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Sledge
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Everything posted by Sledge
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I second this. I don't see much discussions about trading psychology here. But Psychology is AT LEAST 50% of trading- I personally think it is much higher. If you can master the "mechanics of trading" (reading a chart and what it tells you) then you must master your own emotions to be successful. Been in the "Oooh Ooooh OOOOOH- awesome trade coming up- lets get in NOW" camp and learned to overcome that- but it was tough! Maybe it would have to be segregated from the VSA thread (even though mechanics without psychology= frustration and loss) But this could go two ways: We could discuss the psychology of Self And The psychology of the herd (and what the pro $ knows about it) Just a thought! Aaron
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I second this. I don't see much discussions about trading psychology here. But Psychology is AT LEAST 50% of trading- I personally think it is much higher. If you can master the "mechanics of trading" (reading a chart and what it tells you) then you must master your own emotions to be successful. Been in the "Oooh Ooooh OOOOOH- awesome trade coming up- lets get in NOW" camp and learned to overcome that- but it was tough! Maybe it would have to be segregated from the VSA thread (even though mechanics without psychology= frustration and loss) But this could go two ways: We could discuss the psychology of Self And The psychology of the herd (and what the pro $ knows about it) Just a thought! Aaron
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I feel like I'm walking into a family reunion here. Ha!
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Eiger- This is great advice for ANYONE reading. Some people think "A Journal?- isn't that like High School?" Well let me tell you. I have kept a trade journal from day 1 and it is a wonderful thing to have. I not only place my trades in it, my targets, my reasons for taking the trade and why I exited. BUT I also brainstorm ideas in it. I test trading theories, put down a frustration or two, backtest, and backtesting results on theories. I was reading through it about a month ago and said on a few items "HA I can't believe I tried THAT!" I also go back and look at my "frustrations" and make updated notes on them in the margin. Thankfully, I have been able to update them 100% of the time with "Overcame as of X date" or "Have made great strides on accomplishing this- still working on it." I suggest to anyone who trades to know WHY they are in a trade, learn from their mistakes- believe me I have printouts of days I got murdered. I printed the chart- asked questions here in this forum, and won't make them again! Enough rambling from me! Aaron
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Eiger- This is great advice for ANYONE reading. Some people think "A Journal?- isn't that like High School?" Well let me tell you. I have kept a trade journal from day 1 and it is a wonderful thing to have. I not only place my trades in it, my targets, my reasons for taking the trade and why I exited. BUT I also brainstorm ideas in it. I test trading theories, put down a frustration or two, backtest, and backtesting results on theories. I was reading through it about a month ago and said on a few items "HA I can't believe I tried THAT!" I also go back and look at my "frustrations" and make updated notes on them in the margin. Thankfully, I have been able to update them 100% of the time with "Overcame as of X date" or "Have made great strides on accomplishing this- still working on it." I suggest to anyone who trades to know WHY they are in a trade, learn from their mistakes- believe me I have printouts of days I got murdered. I printed the chart- asked questions here in this forum, and won't make them again! Enough rambling from me! Aaron
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Ok well, I didn't get the number of responses I had hoped for from post 1188, but I want to post the "answers" for anyone who may come upon this at a later date. Here are the charts that have the "answers" to where to place your Entry. Aaron
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Kiwi- Ahh, I see she is saying not to use CCI perse, but maybe use it temporarily to train my brain to the action? Then after I "get it" I can ixnay the Indicator at the bottom of my charting package? Thanks for putting it into perspective! I guess I didn't quite understand that was what she was getting at! Aaron
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Mike- Try this- it helped me a ton: Zoom Out the chart (i.e. if you are looking at 50 bars- look at 200) AND Look at a longer timeframe! Try a 4 hour or daily view to get a full view of the trading horizon. I went from a "what does this one bar say" to looking at the whole picture. It literally opened my eyes to more trading opportunity and bigger pip grabbing! Good Luck! Aaron
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NICE! I look forward to taking a gander! Aaron
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Wasp- Are you keeping a blog here on the TL? Point me to your journal my friend! Aaron
