Chapter 8 W- Throughout your trading career you run into many different tactics. Some tactics will work perfectly till they randomly do not work at all. Finding what is wrong is not an easy process whether it’s you or your group reviewing what’s wrong. A- Bad trading practices can be reinforced by a false conformation A- To apply this, you need to try to remove all outside biases from your analyses. This will help in creating the analyses that you have to inevitably write and test. The detail and relevance in your analyses are crucial because it means bad analyses in bad data out. It is important to look at your trades from all angles with a decent sample size.

Chapter 8 – Working with beliefs W: “They may look (or measure) exactly the same from one occurrence to the next, but the similarities are only on the surface. The undelaying force behind each pattern is traders, and the traders who contribute to the formation of one pattern are always different from the traders who contribute to the next; so the outcome of each pattern is random relative to one another. Our minds have an inherent design characteristic (the association mechanism) that can make this paradox difficult to deal with”. A: we should always expect anything can happen; we need to accept we have not control of what’s coming next. There is no way for us to know what the other traders are thinking and what they are planning to do or what it’s their mental state. We need to be aware other traders’ decisions dictates the outcome of the patterns; traders are constantly making new decisions therefore we can’t assume there is a correlation between patterns, everything is done at that moment. There is no association or consensus among the trader’s decisions; each trader’s decision is independent from each other.

I could share but its useless with out all the custom formulas lined up to match. The limited resource is actually on the Trade Ideas side not giving more than 100 custom formula slots not that I need more scanners.. lol. This made me clean out some experiments/tests. I find I like to use a toplist setup for the levels instead of the alerts (left side of screen) lots of other scanners for about everything. Alerts wont always go off in consolidation areas. Each level gets its own toplist in a dock s3-s8, r3-r8. With the new Race Stock feature in Trade ideas this will let you see runners instead of straight alerts around zones of the level. Simplifying the analysis paralysis.. into more great opportunity. I dont run these all the time and have more.. Like to look at custom stuff when its added to the scanners. Moving away from alerts into cherry picking zones/levels so I can enter using the tape smarter. Currently working on developing a Smarter watchlist/s? to integrate into levels. As I move along a bit further I will share more. Also like to mix technical analysis in to see directional change tendencies RSI trends, stochastics. Some great levels for bouncing are previous open prices and premarket hi lows. As I been back reviewing filtering these appear regularly to start the traverse bounces.