Trade What You See, Not What You Think Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Trade What You See, Not What You Think

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Moving Sphere who wrote (438)	3/5/2001 10:38:25 PM
From: aldrums	Read Replies (1) of 867

Hi MS, Great timing for your post, I just finished Trading in the Zone today. I agree with your takes, and I was thinking similar thoughts about the traders "edge" and the types of markets it works in when reading the book. I think if we take the first principle of M.D.'s seven principles of consistency to its ultimate conclusion, we will have the discipline you speak of. 1. I objectively identify my edges. If you are truly objective in identifying your edges your conclusion may be, "I don't have an edge in this market at this time." This may be your conclusion over several hours or days or weeks or months, depending upon your trading style. Unfortunately, I do not have the luxury of sitting back and counting my bull market profits, for I never have traded in a bull market. So I am actively seeking out an edge in our current market, but I do realize those edges may be few and far between. Even if we do not identify a current edge we need to use discipline to patiently and objectively watch the market to be ready if and when an edge develops. I am sure you know this is so much harder than it sounds. M.D. also stressed in his book The Disciplined Trader: "I am not in any way restricted to thinking or acting in a way in according to only what I have experienced. I am free to roam anywhere my thoughts and perceptions take me and to explore any number of possibilities regardless of whether they are inside or outside the current set of rules from which I operate." Keeping this in mind opportunities might develop in the current market conditions that you would not consider in a bull/trending market. We need the discipline to continue to seek out these opportunities, and who knows, they may present themselves when we are ready to see them. Time to go ice fishing, Regards, Alex

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next