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Ha! I know there isn't a holy grail- I'm not brand new to this rodeo :o But THANK YOU. If I am able to get 3-4 set ups in the arsenal, that is all I really want. Your cohorts have repeated over and over to just make it simple. I think me brain gets all awash from time to time. The tip on the early bird signal is priceless though- never heard anyone actually discuss this in all the reading I have done. What if I don't use Bollinger bands, Divergence or CCI? I tend to have a bar chart up and Volume (before the :helloooo: I know you folks don't use volume as and indication at all) If I strictly utilize Price Action, Volume and Reading the bars- I can only assume these principles will still apply? Aaron
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Ok- How much do I have to pay for the keys to the secret? Fair enough! I want my butt into that seat. I think I'm getting there and growing every day. I have been posting here in the thread and have been learning daily from all the far more skilled minds! Just hoping the window washer will get here soon- I can see the world of potential- but the glass is still a little bit dirty :o Aaron
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Jocelyn- Heh, Well I wouldn't be embarrassed in the least. As I have let on to some of your co-workers--To you, doing this day in, and day-out, it probably seems elementary to you. But for some of the folks who have not ever been able to sit in the chair that you folks do- it is a very nice way for us to see how your minds work. I.E. What is it that the day-in, day-out trader who has their arse on the line every single day have to see in order to say "oh come on baby" to enter. So I personally appreciate seeing the thought process or the "trigger" Aaron
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My editing window closed on me. One other question/request. Love the "trigger bar" notations on your analysis (Outside bar etc.) If you feel comfortable, I would love to see more of these when you see fit on your charts. Thanks! Aaron
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Art- I just have to smile at this post. "Sack fulls of Wonga" I think I'll adopt that phrase into my daily vocabulary! :o To anyone out there who thought when Tom Williams said nearly the same thing and that he was some "crazy old man" There it is- in black and white- blunt honest truth! Well put sir! Aaron
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I think this is wonderful- it is the repetition of the information in a live setting that reinforces the learning (for me anyway) So Thank you for your "take" on it, it helps tremedously for all reading the thread. Very nice representation of your "Zones" Ahh yes the herd, one thing we all hope to not be a part of :o Thank you again for your take, it is most interesting that the end goal and results are the same, and yet the way it is viewed in one individuals head vs. another is different. When YOU personally look for your trades, you see the same "zones" but in your head you are seeing the set-up in your brain slightly different graphically. Very nice. Very nice indeed! Aaron
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Jocelyn- Since their is no "Mouth Gaping Open" Icon Smiley, you'll just have to envision it. Thanks so much for joining in the thread, I am glad you have joined in. Wow! Thanks for what has been the first post of yours that I have read. Hope to hear more about what is in your brain! Regards, Aaron
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Torero- I was given some wonderful advice in my travels that has stuck with me over time. I was told that if I have a loss- to not only analyze the loss, but possibly move my position size down until I get back into my rhythem. So as an example- if you trade a 2.00 lot on a daily basis. Move your next market entry to a .50 lot or a 1.00 lot. This way you can work back into your "groove" and if for some reason you are still in a "funk" and do lose again- the results will be less detrimental to your account balance! Sledge
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Cowpip: I agree with you. Let me tell you that throughout this journey of trading. "Chasing the train" was by far the hardest thing for me personally to overcome. Learning the mechanics of trading seemed reasonable- not easy, but reasonable to learn and comprehend. See for me, my success at the beginning was my LACK of greed! Let me say that again. My Lack of greed. Unaware that I was doing what all of the rest of the herd did (see large bar = CHASE!!) My strategy at that time (seems so long ago) was to take my $50, or $80 and get out. My lack of greed actually kept me alive! Ironic isn't it? I had no idea that even though I was "winning" my trades- I was getting the crumbs! I soul searched and said "What is it that I am doing wrong?" "I am right on the trade direction- but I'll never become an outstanding trader- taking $20 here or $30 there." 2008 Present: Now I work to poise myself to be in, at the appropriate level- BEFORE that bar or set of bars hit. I ride those big bars until I see it start to stall. When it stalls, I generally bank my winnings and I let the thrill-seekers, daredevils, greedy or the herd take the scraps. While they are picking up the crumbs from the sandwich and making the "hard pips" I am already looking for the next set-up. It allows my mind to say "Ok, good trade, nicely executed- let's wait for XYZ to happen and get ready to get in again!" Trading from a longer timeframe also helps trememdously to be able to execute this without sweating out every 5 pip up or down move :o Have a good weekend as well! See you Monday! Sledge
