wsam29

No, it just explains how and why these rules work, its up to the reader to implment them into their trading. But just think about what you have done after you made a trade is what this book focuses on, minimizing mistakes. I suggest watching his webinars first from CBOT. Each one of us has our own issues and those rules will either help you or they won't, but at least you'll understand why you do the things you do in the first place. The goal is to become your own trading shrink and not replying on someone else to solve your issues.

I screwed this up. insert comment here from last post.

A classic, everyone must read this book. Lots of bits of wisdom to be discovered. I've read it many times and I'm sure to read it many more times in the future.

The message is within the message, I've read this book many times and still pick up on the true meaning of his message. Along with the Mark Douglas and Jason Alan Jankovsky's, you'll get a fairly good idea of what these veterans are talking about. The content is pretty much what Jesse Livermore did back in his trading days and that was almost 100 years ago. Nothing has changed other than the speed at which trades go through. Trader's will always think like traders.

You'll also need to read his first book to get the full picture. None the less, his books helped me answer many questions I had prior to reading them. I was the dumb schmuck holding off on his books even after being introduced to them about 2 years ago.

I went and did the 1 week mentorship with his company, they are great people and a coupe of jokers and kids at heart. JC's book, well, I read it before I went there, he touched the subject about psychology but did not go in depth into it. Its not hist forte. I found that his book was more about his trading techniques and stuff about he went through and the stages a trader goes through which is very true. Other than that, pivots, John Person has a book about pivots. I do have a bias towards books about psychology and bits of wisdom and not just techniques.

I don't know what else to say but this guys material is worth its weight in gold times 10. Jason goes into detail on a psychologial level as to why these rules need to be followed. Along with his webinars from the CBOT, he explains how the trading environment thinks and goes about its daily business. If you are struggling with your consistancy in trading, chances are it's your thought process and not any system that you are following that is the problem. Even a winning system will not work if you are not thinking the same way winning traders are. His book address those issues. I just wish this book was published sooner, it would have saved me years of anguish and not to mention money...but you don't learn unless you lose and look in the mirror to see the problem.

I'll add my two cents to this post. I picked up on price action by mistake on a tick by tick basis. I first started as a "technical analysis" trader, based solely on price patterns, it works, dont get me wrong, but seeing small prints above or below support and resistance tells alot about what may happen. the guys in the grain pit love to take those stops out and go the other way (back in the days when grains were only pit traded) That is where I first noticed that "pattern" if you can call it one. I said to myself when the price fell below resistance, "you guys want to play, here I'll cover my long and go short now if that is what you guys want to do." and sure enough that trade turned out but I did not really understood what really happened. So yeah, if you see it with your eyes on a consistant basis and there are no books mentioning these "patterns" believe it and just go with the flow. It takes some guts at first because paper trading does not facotr in the psychological part of trading, that is not simulated with fake money. I'll tell you one thing for sure, your mind will be exhausted from tape reading by the end of the trading day so have balance in your life in some shape or form. And throw in a break or two, you're entitled to one, then again some "can" go all day without a break, "to each is their own" goes that saying.

ah man, where do I begin other than, Mark Douglas' books explained somethings to me, then Jankovsky's material did the rest. They both got me thinking about my results, good or bad and what I did and what I was thinking while in a trade. The game is 50/50 in zero-sum trading, so I personally find the edge is in the way you think and not any particular system/methology because markets adapt to all things over time, humans will think and do the same thing over and over again until they figure it out and change their ways or go get a job. It was stuck on being right, wanting to make money, my analysis was right, the market was wrong, it was I need to do something, I'm just sitting around, all the things new traders do. Mind you taking a course on TA and thinking that was the only way to trade and be profitable did not help. Not understanding that its ok to have a lose here and there, just don't have one that cleans you out. I noticed in my trading when I went in with no biased opinion on where I think the market was going based on my "analysis", I did really poorly. Compared to just sitting around not really wanting to trade, but something would catch my eye. call it the way the charts look, the speed the tape moved, things that I did not have a term for it so I called it "trade by feel" Because of the way I learned, everything that I was observing over time, I had no clue people actually traded off the things I was observing and doing it on a regular basis. Coming to terms that there is no way I can trade like my "mentors" JC and HS . I mean don't get me wrong, I learned a lot just by watching what these regular guys go about their day to day lives when I was there for 5 days. So what it really boils down to is I just have this secure confidence in doing the right thing each and everytime because I had a net losing day on 22 Jan 07. Two bad trades, and normally I would vent by hitting the wall, for some reason, all I did was stare at the monitor after the 2nd trade, acted out on my frustration, but I did not get the same result emotionally. Then I knew something had changed, I don't know what, but I thought about it at work and it clicked right there that night. The next day I was back at it again. its all about accepting who and what type of trader you are, i would use the same analogy as a homosexual who comes out, because when they do that, they have come to terms with their sexuality and almost all the time, they live happier lives after "coming out" and accepting who and what they are. Not to mention it take courage to do such a thing because of all the potential ridcule they may face. tell you the truth my "forward" analysis of what the markets may do sucks big time, I've tried PP, I've tried indicators, what I find works best for me is just having an open mind and compare prices and what the ticks are doing along with other market internals. But it still boils down to psychology, if you don't get that, no amount of mentoring, practice, indicators, systems will help you if you don't change the way a net losing trader thinks. But as we all know it, we're learning each and everyday about ourselves and the markets we trade. novel complete, can of worms all eaten by the fish.

hello from Toronto, Ontario, Canada just a little about myself (be prepared to read). started trading back in sept '98 right before the asian crisis if I recall properly. had no clue what I was doing for a good part of 2 years I think, took a course about technical analysis and thought that was the be all and end all. traded everything from grains, meats, big SP, FX, SGX nikkei, from Canadian stocks to US stocks and options, you name it, there is a good chance i've traded it if it is North American listed. fast forward, have had 3 $10,000 losses in my career on a single trade, cannot remember my first, second was thanks to 911 being short puts and waking up to futures down huge before cash open, my last hit was back in march 2003, right when the market turned higher and never looked back. short 1 pit SP and took a 20 point hit. tried to trade euro after, unsuccessfull, options is the answer to profits, no such success either. the whole gamit of everything and anything, no indicators, 3 indicators, etc. then it hit me, it was me that was the problem. that still took a good 2 years to find the correct answers I was looking for that solved my psychological issues. Jason Alan Jankovsky's material from CBOT helped me out alot. He also has a pretty good article online. Jason Alan Jankovsky on the Psychology of Trading His book "Trade Rules that Work." Really explained all my issues and I just finished reading his book back on 19 Jan 07. presently trading: grains, namely corn euro ym, what else, I take your money, you take mine, its a cruel game we play.

My idea of a "token", correct me if I am wrong for you more experianced tape readers, but small prints above or below the bracket range. I've initiated some of those in my earlier years so I know what those suckers are thinking about when the market turns on them really fast.

Reminiscenses of a Stock Operator ISBN 0-89966-605-1 page 97 line five, makes reference to "token" this stuff has been around a long time!