First, a couple of you have asked where I've been lately. Still here. I'm working hard on putting together an adequate training regimen for my wife (who has expressed an interest in trading). I never realized until now how much I simply take for granted after trading for several years.
Secondly, as I've been trying to review my own learning process I am going back to internet resources that have helped me progress as a trader. That said, I wanted to give a shout out to JJRVAT and his thread on EliteTrader called Day-Trading 2.0.
This thread had definately influenced the way I approach trading and is probably one of the very best threads out there for the short-term (i.e. scalping) trader. The first ten pages or so are simply brilliant.
Enjoy.
LT
Posts
The Psychology of Handling Large Drawdowns
6 days ago
13 comments:
You're back, LT :-)
You make a great mentor - your wife is very fortunate to have you to guide her along.
Sang your (and those of the other lovely folks) praises on my latest posting regarding "comments moderation" :-)
Have fun developing your training regime for Mrs LT :-)
Jules,
Thanks!
LT
LT, I really love the way TRO comes in and hijacks the thread with his arrows, as if he's really interested in what JJRVAT is saying.
"See my new indicators that I wrote? Your ideas are so cool! Thanks for sharing!"
Classic TRO. I really wonder why nobody sees that he is basically just a really, really nice spammer. Oh, and of course if you donate some money to TRO, he will "give away" his indicators....
Such a generous guy.
But back to JJRVAT, I think there are some real gems in there in terms of core short term trading principles. My question is, does he actually trade like this? I am interested to know whether he has succeeded in being consistently profitable with an approach where the reward to risk is "upside down". There are so many experts at ForexFactory that turn out to be huge disappointments.
lonely,
I think you might be misjudging TRO. But I know him so I have a bit different perspective. He can come off as abrasive in his posts, but that doesn't mean he doesn't know his trading.
Not sure if jjrvat is making money using this setup. But I am (not with his exact TP/SL), so frankly I don't care too much.
I think folks get a little too wrapped up in wanting to trade someones entry/exit like a dumb robot. Entries do not equal trade management IMHO. Trade management is the real mojo in trading and can't be taught easily. Trading management is like knowing not to use a driver on a par 3 or into a hard dog leg left (especially if you tend to slice). You can have the best darn entry/drive in the world but if you don't know when to use it you won't profit much.
Just my 2 cents.
LT
So you've been golfing...that explains the dearth of posts recently...
;)
Alright, I call bullshite. It certainly doesn't take ALL of your time away from blogging, this training regimen thing. You're one of the few bloggers out there who are honest about your wins and losses, and about the schlock that is so prevalent in the FX blog community. I miss your rancor. And of course I miss your more positive musings.
Wherefor art thou, Lord Tedders?
LT,
Haven't gone anywhere. And apparently you've never coached anyone at trading :P
But that isn't the only reason for light posting. I am starting to get to the cynical point that I don't believe that my posting matters much. Those who know about the matters I talk about don't need to be preached to. Those who don't know will never understand. That may seem a bit harsh, but each year that goes by I see more value on experience and less on explanation.
Back in the day Richard Dennis and William Eckenstein had a contest to see if traders were made or born. Although some of the Turtles (as they were called) were able to succeed in trading, most could not.
Some might take from this that traders can be made. However, I would contend this by saying that those who succeeded had the inherent mental qualities to succeed.
Anyhow, yes I am questioning whether continuing to post here makes any sense at all.
LT
So your purpose was to teach? Well then, I completely understand. But what if your purpose was to discuss, develop, debate and otherwise harrass your virtual colleagues, your peers?
Well that's how I saw it anyway. You'll be missed. If you ever come down to San Diego, drop me a line. Beer (or wine or diet coke or whatever) is on me.
LT,
The silence is getting very loud!
:-)
Jules,
I could post another "I'm going away" threads on the blog, but that is really untrue. I go through periods where I feel compelled to post, and periods when I feel I've got nothing to say.
Still here, still trading, just not talking about it as much. Maybe getting comfortable with my trading tower of solitude after all these years :P
LT
LT,
Just discovered your blog and found it exceptionally valuable, encouraging & honest!
Too bad you just seem to have decided that your "posting doesn't matter much" - NOT!
For the case you ever decide to come back, I have a suggestion for a post:
Could you share some of your collected wisdom regarding candle-by-candle testing? I mean, I understand the general concept, but it would be quite valuable to see the detailed process you use, the pitfalls you've found, and any further thoughts/experiences you have on this topic. Or could you refer to some website/information regarding this?
Thanks in advance and for your posts so far!
PS:
With "candle-by-candle" I refer to manual testing opposed to mechanical backtesting with software.
:-) Yes, I know solitude, LT.
Have fun :-)
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