Thought I would just say I am still studying the course material, I have not traded for months other than paper trades.
I still struggle with where the strengths and weakness lay in the various time frames and which is in control.
Some patterns seem vary clear and I have picked of some extremes, but then I have become confused with what is happening as the trade develops
Some market patterns often confuse me as to what is going on.I have come to realise that P&L is more about market flow and what state it is at than on entry or exit. I would of liked to have developed a simple system with the P&L tools but I struggle to come up with any workable approach.
I orginally wanted to follow the exercise mentioned in Mark Douglas Book "Trading in the Zone", so I could improve my Pshychology,but I struggle to come up with a worthwhile mechanical system to trade with.
I Know that Charlie says that you should not reduce trading to a mechanical approach,but It would good if the P&L Institute could give some guidance on the construction of systems depending on the traders preferences,perhaps a additional lesson or seperate purchase.
I have been working on the awarness and have come to realise how much influence my emotions have on all aspects of my life.
I realise how they make the decision making proccess in trading so difficult.
It is also annoying to think that all that stands between me and success is emotions.
Still contemplating as to moving on to the next lessons, they sound interesting, the question I ask myself constantly can I gain the neccesary mental skills so as to reduce emotional control,so that I can use my skills to make money ?
GB
Trader Education and Its Challenges
Re: Trader Education and Its Challenges
===not surprising in a way since it is a remarkable body of material and a unique way of thinking. Your previous questions and comments have shown that you are a thoughtful trader and have the right idea and the right approach, in so far as you are asking the right questions anyway. And it makes sense not to trade if you don't know what the proper trade is, or are otherwise uncertain. But in the end, of course, can't swim without getting wet.
===there is a great deal on this in Lessons 11-30. As I recall you have completed through Lesson 10? Although you would be picking up some material from the advanced movies in the Institute, I would point out that you have not covered but a third of the course so far.
===extremes or exhausts are some of the nicest trades, as you can see. Can understand why you would be interested in them. Lesson 23 deals with them in detail. The trick of course is to understand when an exhaust is worth playing, and that is determined by the HTP's as they force the LTP into larger moves, and the exhaust is a that last gasp of effort on the LTP to overcome that force, which then fails, and in its failure there is great opportunity.
===Not sure what you are thinkng at the time of course but maybeyou are shifting focus from the original rational behind the trade to a lower time frame as you get in the trade... Maybe you are being seduced into micro-managing as you get into the actual trade.
===Not sure what you are thinkng at the time of course but maybeyou are shifting focus from the original rational behind the trade to a lower time frame as you get in the trade... Maybe you are being seduced into micro-managing as you get into the actual trade.
====again, Lessons 16-30 contain many trade plan examples. Pick your poison.
===will pass along the suggestion to Charlie as we develop a whole host of new movies and other material for this fall. However if there are 20-30 trade plans in the last half of the course that you have not yet reviewed, maybe there is a bit of worthwhile information awaiting you there. That said can also tell you that further mechanization of the method is a topic of some interest here and we have developed new software for later release this year that will facilitate this aspect.
===Yes, can understand. Awareness is everything and yet it is more than awareness itself, it is the discipline and focus that goes along with it. I think that Charlie is the truly remarkable trader that he is in large part because of his extraordinary powers of concentration and focus. Truly steely-minded.
==yes, he pure rational decision is not all that difficult, and is not beyond reach of a reasonable person...
===emotions and focus. We lose focus due to fear/greed, etc...
===Have no idea of course. But I do know that
1) can't swim without getting wet.
2) emotional control comes with practice not with contemplation.
3) emotions have to be dealt with when trading with something real at stake, otherwise emotions are not really at play.
4) from my football days I recall that sometimes you just have to put your head down and bull your way through the obstacles.
===there is a great deal on this in Lessons 11-30. As I recall you have completed through Lesson 10? Although you would be picking up some material from the advanced movies in the Institute, I would point out that you have not covered but a third of the course so far.
===extremes or exhausts are some of the nicest trades, as you can see. Can understand why you would be interested in them. Lesson 23 deals with them in detail. The trick of course is to understand when an exhaust is worth playing, and that is determined by the HTP's as they force the LTP into larger moves, and the exhaust is a that last gasp of effort on the LTP to overcome that force, which then fails, and in its failure there is great opportunity.
===Not sure what you are thinkng at the time of course but maybeyou are shifting focus from the original rational behind the trade to a lower time frame as you get in the trade... Maybe you are being seduced into micro-managing as you get into the actual trade.
===Not sure what you are thinkng at the time of course but maybeyou are shifting focus from the original rational behind the trade to a lower time frame as you get in the trade... Maybe you are being seduced into micro-managing as you get into the actual trade.
====again, Lessons 16-30 contain many trade plan examples. Pick your poison.
===will pass along the suggestion to Charlie as we develop a whole host of new movies and other material for this fall. However if there are 20-30 trade plans in the last half of the course that you have not yet reviewed, maybe there is a bit of worthwhile information awaiting you there. That said can also tell you that further mechanization of the method is a topic of some interest here and we have developed new software for later release this year that will facilitate this aspect.
===Yes, can understand. Awareness is everything and yet it is more than awareness itself, it is the discipline and focus that goes along with it. I think that Charlie is the truly remarkable trader that he is in large part because of his extraordinary powers of concentration and focus. Truly steely-minded.
==yes, he pure rational decision is not all that difficult, and is not beyond reach of a reasonable person...
===emotions and focus. We lose focus due to fear/greed, etc...
===Have no idea of course. But I do know that
1) can't swim without getting wet.
2) emotional control comes with practice not with contemplation.
3) emotions have to be dealt with when trading with something real at stake, otherwise emotions are not really at play.
4) from my football days I recall that sometimes you just have to put your head down and bull your way through the obstacles.