my journal 3

Silver Update 7/30/13 GOFO and LIBOR - YouTube

minute 18 to 21, most interesting points:

central banks lease gold, not in order to make a little bit of money from it, but to suppress the price of gold

central banks lease gold to the bullion banks, at a very low interest rate

then the bullion banks sell that gold - and we don't even know if they're ever asking for it back

why do the central banks lease gold?

the central banks lease gold to suppress the price of gold

why do they want to suppress it (if that is their main asset)?

maybe they're getting rid of all the gold - or at least it seems to be what they're doing

... I don't know why they're doing it (says BrotherJohnF in his video), most likely they're on a suicidal mission.
 
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...I've done my sentence, but committed no crime

And bad mistakes, I've made a few...

I've had my share of sand kicked in my face, but I've come through...

Queen - 'We Are The Champions' - YouTube

Here below is the latest chart game update - it's been no bed of roses, no pleasure cruise
 

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no longer blinded by greed

I am VERY satisfied with the new methodology, cfr. attached file below.

Instead of going for a high score, I am now going for self-control. The number one goal was being profitable, and the second goal was setting a stoploss. It did not work, because I was craving for profit so much that I forgot what the losses could be. Now it is the other way around and it seems to work better.

The light shining from profit is too bright to allow you to assess the potential loss. If you instead consider the loss first, you can assess both.

Manfred Mann - Blinded by the Light - YouTube

I would say that I am no longer blinded by greed - provided that I'll stick to this methodology. It's not easy because you can easily relapse into your addiction for wishful thinking and greed.

In practical terms, I have decided that regardless of the score, if I haven't set a stoploss before even just one trade during the whole day, I will delete all the scores for the day.

The consequence has been that i haven't had to delete any scores, and that I am weighing all my trades, and that I am achieving a much higher rate of profitability, although I am aiming for self-control (using a stoploss) rather than performance. Not only I haven't had to delete any scores: I have had seven straight profitable stocks. But this is usually when one loses control, because you feel too good. And that's why you need to take a break, to help yourself forget the past.

The consequence of considering the stoploss first is that I now weigh the risk/reward ratio before making a trade, because I have to pick where I would exit it. In other words, I am now forced to consider each time how much I could lose from the next trade.

The trick is not just to see what makes sense once, but to remember it at all times, and keep doing it, until it becomes second nature. It's not going to be easy, but the chart game is the most precious trading resource I have ever come across, as far as discretionary trading. It is the equivalent of what tradestation (and similar platforms) are to automated trading.

Once I will have learned enough (if I don't quit, months from now), I will open a secondary account with IB, and practice this same methodology on the paper trading account, and then I am pretty much done. Profitable with automated trading, and profitable with discretionary trading, too - which has always been my goal from the start.

In my everyday life, I am helping myself to achieve this by repeating to myself in all occasions:
1) perfectionism is good, but being upset about things not being perfect is bad.
2) don't take things personally: struggle to avoid unpleasant situations and people, but don't take it personally if they happen (waste of time)
3) worrying about yourself is good, but it is a waste of time to be upset if your image or anything about you isn't perfect
4) and so on, you get my drift

This is really hard for me. I know that is what I need. I don't know if I'll ever achieve it. Why is this what I need? Because I take the markets very personally, and that is my biggest problem. And life is related to trading, in that I take everything very personally in life, including random events.
 

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cnbc, buffet and gates against gold

Quite interesting how CNBC, and the people they find (buffet and gates), have been campaigning against gold:

Warren Buffet CNBC Gold, Silver & Paper Money - YouTube

minute 6, buffet says "incidentally, they're right to be afraid of paper money" and "they have a right basic premise"

interesting how the journalist talks about "gold bugs", with scorn

CNBC On Gold - 'Any Rally Is A Time To Sell' - YouTube

Very good. If CNBC and the two richest men in the world say that it is not wise to buy gold, it must be the case.

Or are there other possibilities? Why would this lady be so interested in speaking against buying gold? And why would she speak against "gold bugs" as they speak against "conspiracy theorists"?

...

But here things sound different, and it is still CNBC:

Ron Paul US Government Will Be Similar to Detroit, Gold Price Will Explode - YouTube

Roubini attacks the gold bugs | DetlevSchlichter.com
 
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9 straight winning games (see attachment below). It is really working. I mean, what's working is my first considering the exit point and then worrying about the profit. 9 straight winning games ever since I've decided that I won't allow myself to count any trades where I haven't defined a stoploss level.

Now all I need to do is to remember the usual rules (no ego, perfectionism ok but no anger when things aren't perfect, no taking things personally) and to get used to this methodology of putting the stoploss first. Otherwise, if you set your eyes on profit, greed blinds you, and you forget all about the stoploss.
 

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