Australian (ASX) Stock Market Forum

One Good Trade

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Canoz, you're doing what pavillion used to do, namely, giving away your authority to anyone who has an opinion. Even if Peter's post is brilliant, he won't be there at your next trade, nor will anyone else. You have to trust yourself.

Had your trade made money this morning, all your "advisers" would have had to wait with baited breath. Wait till a losing trade then BOOM "Canoz you should have done this, you should have done that". meanwhile they never post any of their own trades. It's a circus.
 
Gringotts Bank said:
Canoz, you're doing what pavillion used to do, namely, giving away your authority to anyone who has an opinion. Even if Peter's post is brilliant, he won't be there at your next trade, nor will anyone else. You have to trust yourself.
Click to expand...

+1

Ain't no technique that's gonna save you from that.
 
might be too destructive for your capital and more importantly your WIFES mental/emotional capital
Click to expand...

I guess Ive always taken it for granted that people know how to structure a trading plan.
But from Cans response to Peters post---perhaps Im wrong.
Is there any past archived info on this (How to structure a profitable trading plan). or is it just splattered throughout various threads with no Format?

Mind you there would be some differing opinion Im sure!
 
tech/a said:
I guess Ive always taken it for granted that people know how to structure a trading plan.
But from Cans response to Peters post---perhaps Im wrong.
Is there any past archived info on this (How to structure a profitable trading plan). or is it just splattered throughout various threads with no Format?

Mind you there would be some differing opinion Im sure!
Click to expand...

There definitely is plenty of good info on this forum about this topic. I have a bunch of it saved to my own notes.
 
Gringotts Bank said:
Had your trade made money this morning, all your "advisers" would have had to wait with baited breath. Wait till a losing trade then BOOM "Canoz you should have done this, you should have done that". meanwhile they never post any of their own trades. It's a circus.
Click to expand...

Circus! Wait. This actually didn't happen. CanOz lost trades and nobody told him he should have done anything. So...not a circus?
 
Gringotts Bank said:
Canoz, you're doing what pavillion used to do, namely, giving away your authority to anyone who has an opinion. Even if Peter's post is brilliant, he won't be there at your next trade, nor will anyone else. You have to trust yourself.

Had your trade made money this morning, all your "advisers" would have had to wait with baited breath. Wait till a losing trade then BOOM "Canoz you should have done this, you should have done that". meanwhile they never post any of their own trades. It's a circus.
Click to expand...

Yeah GB, but its not like i didn't expect some comments though. I need to hold myself accountable to someone(s). That's the difficult thing about a solitary sport like this...:D

Some take-aways from the PMs and the posts here that i will incorporate for tomorrow:

1.) Fewer contracts. But i need a runner, so I'll cut back to two.

2.) Some 'what-ifs', just so i use my imagination and try to prepare better for the unpredictable.

3.) A few key setups (the 1-2-3, Fade at extremes. Quick 'Pops' at thin zones.)

4.) I think I'm going to back off and trade one Asian market.... Gives me more 'bullets'. I'll pick the market based on the previous nights analysis.


I'm not going to post my trading plan, there's enough personality in this thread already. It will be the same everyday. What i need to do is sharpen the standard work when my setups appear. This needs to be done intuitively, written plans are great to commit the ideas to memory but can you imagine trying to access a plan while trading the Hang Seng? That's like texting while driving...

Cheers,


CanOz
 
This is a 1-2-3 or A-B-C setup that you see very frequently. I want to use this setup as a continuation or potential reversal. I must also incorporate with a level.

CanOz
 

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CanOz said:
This is a 1-2-3 or A-B-C setup that you see very frequently. I want to use this setup as a continuation or potential reversal. I must also incorporate with a level.

CanOz
Click to expand...
In isolation that pattern can be risky, the pattern lead up to there is the clue, ie, where does it fit in.
As you say continuation of an existing pattern or a reversal at the end of the current pattern.

I reckon that it is probably not a bad thing to get a few failed trades to start, the only sure way to test your ability to survive when it goes wrong, and it will more often than right.

This is worth getting hold of for some bedtime reading.
(It won't teach you how to trade but it will get you thinking about how you do trade)
http://itunes.apple.com/us/book/universal-principles-successful/id406013588?mt=11
 
Setup No2, VPOC Shifts.

I never knew that these had a name but apparently there called VPOC shifts. I only know that they seemed to be pressure points after a consolidation and when they 'popped', everyone runs for the exits.

The market gapped down and had an aggressive opening drive to lows. In stead of trying to fade a low where no clear support is, wait until the market comes back into the volume area, actually called the value area. This is usually a grid, a slow tedious auction. Once over the point of control or where the most average volume had traded, watch the order flow ladder for a shift in the cumulative delta, the real time open interest. Once this shifts positive, get ready to pull the trigger and hang on....

This happened very frequently on the DAX. Until i had the volume profile tool i could not adequately visualize this setup.

Once the short covering is finished, in this case the GAP fill, the market will attempt to find value again and the market delta shifts, and the price drops to the value area again. Oddly enough this actually happened again on a smaller scale. It does this quite frequently if an opening drive has been quite aggressive. The thin areas where there were few contracts traded make for quick passage.

CanOz

Edit: I cut off the words 'THIN' near the rectangle. It should say Thin Area.
 

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Good luck Can,
One thing worries me re psychology
To have a dead line and expectations of success from those close to you (realisitic or otherwise)
will be hard to deal with while Discretionary trading:2twocents
 
waza1960 said:
Good luck Can,
One thing worries me re psychology
To have a dead line and expectations of success from those close to you (realisitic or otherwise)
will be hard to deal with while Discretionary trading:2twocents
Click to expand...

Yup, no argument there Waza. I'm feeling the pressure LOL! I would have put that pressure on myself nonetheless, i know you understand that. I wish i could code these things you know, but the most obscure seems to work better...!

Cheers,


CanOz
 
CanOz said:
Yup, no argument there Waza. I'm feeling the pressure LOL! I would have put that pressure on myself nonetheless, i know you understand that. I wish i could code these things you know, but the most obscure seems to work better...!

Cheers,


CanOz
Click to expand...
I'll stick to long-term investing mate, it requires me to be patient in a way I am more capable of rather than demanding results within short-time frames to stay afloat! I do admire the guys that can trade successfully though, it takes as much discipline, skill and experience. Best of luck, I'll be reading your adventures closely, if only to learn from the psychology aspect.
 
Ves said:
I'll stick to long-term investing mate, it requires me to be patient in a way I am more capable of rather than demanding results within short-time frames to stay afloat! I do admire the guys that can trade successfully though, it takes as much discipline, skill and experience. Best of luck, I'll be reading your adventures closely, if only to learn from the psychology aspect.
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Great example of respecting an approach different from your own. So much more useful than picking out the points of disagreement. Goodonya Ves.

Best of luck Canoz. I'm quite surprised to discover you are actually not a seasoned trader.
 
Julia said:
Great example of respecting an approach different from your own. So much more useful than picking out the points of disagreement. Goodonya Ves.

Best of luck Canoz. I'm quite surprised to discover you are actually not a seasoned trader.
Click to expand...



+1... or did he change markets / instruments / timeframe?
 
skc said:
[/B]

+1... or did he change markets / instruments / timeframe?
Click to expand...

I trade equities EOD and have done so for 7 years. Intraday futures are reasonably new to me.

Cheers,


CanOz
 

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