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Here's my way of doing things:
- I am too stupid to figure out when what to buy, sell, so I leave that to a
system.
- I am too stupid to figure out which signals are good, which are not, so I take
them all.
- I am too stupid to figure out how much to buy, so I leave that to a money
management algorythm I have done with Excell.
- I am good at execution so I decide when to execute. This is discretionnary. Upon
a buy signal, I view the market from a long point of view, and I feel absolutely
compelled to buy. Usually I am not too inspired so I just buy roughly at the
systems entry price. But sometimes I let a small adverse trend run, and buy
cheaper. Occasionally I miss the entry, so I chase a bit and enter with big
slippage. But all in all, I have about zero costs, as I make also my commissions
back.
- I am too stupid to figure out how far this trade may just go, so I simply wait
for the exit, and do other things in the meantime: read, listen to music, mow the
lawn, wash the car, play video games, else.
- But sometimes the market gets a bit ahead of itself, or there are nice Elliott
setups, and I become discretionnary again. I exit the position at limit, I wait for
the market to calm down again, and as soon as I don't know anymore what's going on,
I go back in. Remember, I was compelled to be long.
That adds a good 20% to my system return. No worries, no stress, no thinking.
But above all, know why you are doing these things. Play on your strengths, and
keep your weaknesses under control.
Gwenn
Earl Adamy a écrit:
> What a perfect description! Once this happens the only issue is whether fear or
> confidence wins as the trade percolates from the subconcious to the concious.
>
> Earl
>
> -----Original Message-----
> From: Tom Cathey <K1JJ@xxxxxxx>
> To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
> Date: Sunday, March 15, 1998 12:22 AM
> Subject: Discretionary Trading
>
> >that when a setup occurs something will go off in my head. What actually
> >happens with me personally is that suddenly I start to feel very anxious
> >and my heart starts to pound. It's almost as if my subconscious has
> >recognized the setup and I then consciously realize that I am about to put
> >my ass on the line for a few contracts. I do not use stops- I'm always
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