M6 - Man, Mind, Money, Markets, Method & Madness
- Thread starter DSM
- Start date
Crude Chart marked with my notes.
Following is the inventory data :
12/03/2014 20:01:14 : DOE US Crude oil inventories Exp {+2090K}; Pre {+1429 K} ; Actual {+6180 K}
DOE Cushing OK Crude Inventories Exp {---}; Pre {-2660 K} ; Actual { -1341 K }
DOE US. Gasoline inventories Exp {-1800 K}; Prev {-1604 K}; Actual { -5230 K}
DOE US. Distillate inventory Exp {-259 K}; Prev {+1414 K}; Actual { -533 K}
DOE US. Refinery utilization Exp {-0.20 %} ; Prev {-0.60 %}; Actual {-1.4 %}
I went short basis reading of the first line. Inventory Exp. +2,090 Actual +6,180
Following is the inventory data :
12/03/2014 20:01:14 : DOE US Crude oil inventories Exp {+2090K}; Pre {+1429 K} ; Actual {+6180 K}
DOE Cushing OK Crude Inventories Exp {---}; Pre {-2660 K} ; Actual { -1341 K }
DOE US. Gasoline inventories Exp {-1800 K}; Prev {-1604 K}; Actual { -5230 K}
DOE US. Distillate inventory Exp {-259 K}; Prev {+1414 K}; Actual { -533 K}
DOE US. Refinery utilization Exp {-0.20 %} ; Prev {-0.60 %}; Actual {-1.4 %}
I went short basis reading of the first line. Inventory Exp. +2,090 Actual +6,180
From Anti Fragile : Nassim Taleb
On wealth : Wealth is the slave of the wise man, and the master of a fool - Seneca
Assymetrical trade : When there is more upside than downside or when you gain more than when you lose, you will benefit trading in the long run.
Simplicity : People with too much smoke and complicated tricks and methods in their brains start missing elementary, very elementary things. The more studies, the less obvious elementary but fundamental things become.
On options : Find out the problem, and then figure out the maths that works for it.
On wealth : Wealth is the slave of the wise man, and the master of a fool - Seneca
Assymetrical trade : When there is more upside than downside or when you gain more than when you lose, you will benefit trading in the long run.
Simplicity : People with too much smoke and complicated tricks and methods in their brains start missing elementary, very elementary things. The more studies, the less obvious elementary but fundamental things become.
On options : Find out the problem, and then figure out the maths that works for it.
Trade Like a Sniper…Not a Machine Gunner - Nial Fuller
http://www.learntotradethemarket.com/forex-articles/trading-forex-like-a-sniper-not-a-machine-gunner
(Everytime I read Nial Fuller's articles, I learn something from them. Nial Fuller trades forex, and makes references to it, I however have taken the liberty of removing the word forex trading and used trading. Some excerpts)
A sniper in the military has an edge over his or her enemy; their edge is unwavering patience, mastery of their weapon, and the ability to remain consciously in control of their mind and body for long periods of time in high-stress situations. We can apply these same concepts to trading… Trading is very similar…you need a trading edge (weapon), you have to master this edge, you need to develop and maintain rigid self-discipline and control, and you have to execute your edge flawlessly in the face of constant temptation to over-trade and over-leverage. Those traders who learn to pick and choose their trades wisely, trading like a “sniper”, are typically the ones who succeed long-term, whereas those traders who act like machine-gun traders by shooting at everything they see (trading too much), tend to run out of ammo (money) very quickly and fail to accomplish their goals in the market.
Just like a sniper waits patiently for his or her pre-determined target to come into view; you need to learn how to wait patiently for your pre-defined trading edge to show itself in the market. As price action traders we have a very effective trading edge that allows us great opportunity to trade the market with sniper-like precision, and the daily charts provide the best “battleground” for us to execute our edge on.
If there is one thing that a sniper in the military definitely IS, it’s patient. Patience is like the “magic” ingredient that makes everything work for a sniper in the military, and it is also the “magic” ingredient that you will need to use if you want to become a sniper trader. Most beginning traders lose money in the markets, and most beginning traders are also anything BUT patient. See the connection here? There is a tendency for traders to want to “force” the issue of trading by manifesting signals that aren’t really there or by jumping into a signal that has not closed out yet. When it comes to money it is human nature to be impatient, this is otherwise known as greed, but if you don’t learn to become a patient trader, you will never forge the type of overall self-control that it takes to succeed as a trader and become a sniper trader.
A sniper will train for years to sharpen and perfect his or her shooting skills, and a sniper knows exactly what their target looks like and pulls the trigger without hesitation. Similarly, you will need to “train” with the particular trading strategy you choose to employ in the markets so that you know EXACTLY what you are looking for every time you open your charts. However, you will need to do more than that; you will need to truly MASTER the trading strategy that you choose, because if you don’t master it, you will never achieve your full potential as a sniper trader. Mastering a trading strategy begins with education. You must put in the time and effort to learn and master it; I cannot do this for you. You need to be realistic about this, it will take time; it takes time to become a master at anything, and trading is no different. But, if you put in the necessary time and take advantage of the insights discussed in this article, you will begin trading like a sniper sooner than you might think.