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Cowpip- Yes sir, I failed to mention that- duh, sorry- yes not only upthrusts, but topping action at a huge resistance level of the near past. That may have helped huh? Thanks for filling in the blanks- I thought it, forgot to say it! Charts: I actually do use a 4 hour chart for entry. But I always drill down to an hour chart or even a 30 minute chart if I see stalling. That gives me the information I need to make my "exit stage right" decision If that didn't get hit with upthrust after upthrust, I would have stayed in. Last night in London it didn't do squat- but as you look today in NY- the GBP is up, and up fast. I am without a position at the moment. And I may very well have to wait for a pullback even now- before entering Long. I missed the train this AM NY session... damn job! :o I gotta get out of this place! Sledge
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AMEN brother! This is just my (and apparently Torero's trading style) some folks may say "Screw the news, let it whip and dip- it won't change the long term trend) They are correct. Alot of times I ride the news, other times, I bank $ It depends on the situation. If the news is arriving at a S&R level- DEFINATELY bank $, if the news is between one major S&R Zone and another- I let it ride! If you are up $1000 bucks and the news is coming out right at an S&R level- BANG, Bank that Money and wait for amateur hour to be over- then re-assess and begin again! You may be able to get in again even lower on a long term bull trend and take that gap that it slapped down up higher. So in essence you are making $ on a section of the road you already travelled and are getting paid TWICE! Or you can watch it unfold, see that it is a trap, sell high and ride the short trade! The news is the best time at an S&R level to trap the would be background trend traders into further positions- just before they turn the ship around and take your money! Sledge
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Torero- Depending on your entry, when we were in the heat of discussion yesterday AM (Opening of NY,) you should have been in the green pretty tight! I think it dipped to 1.9404 before it decided to climb out of its hole. What was your entry and stop out level? Sledge
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Heeeey! I keep no-standard US hours- You may see me arse here at 6:00 AM EST to 11:00 PM EST! :o Is that coffee brewing?
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Well then maybe you and I will have our own offline discussion then Very nice start to the discussion though. Maybe we can get a few more VSA folks to chime in as well. Thank you sir! Winnie- keep your eye on this, if the conversation blossoms. It may be a swirl of info in your brain right now, but this conversation will become very helpful once you master the basics to "squeeze pips" out of trades Sledge
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Alright all- I'm going to place my stones on the stump and attempt to spark some discussion that has seemed to elude VSA in training seminars and MTM in detail. I feel there is quite a bit of highly skilled VSA traders in this thread and I'd like to get feedback on trading styles in regards to: ENTRY POINTS I suppose this applies mostly to currencies as it is a 24 hour market and we all have to sleep SOMETIME. But my own personal information goes something like this on these examples: The overall long term trend is UP and I'm looking to go long on these particular examples. I know that the NY session has peaked and the market has started to cap (at least for today) That evening you will no doubt see some markdown, or shakeout action to flick off the weak and scare the would be bulls. But say your account can't handle riding a storm out? Say you are a new trader and when the testing occours and the accent begins again- you are 40 winks into the night. The IDEAL entry will come sometime in the London Session, but you'll be sawing logs and not be able to capitalize on it- you won't be there to see the price action unfold. When you wake up, the testing is over, the London Boys are tidying up the loose ends before NY opens and gets its hands dirty with it. They hit the market hard and if on perfect entry, you would have snagged say 100 pips+ on the trade! So, other than placing a Buy Stop order at some "random location" and hoping you are correct. Can I open a line of discussion on where most folks intend to place thier "Long" Order on these charts. Charts Mr. Sledge You say: Well of course. I'll make this random and only let you know this is a 1 Hr Chart. You should have enough background information to make decisions. I'll post the "Answer" charts after we get rolling. This has always been a subject that as a VSA fly on the wall, seems to be overlooked or sort of "won't talk about" Which is fine- that is why all of you are here and may have insight of your own- with your own trading style, and Money Management. Here are a few charts to get your juices flowing- Take the charts and save them- mark them up, this is your "live edge" of the chart- so what would you do with it?: Sledge
