Learning through blunders

[newtrader101]

Silver and the planets
Silver seems to reverse within 5 degree of Venus ingress into a new sign.
If there is a major planetary aspect, then Silver may reverse again. Eg- the recent Jupiter Pluto square on 7-8-17.
Lilith Saturn and Lilith Venus aspects.

Note: There is no guarantee it will reverse. You will always have to use stop loss and MM- then this higher probability may help you.

Note: It may also do an inversion (an S shaped small double reversal) and then continue in the previous direction.

 

[newtrader101]

If for any reason you feel you are not in emotional balance, and making hasty decisions, just stop trading for the day. No software, no strategy will help.

 

[newtrader101]

Traderscockpit experiment:
I scanned for 5x and 10x times previous bar volume with current bar higher/lower than last bar. Disappointing results. The breakouts occurred too fast on 5 mins. Most of the time it was loss. In intraday there is not enough time to act on scanned volume breakouts (or you need to be very fast and nimble, using keyboard shortcuts etc).

There is only one way to use such scans as I see it now:

1. See if the scan retraces.
2. Place an order @ your preferred retracement level. I'd suggest 61.8% though it is not always hit. STOP: Below 61.8% level. Less risk that way.
3. TGT: Day's high/low?.(As there is no guarantee it'll break out beyond)

 

[newtrader101]

A reason for logging trades
It forces you to look at your action and review it.

 

[newtrader101]

A screenshot of multiple time frame analysis during the same time interval
Crude oil price action on the hourly, 15 min, 5 min, and 1 min charts at the same time.

 

[newtrader101]

A note on using leverage
In life and trading, nothing is certain.
Using large leverage is almost like being arrogant.
It is acting like God. and it will be punished. However good one's strategy, one should follow risk and money management.

 

[newtrader101]

Trading flowchart
Friends,
A flow chart for your trading decisions.
Feel free to suggest modifications.

 

[simplebuthard]

Trading flowchart
Friends,
A flow chart for your trading decisions.
Feel free to suggest modifications.

Simple and effective one!! Thanks for sharing!!

 

[newtrader101]

Greed, arrogance, laziness, and other human weaknesses are incurable. Hence the need for tested, standard methodology.

A contemporary mystic has said:
The sea walls absorb the incursions of the sea into the shore. For spiritual aspirants, practices like fasts, silence, etc help withstand the turbulence of the mind.
I feel the practices like Regular Study, Stop loss, Money management, logging trades, review, analysis etc are the trader's protection against the inner enemies.

 

[newtrader101]

Equanimity
Keeping equanimity is critical to traders. Given the challenges of the job, and the numerous other factors such as internet, computer and broker problems, market manipulation, health issues, family and extended family issues, and our own inner enemies like greed, this is indeed a fine line to tread. Having a philosophy can be helpful.

For me, perceiving experiences through the glass of Karma has helped keep my head sane many times. Simply put, it goes like this:
I alone am responsible for whatever is happening to me.

Sounds a bit absurd, but has an instant calming effect. Really helpful when you think the whole world is conspiring against you-the internet company, the broker, market makers and what not...