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Showing content with the highest reputation on 07/20/2022 in all areas

  1. 1 point
    Hey Dan, great quote and observation. Dr Reid teaches us to minimize all the things on our charts....KISS (keep it simple stupid) is my favorite acronym to apply to trading! My new strategy I am working on I will name KISS....lol
  2. 1 point
    Chapter 2 W. Indicators are only useful if they serve a purpose. What we get out of indicators varies as how we apply them to trading. Knowing what happens does nothing if you don’t apply it to a trade. It is easy to get analysis paralysis. A. One of the thoughts that Mark is trying to convey in his book is that more or better analysis doesn’t lead to success. A. For how broad a subject analysis is, this is how I plan on try to apply it to my trading. I’m going to try not to look into the tea leaves of micro consolidations. Another thing is to define in my trade book what is price worthy of being marked as a level and edit my levels weekly.
  3. 1 point
    Chapter 2 Forum Entry W - The freedom is great. All of us seem to naturally want it, strive for it, even crave it. But that doesn't mean that we have the appropriate psychological resources to operate effectively in an environment that has few, if any, boundaries and where the potential to do enormous damage to ourselves exists. A – Mark is tapping into, I think, one of a lot of our “Why’s”. We all like the freedom that comes along with trading. No boss, we are the boss. We establish our own system that we create with out anyone’s thumb on us. But we are not equipped to understand that the market is the “ultimate thumb”. Even in a “rule-less” environment or especially in this “rule-less” environment we must create rules for ourselves before we endure the damage that changes our psych for quite sometime A – I was no different then what Mark describes. In fact, it was like it was about me. He says, “we agree that rules make sense, but we have no intention of doing whatever is being suggested”. I have this. I knew right away that rules and structured systems were a must when I first started trading. A daily routine, I craved from a past career. So, making a routine was easy. But implementing and actually following my own rules… was so SO challenging. And still is. I still struggle at least once a week with one of my rules. It is a MUST rule. And so common sense-icle and yet I struggle. So reading it at least I know I am not alone. Now I just need to fix it
  4. 1 point
    Chapter 2 W: "One of the principal reasons so many successful people have failed miserably at trading is that their success is partly attributable to their superior ability to manipulate and control the social environment, to respond to what they want. To some degree, all of us have learned or developed techniques to make the external environment conform to our mental (interior) environment. The problem is that none of these techniques work with the market." A: Mark is telling us that people used to controling environments (CEO's, lawyers and others) do not have any influence in the market. For people who have created a career depending on their ability to influence others to meet organizational goals and outcomes, this new reality is very challenging. A: So...I was involved in public education in Canada for 32 years. The past 11 years I have been in a role of senior managment executive. While not the CEO, I reported directly to the CEO. So, Mark's point about not having any control in the market is a very interesting and highly relateable experience for me. I have nevery been called a control freak! Just...I always pushed to collaborate with (influence) others to ensure we provided the best educational experience for our students. For me, I prided myself in building teams and helping others become better leaders...there's that influence thing, again! Without a doubt, this hit me like a ton of bricks and I think my understanding this in myself will help me, moving forward. Looking forward to our chat and meeting everyone on THursday!
  5. 1 point
    Chapter 2: W: One of the many contradictions of trading is that it offers a gift and a curse at the same time. A: Mark tolds us that the market gives you all the freedom you might be searching for. This is what the people want and why so many people start with trading. But people are used to living in a world with rules. And they can not survive in an environment with no rules. A: I am also used to live in a world with rules. And I like those rules. The reason why I started with trading is to expand the financial borders. So I have to learn to live without external rules. I have to make my own rules and stick to them. I have no problem to make some rules. I did it a lot. For example when I start with sport, learning for an exam and so on. I always made nice plans. But the problem is to stick to them until I reach my goal. This is the most important point in trading for me. I have a nice journal. But its worthless when I stop journaling after some months. I have to learn how I can force myself to stick to the rules I imposed myself.
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