Zen and the Art of Poker

[brownsfan019 17]

The timeframe that a trader is using to make trade decisions is in direct proportion to the experience that the trader has.

 

Sherlock

 

Meaning what Sherlock?

 

I could see one side saying a good trader can work a 30 second or 1 minute chart; but then you read that the big boys don't even bother w/ daytrading...

[Sherlock 10]

As Jesse Livermoore, Richard Wyckoff and others have stated: It is great fun trading the daily wiggles but the real big money is made trading the longer pull. In fact Livermoore stated that he made the millions easier tradign the long pull than making the hundreds trading the intraday wiggle.

 

Sherlock.

[DbPhoenix 42]

I'm afraid you're missing the point. See post #31.

[SwingTradinJay 10]

Wiggle Wiggle me a wage...

[zdo 20]

re

The timeframe that a trader is using to make trade decisions is in direct proportion to the experience that the trader has.

 

Sherlock

etc

 

Sherlock, I'm a little surprised only DB and BF called you on that. Hopefully, the rest of TL didn't think it was 'trading wisdom'...

[traderpsyches 10]

If you ask me (which you did not), the success of a trader is directly related to their ability to find a strategy and associated tactics that suits their personality. It would be hard to argue with the success of the trader who is in the CME video with me (check CME/Shull/Exaggerated Emotions or Trader Psyches/independent traders page) and he definitely trades the shortest time frame possible for a human being.

 

Furthermore, many hedge funds are using sub-one minute algo's to capture smaller and smaller swings....

 

Nevertheless, for others, a swing or hourly strategy works better... there is no size fits all IMO.

 

DKS

[StrangeTastingFishSticks 10]

If you ask me (which you did not), the success of a trader is directly related to their ability to find a strategy and associated tactics that suits their personality. It would be hard to argue with the success of the trader who is in the CME video with me (check CME/Shull/Exaggerated Emotions or Trader Psyches/independent traders page) and he definitely trades the shortest time frame possible for a human being.

 

Furthermore, many hedge funds are using sub-one minute algo's to capture smaller and smaller swings....

 

Nevertheless, for others, a swing or hourly strategy works better... there is no size fits all IMO.

 

DKS

 

Are you saying that by looking at a trader's personality you can say what strategy and tactics a trader should use?

[brownsfan019 17]

Are you saying that by looking at a trader's personality you can say what strategy and tactics a trader should use?

 

I would say yes, even though it's not my quote you are referencing.

 

If you can dig down and find how a person operates, you can find a more suitable way of trading. For example, scalping would drive some people insane, while being comforting to others. And on the flip side, looking at 1 hour chart could bore someone to death while being easy for another to see the bigger picture and trade from...

 

So if you can find what suits your personality, you can better find a trading style/timeframe that works for your mental well being.

[zdo 20]

I would add that instead of working with the levels of personality and its external measures, it would be far more productive to make the distinction and intensively explore one's own 'true nature'- both subjectively and objectively.

...and this applies to mastering any of these 'performance games' discussed herein.

[DbPhoenix 42]

We seem to have gone quite far off topic here due to what forsearch originally took from post 31 and Sherlock's further misinterpretation (which may have been based on forsearch's comment rather than the original post).

 

I earlier referred back to post 31, the point of which had nothing to do with trading less per se but with eliminating marginal trades. The task of eliminating marginal trades has nothing to do with timeframe or bar interval or even with whether or not one uses charts at all. There's no psychology required here, just reviewing trades and finding out why some fail and some succeed and incorporating all of that into the strategy.

Edited February 19, 2009 by DbPhoenix

[zdo 20]

DB, Thanks again for keeping us in the box.

I personally followed that divergence because, while it may not be among the rules of the book per se big parts of poker zen ARE how fast (or slow) one plays and ARE the speed of games one plays in ... and that has little to do with sychology (remedial or otherwise)