Still Working on my discipline
Update on my trading using Dow behaviors and Dayraidor upgrade. It's not been as easy as i hopped it would be, but that was my "get rich quick" ideology which needs to go away. What Stuart teaches is not get rich quick but instead a disciplined and proven methodology. Discipline is something i really need to work on. If only fallowed the rules and traded the Dow behaviors, i would be at 20k already for the month. But instead i would loose most of my nice gains during the time when Stuart teaches not to trade. Discipline, discipline, discipline.
If one just stick to Dow behaviors that Stuart teaches, you can almost see to a minute and a point to where Dow would turn or stop, it's amazing info, and that along is worth the money. Thanks for reading.
Update on my trading using Dow behaviors and Dayraidor upgrade. It's not been as easy as i hopped it would be, but that was my "get rich quick" ideology which needs to go away. What Stuart teaches is not get rich quick but instead a disciplined and proven methodology. Discipline is something i really need to work on. If only fallowed the rules and traded the Dow behaviors, i would be at 20k already for the month. But instead i would loose most of my nice gains during the time when Stuart teaches not to trade. Discipline, discipline, discipline.
If one just stick to Dow behaviors that Stuart teaches, you can almost see to a minute and a point to where Dow would turn or stop, it's amazing info, and that along is worth the money. Thanks for reading.
mechanicaldaytrader
Active member
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Well Mike don't feel TOO bad..you at least MADE $ b4 you lost most of it!
One concept I have been largely unsuccessful to replicate in my students is to teach them to think "where is the market now"? Let's say you turn on the monitor at 9:15 am Monday....the market is presently moving from a valid Dow Behavior/trade to some future reversal. You need to scroll back on the chart visually and "see" the cause of the current market. Then project where the next technical reversal will likely be (an institutional stop) and also project what the next likely Dow Behavior(s) might be.
An example might be that the overnight market is selling off substantially; instead of looking for a long opportunity, find the last short entry and then wait for the next legal short entry - if that legal short entry appears, TAKE IT....if you are subsequently stopped out (a small loss -- statistically that's going to be unlikely) then simply take the current SUPPORT number (in DayRaider Upgrade) level on the next retracement and enter long.
Go with the flow, have humility towards the market -- wait for the next low risk opportunity if you missed the last one (the Dow Behaviors will line up or a technical reversal will appear - just check your watch, the Dow runs on a train schedule!) .
You'll get it Mike, just wait for the Dow Behaviors!
The Mechanical Trader
One concept I have been largely unsuccessful to replicate in my students is to teach them to think "where is the market now"? Let's say you turn on the monitor at 9:15 am Monday....the market is presently moving from a valid Dow Behavior/trade to some future reversal. You need to scroll back on the chart visually and "see" the cause of the current market. Then project where the next technical reversal will likely be (an institutional stop) and also project what the next likely Dow Behavior(s) might be.
An example might be that the overnight market is selling off substantially; instead of looking for a long opportunity, find the last short entry and then wait for the next legal short entry - if that legal short entry appears, TAKE IT....if you are subsequently stopped out (a small loss -- statistically that's going to be unlikely) then simply take the current SUPPORT number (in DayRaider Upgrade) level on the next retracement and enter long.
Go with the flow, have humility towards the market -- wait for the next low risk opportunity if you missed the last one (the Dow Behaviors will line up or a technical reversal will appear - just check your watch, the Dow runs on a train schedule!) .
You'll get it Mike, just wait for the Dow Behaviors!
The Mechanical Trader
timsk
Legendary member
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Mike,
Sorry to hear you've had a few set backs. But, to be fair, that's to be expected. The idea that one learns a new methodology and hits the ground running and makes loads o' wonga day after day without any hiccups is unrealistic. So, as Stuart says, don't feel TOO bad! The key thing is that you seem to be aware of what you're doing right and, most importantly, what you're doing wrong. As this is a journal - your journal - it's main purpose is to facilitate your development as a trader. However, as you are aware, subscribers to the thread are particularly interested in your progress because you're trading Stuart's methodology. For both parties to get the maximum from the thread, I suggest you post all your trades, winners and losers. If you post the losing trades from last week and say what you did that caused the losses, this will make the journal more valuable for you and more insightful for those of us interested in Stuart's ideas. Just seeing a succession of winning trades - although impressive - isn't especially helpful or instructive.
Better luck next week!
Tim.
Sorry to hear you've had a few set backs. But, to be fair, that's to be expected. The idea that one learns a new methodology and hits the ground running and makes loads o' wonga day after day without any hiccups is unrealistic. So, as Stuart says, don't feel TOO bad! The key thing is that you seem to be aware of what you're doing right and, most importantly, what you're doing wrong. As this is a journal - your journal - it's main purpose is to facilitate your development as a trader. However, as you are aware, subscribers to the thread are particularly interested in your progress because you're trading Stuart's methodology. For both parties to get the maximum from the thread, I suggest you post all your trades, winners and losers. If you post the losing trades from last week and say what you did that caused the losses, this will make the journal more valuable for you and more insightful for those of us interested in Stuart's ideas. Just seeing a succession of winning trades - although impressive - isn't especially helpful or instructive.
Better luck next week!
Tim.
Update
It's been fun trading. With this final Dayraider upgrade, i've been able to see the trade mile away. Up to this point, i've been braking rules and not following "dow behaviors" that Stuart teaches and also i've been not telling you that my most losses have been due to me moving my stops lower and lower as the trade turned on me. After i stopped doing that and just let it stop me out, my losses became very little, sometimes as little as two ticks and no more then 6ticks. I also stopped using too many contracts until my account really builds up. Today (Wed) i traded with one to two contracts and ended the day with $847 in the green. This new upgrade allowed me so many times to enter the trade and have my stop be only two ticks away and never get stopped out. I'll keep you guys updated, but so far it's looking great with this new upgrade, for now i'm sold. Thanks for reading
It's been fun trading. With this final Dayraider upgrade, i've been able to see the trade mile away. Up to this point, i've been braking rules and not following "dow behaviors" that Stuart teaches and also i've been not telling you that my most losses have been due to me moving my stops lower and lower as the trade turned on me. After i stopped doing that and just let it stop me out, my losses became very little, sometimes as little as two ticks and no more then 6ticks. I also stopped using too many contracts until my account really builds up. Today (Wed) i traded with one to two contracts and ended the day with $847 in the green. This new upgrade allowed me so many times to enter the trade and have my stop be only two ticks away and never get stopped out. I'll keep you guys updated, but so far it's looking great with this new upgrade, for now i'm sold. Thanks for reading
morgan_edge
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any updates?
Hows the system coping with a one-way market out of interest?
Good luck
Hows the system coping with a one-way market out of interest?
Good luck