Sniper-like trading breeds confidence and discipline. The more you strive to trade like a sniper and less like a machine-gunner, the more your trading confidence and discipline will improve. This is because you will be rewarded for patience, and as you start to see your patience pay off over time, you will want to maintain it.It is the initial stages of developing a sniper-like trading mindset that most traders fail at, usually because they do not understand the power of patience and discipline. It tends to feel better to be a machine-gun trader because you feel powerful and “in control”. The problem with this mindset is that you can never control the market, in fact, the more you try to control the market the more it will actually control you. The only thing you CAN control is yourself by learning to trade like a sniper, and if you do this you will significantly increase your chances of success as a sniper trader.
http://www.learntotradethemarket.com/forex-articles/trading-forex-like-a-sniper-not-a-machine-gunner
(Everytime I read Nial Fuller's articles, I learn something from them. Nial Fuller trades forex, and makes references to it, I however have taken the liberty of removing the word forex trading and used trading. Some excerpts)
A sniper in the military has an edge over his or her enemy; their edge is unwavering patience, mastery of their weapon, and the ability to remain consciously in control of their mind and body for long periods of time in high-stress situations. We can apply these same concepts to trading… Trading is very similar…you need a trading edge (weapon), you have to master this edge, you need to develop and maintain rigid self-discipline and control, and you have to execute your edge flawlessly in the face of constant temptation to over-trade and over-leverage. Those traders who learn to pick and choose their trades wisely, trading like a “sniper”, are typically the ones who succeed long-term, whereas those traders who act like machine-gun traders by shooting at everything they see (trading too much), tend to run out of ammo (money) very quickly and fail to accomplish their goals in the market.
Just like a sniper waits patiently for his or her pre-determined target to come into view; you need to learn how to wait patiently for your pre-defined trading edge to show itself in the market. As price action traders we have a very effective trading edge that allows us great opportunity to trade the market with sniper-like precision, and the daily charts provide the best “battleground” for us to execute our edge on.
If there is one thing that a sniper in the military definitely IS, it’s patient. Patience is like the “magic” ingredient that makes everything work for a sniper in the military, and it is also the “magic” ingredient that you will need to use if you want to become a sniper trader. Most beginning traders lose money in the markets, and most beginning traders are also anything BUT patient. See the connection here? There is a tendency for traders to want to “force” the issue of trading by manifesting signals that aren’t really there or by jumping into a signal that has not closed out yet. When it comes to money it is human nature to be impatient, this is otherwise known as greed, but if you don’t learn to become a patient trader, you will never forge the type of overall self-control that it takes to succeed as a trader and become a sniper trader.
A sniper will train for years to sharpen and perfect his or her shooting skills, and a sniper knows exactly what their target looks like and pulls the trigger without hesitation. Similarly, you will need to “train” with the particular trading strategy you choose to employ in the markets so that you know EXACTLY what you are looking for every time you open your charts. However, you will need to do more than that; you will need to truly MASTER the trading strategy that you choose, because if you don’t master it, you will never achieve your full potential as a sniper trader. Mastering a trading strategy begins with education. You must put in the time and effort to learn and master it; I cannot do this for you. You need to be realistic about this, it will take time; it takes time to become a master at anything, and trading is no different. But, if you put in the necessary time and take advantage of the insights discussed in this article, you will begin trading like a sniper sooner than you might think.
Sniper-like trading breeds confidence and discipline. The more you strive to trade like a sniper and less like a machine-gunner, the more your trading confidence and discipline will improve. This is because you will be rewarded for patience, and as you start to see your patience pay off over time, you will want to maintain it.It is the initial stages of developing a sniper-like trading mindset that most traders fail at, usually because they do not understand the power of patience and discipline. It tends to feel better to be a machine-gun trader because you feel powerful and “in control”. The problem with this mindset is that you can never control the market, in fact, the more you try to control the market the more it will actually control you. The only thing you CAN control is yourself by learning to trade like a sniper, and if you do this you will significantly increase your chances of success as a sniper trader.
DSM
A similar book on trading
http://www.amazon.com/One-Shot-Kill-Trading/dp/0071427945
John Netto, a former U.S. Marine, designed his "One Shot–One Kill" trading methodology to leverage the patience, discipline, and execution skills he learned in the military with the technical skills he has mastered in the marketplace. In One Shot-One Kill Trading, Netto explains in detail his complete, proprietary One Shot – One Kill Trading Method. Some of the topics of interest to active professional and non-professional traders include:
In One Shot, One Kill Trading, Netto covers topics of interest to active traders, including:
A similar book on trading
http://www.amazon.com/One-Shot-Kill-Trading/dp/0071427945
John Netto, a former U.S. Marine, designed his "One Shot–One Kill" trading methodology to leverage the patience, discipline, and execution skills he learned in the military with the technical skills he has mastered in the marketplace. In One Shot-One Kill Trading, Netto explains in detail his complete, proprietary One Shot – One Kill Trading Method. Some of the topics of interest to active professional and non-professional traders include:
In One Shot, One Kill Trading, Netto covers topics of interest to active traders, including:
- Strategies for maintaining composure in the heat of battle
- How charts can be vital for consistently selling strength in falling markets and buying weakness in strong markets
- A complete "management matrix" for more effective trading strategies
- Using “Netto Numbers™” to calculate risk exposure and validity of trades before entry
- Utilizing beneficial trader’s taxation rules
absolutely agree, i started with indicators then moved to price action patterns and now order flow.
does timeframe matter ? anyway it's created by us only...and dunno why i have different colored candles in chart.
there are obvious patterns like buying at open in markets like now which dont need an Einstein to find them but we make it so complicated that we miss those simple patterns..
does timeframe matter ? anyway it's created by us only...and dunno why i have different colored candles in chart.
there are obvious patterns like buying at open in markets like now which dont need an Einstein to find them but we make it so complicated that we miss those simple patterns..
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