Learn How To Fish
- Thread starter VJAY
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Dear preetparm,
I think something missing here....we need break of last VPL to negate UT ...once mpl prints below that last VPL and that mpl break means DT starts...confirmed DT only when we get lower high VPH...
Initially getting these things understand some confussions comes even its explained clearly....many traders got confussed here a lot ...
Here I showed basic setup ..not for trading as we use ERL & failures for trading
I think something missing here....we need break of last VPL to negate UT ...once mpl prints below that last VPL and that mpl break means DT starts...confirmed DT only when we get lower high VPH...
Initially getting these things understand some confussions comes even its explained clearly....many traders got confussed here a lot ...
Here I showed basic setup ..not for trading as we use ERL & failures for trading
Last edited:
Post by Xray bro...
System testing : Mechanical system needs testing for reasonable long period..to get DD in Absolute terms and prepare for capital calculation..system should get a positive expectancy..last test it with stress test ,to assess fat finger errors, missing of trades due to personal reasons,health etc..
Paper trading .. People often think that doing paper trading ,before real trading will help to get rid of emotions..but it won't help much.. its only factor is to study the signal and time which we need to trade that signal...so have to start with with least quantity to test the system rather then paper ..just from my experience
Emotions and there balancing :Next comes our emotions which leads to motions thinking our past failure
...so psy drill is must,it is nothing but changing our routine to follow time...punctuality is the first step which leads to discipline ,second is living in present movement..that is just follow the act which you are doing with least thought on results..
Social media/ forums : They help in knowing various schools of trading ,we need to select our self which school we are going to follow, once learning is completed and a system is building is over ,staying is social media/ forum for a restricted time will test your emotions level... (arguments or praising ) effecting you to get into ego bracket or making you to dance in cloud nine ,thinking your self as invisible and which is leading you to violating your own method... then its impossible to scale quantity you trade, many think that we need to stay out, once we see success,it won't help because family ,friends and society you cannot escape , don't except anything from any body,its YOU which needs to be supported by YOU, in all difficult situations ,develop a will of steel to following your system ,do an honest assessment and work within skills and psychology. Stretch yourself, but don’t try to be someone you’re not. And that goes for life as well.
System testing : Mechanical system needs testing for reasonable long period..to get DD in Absolute terms and prepare for capital calculation..system should get a positive expectancy..last test it with stress test ,to assess fat finger errors, missing of trades due to personal reasons,health etc..
Paper trading .. People often think that doing paper trading ,before real trading will help to get rid of emotions..but it won't help much.. its only factor is to study the signal and time which we need to trade that signal...so have to start with with least quantity to test the system rather then paper ..just from my experience
Emotions and there balancing :Next comes our emotions which leads to motions thinking our past failure
...so psy drill is must,it is nothing but changing our routine to follow time...punctuality is the first step which leads to discipline ,second is living in present movement..that is just follow the act which you are doing with least thought on results..Social media/ forums : They help in knowing various schools of trading ,we need to select our self which school we are going to follow, once learning is completed and a system is building is over ,staying is social media/ forum for a restricted time will test your emotions level... (arguments or praising ) effecting you to get into ego bracket or making you to dance in cloud nine ,thinking your self as invisible and which is leading you to violating your own method... then its impossible to scale quantity you trade, many think that we need to stay out, once we see success,it won't help because family ,friends and society you cannot escape , don't except anything from any body,its YOU which needs to be supported by YOU, in all difficult situations ,develop a will of steel to following your system ,do an honest assessment and work within skills and psychology. Stretch yourself, but don’t try to be someone you’re not. And that goes for life as well.
Post by Xray bro...
Mechanical system is one stop solution ??..answer is yes ,but cannot be done by every individual ,training yourself to be a fully systematic trader is hard. learning all parts of back testing and doing back test is not easy task if this level is passed ,we will have well designed trading system ,the virtue of a well-designed trading system is that real-time results come in as the back test leads you to expect. You have to trade exactly as the system dictates in order to duplicate test results.there will be DD phase which always itches trader to add new points so ,The challenge of a mechanical trading system is . . . you.
To override technical signals is called discretion. Discretion is an innocent-sounding word, but in fact, it’s double edged sword. To exercise discretion means to abandon your systematic trading signals in favor of personal judgment.Because you can’t back test judgment, the only way to evaluate discretionary overrides is to keep a diary and write down every override you want to do. Every so often, go back and do an honest accounting of your judgment. still account size or growth is question mark IMO
Added by HEM bro
Yes, exactly and absolutely that real challenge of a mechanical trading system is you and only you ...no one else. If you succeed in this challenge then you will surely achieve the success.
To succeed in this challenge you should develop following things in yourself :-
1. Full confidence and faith in yourself and your well beck-tested mechanical trading system.
2. Firm determination to follow your mechanical trading system at all costs and in every condition.
3. Regular practice to implementation of your mechanical trading system.
4. Courage and boldness to bear the draw down period.
Mechanical system is one stop solution ??..answer is yes ,but cannot be done by every individual ,training yourself to be a fully systematic trader is hard. learning all parts of back testing and doing back test is not easy task if this level is passed ,we will have well designed trading system ,the virtue of a well-designed trading system is that real-time results come in as the back test leads you to expect. You have to trade exactly as the system dictates in order to duplicate test results.there will be DD phase which always itches trader to add new points so ,The challenge of a mechanical trading system is . . . you.
To override technical signals is called discretion. Discretion is an innocent-sounding word, but in fact, it’s double edged sword. To exercise discretion means to abandon your systematic trading signals in favor of personal judgment.Because you can’t back test judgment, the only way to evaluate discretionary overrides is to keep a diary and write down every override you want to do. Every so often, go back and do an honest accounting of your judgment. still account size or growth is question mark IMO
Added by HEM bro
Yes, exactly and absolutely that real challenge of a mechanical trading system is you and only you ...no one else. If you succeed in this challenge then you will surely achieve the success.
To succeed in this challenge you should develop following things in yourself :-
1. Full confidence and faith in yourself and your well beck-tested mechanical trading system.
2. Firm determination to follow your mechanical trading system at all costs and in every condition.
3. Regular practice to implementation of your mechanical trading system.
4. Courage and boldness to bear the draw down period.
Shrared by Xray bro...
I AM A CONSISTENT WINNER BECAUSE:
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I
never violate them.
These beliefs are the seven principles of consistency. To integrate these principles into your mental
system at a functional level requires that you purposely create a series of experiences that are consistent
with them.
_Mark Douglas ..(Trading in the Zone)
Failure story starts when we dream quick recovery of previous blown out losses and want to become super rich ...as usual failure traders are unclear in defining edge...or they think ... secretive method is there and only elite got hold of it ...
I AM A CONSISTENT WINNER BECAUSE:
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I
never violate them.
These beliefs are the seven principles of consistency. To integrate these principles into your mental
system at a functional level requires that you purposely create a series of experiences that are consistent
with them.
_Mark Douglas ..(Trading in the Zone)
Failure story starts when we dream quick recovery of previous blown out losses and want to become super rich ...as usual failure traders are unclear in defining edge...or they think ... secretive method is there and only elite got hold of it ...
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