Posts Tagged ‘emotions’

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EXECUTING A PLANNED METHODOLOGY

EXECUTING A PLANNED METHODOLOGY

Courtesy of David, THE CROSSHAIRS TRADER

High angle view of a businessman holding a paper and thinking Model Release: Yes Property Release: NA

My friend and fellow trader Derek Hernquist over at Integrative Capital invited me to attend a meeting last night.  The speaker was Chuck Dukas of TRENDadvisor.  I won’t discuss here is methodology but instead his understanding of what makes a trader successful, no matter the methodology.   With over 25 years of experience trading and working with the most successful traders on the Street I believe what he has to say is right on target.  In fact, I would say his wisdom is IN THE CROSSHAIRS.  Mr Dukas shared three simple, basic elements for long term trading success and here they are:

1. Develop a solid METHODOLOGY:  instead of trading one pattern one day and another the next or trading off pure emotion or what the next guru preaches simply find ONE methodology that has been proven to work over time and stick with it.  It is boringly simple and is not for the Las Vegas inclined.  According to Dukas it is vitally important that a trader understand the importance of “trading what you see, not what you feel or think.”  In other words, a simple, well-thought out trading methodology will trump emotional feelings every time.  If the market is bullish then trade accordingly, in spite of feeling or thinking that the market should be bearish.  Without a methodology there is nothing but distorted psychology and arrogant hubris.  Unless you have enough money to trade your feelings then you best trade a methodology.

2.  Have a PLAN on how to trade the METHODOLOGY:  it is one thing to have a methodology and quite another to have a planned methodology.  Think of it this way: a football team puts together a set of plays, a “methodology” that it will use to take advantage of its opponent’s weaknesses and ultimately win the game.  This team will run a particular play within this methodology depending on the circumstances.  If it is third down and 20 yards to go, the plan will call for a long pass against a weak defender: not a quarterback sneak up the middle.  The same with a trading PLAN.  Your pattern, your edge, may…
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Phil's Favorites

Coronavirus case counts are going to go up - but that doesn't mean social distancing is a bust

 

Coronavirus case counts are going to go up – but that doesn't mean social distancing is a bust

Empty parking lots show social distancing’s costs. It could take time to see its benefits. Pete Starman/The Image Bank via Getty Images

Abram Wagner, University of Michigan

The last few weeks have brought previously unimaginable changes to the lives of people throughout the United States. Americans everywhere are waking up to a new reality in which they can’t go to work or school outside the home and they have to stay six feet away...



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Biotech/COVID-19

Coronavirus case counts are going to go up - but that doesn't mean social distancing is a bust

 

Coronavirus case counts are going to go up – but that doesn't mean social distancing is a bust

Empty parking lots show social distancing’s costs. It could take time to see its benefits. Pete Starman/The Image Bank via Getty Images

Abram Wagner, University of Michigan

The last few weeks have brought previously unimaginable changes to the lives of people throughout the United States. Americans everywhere are waking up to a new reality in which they can’t go to work or school outside the home and they have to stay six feet away...



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Zero Hedge

Google Publishing Location Data To Monitor Social Distancing

Courtesy of ZeroHedge View original post here.

Google has launched a website which uses anonymized location data to show where people are taking social distancing more seriously than others.

Collected from their various products and services, the COVID-19 Community Mobility Reports site will show changes in behavior - such as shopping and recreation, from a top-down look at entire countries - to individual states.

...

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ValueWalk

Junior gold stocks offer a place of refuge in a falling market

By Michelle Jones. Originally published at ValueWalk.

Junior gold stocks have taken a beating alongside other stocks, but history suggests this could be the time to dive in. The Vaneck Vectors Junior Gold Miners ETF is down from where it was in February, although it’s starting to show signs that it could revive soon.

Q4 2019 hedge fund letters, conferences and more

Crescat likes junior gold stocks

In their March update to investors, Crescat Capital said junior gold stocks retested the lows of a nine-year bear market. ...



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Kimble Charting Solutions

Depression Coming or Is the Bottom Already In? Joe Friday Says Your Answer Lies Here!

Courtesy of Chris Kimble

Are we headed towards a Depression or is the worst already behind us? In today’s world, comparisons to the great depression are easy to find.

Are the Depression concerns well founded or are the declines of late already pricing in a bottom?

In my humble opinion, this chart and the upcoming price action of this index will go miles and miles towards telling us if we are headed towards very tough times or if the huge declines of late are actually in a bottoming process.

This chart looks at the Thomson Reuters Equal Weighted Commodity Index on a monthly basis over the past 54 years. The index has been heading south, reflecting weakness in demand for basi...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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The Technical Traders

Founder of TradersWorld Magazine Issued Special Report for Free

Courtesy of Technical Traders

Larry Jacobs owner and editor of TradersWorld magazine published a free special report with his top article and market forecast to his readers yesterday.

What is really exciting is that this forecast for all assets has played out exactly as expected from the stock market crash within his time window to the gold rally, and sharp sell-off. These forecasts have just gotten started the recent moves were only the first part of his price forecasts.

There is only one article in this special supplement, click on the image or link below to download and read it today!

...

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Chart School

Big moving Averages and macro investment decisions

Courtesy of Read the Ticker

When price is falling every one wonders where demand will come in.


RTT black screen Tv videos study the simplest measure of price (simple moving average). What has happen before guides us now. 














Changes in the world is the source of all market moves, to catch and ride the change we believe a combination of Gann Angles, ...

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Members' Corner

10 ways to spot online misinformation

 

10 ways to spot online misinformation

When you share information online, do it responsibly. Sitthiphong/Getty Images

Courtesy of H. Colleen Sinclair, Mississippi State University

Propagandists are already working to sow disinformation and social discord in the run-up to the November elections.

Many of their efforts have focused on social media, where people’s limited attention spans push them to ...



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Digital Currencies

While coronavirus rages, bitcoin has made a leap towards the mainstream

 

While coronavirus rages, bitcoin has made a leap towards the mainstream

Get used to it. Anastasiia Bakai

Courtesy of Iwa Salami, University of East London

Anyone holding bitcoin would have watched the market with alarm in recent weeks. The virtual currency, whose price other cryptocurrencies like ethereum and litecoin largely follow, plummeted from more than US$10,000 (£8,206) in mid-February to briefly below US$4,000 on March 13. Despite recovering to the mid-US$6,000s at the time of writin...



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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

...

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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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