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Hello,
TASC Feb 2005 is a pretty good issue, many interesting articles.
To continue on YUKI's post (theme) there is a quote in the Feb issue
from an experienced floor trader that goes like this:
"The best entry points when you're trading are going to be the ones
that are either not very obvious, or places where you feel
uncomfortable entering"
In my opinion, using a mechanical system to identify these entry
points and eliminate emotion is the way to go.
Regards
Jim
--- In amibroker@xxxxxxxxxxxxxxx, Yuki Taga <yukitaga@xxxx> wrote:
> Hi Christoper,
>
> Sunday, January 16, 2005, 2:53:32 PM, you wrote:
>
> C> Yeah, I've purchased, tested, played with tasc issues over the
past
> C> year, and never found anything really useful either. Its
encouraging
> C> to see that I'm not alone.
>
> C> Having said that, where else do you go for 'inspiration'?
>
> Something I discovered a long time ago, that I much later found
> written in Alan Farley's well known book:
>
> (I'm paraphrasing because I'm not going to look it up, so if I hit
it
> on the money it's just an accident of good memory.) ^_^
>
> "Profit and discomfort often stand side by side."
>
> The Americans summarize that, in a way, by saying, "Think out of the
> box". That's not exactly right however, but it's close. Look at
your
> charts. Study them. Look for great trades that that you could have
> made, but that would have been really difficult (psychologically) to
> execute at the time, but which in hindsight became both rather clear
> and highly profitable. See how many times this has happened. Force
> yourself to execute a few of them in the future.
>
> Notice how many of them that, while difficult to execute, also had
> rather remarkably small risk parameters that would tell you pretty
> quickly if you had taken someone else's bait.
>
> This is *not* an easy business. (Repeat 15 times before the market
> begins each day.) ^_^ You either need to be able to execute
> uncomfortable trades, or have a (profitable) system that forces you
> to do so. All the insiders and market makers and market movers know
> *exactly* what the "comfortable" executions are. They are waiting to
> shake your nerve to the core almost every time you decide to execute
> one.
>
> Yuki
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