea yet. When do you reckon we will see some stats?