tag:blogger.com,1999:blog-709390629316238746.post9004200091066086531..comments2023-04-16T05:11:52.660-04:00Comments on Don Miller Trading Journal: The Weekend Trader (Saturday Edition)Don Millerhttp://www.blogger.com/profile/13263493919935087931noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-709390629316238746.post-16656851896535963782008-10-27T15:27:00.000-04:002008-10-27T15:27:00.000-04:00Hi Tomas -It's all a matter of degree in terms...Hi Tomas -<BR/><BR/>It's all a matter of degree in terms of comparing the relevance of each timeframe, assuming they're all measured at the end of the year.<BR/><BR/>Compared to Annual & Quarterly results, I believe daily and weekly W/L % as measured at the end of the year is indeed pretty inconsequential. Compared to a trade specific W/L %, it's of course more important.<BR/><BR/>Or said another way, on 12/31, I care a lot more what the monthly numbers are than data on lesser timeframes.<BR/><BR/>That's not to say that it's completely meaningless in terms of troubleshooting though.<BR/><BR/>As always, it's also simply one person's perspective. As with anything in trading, there's a balance and no right or wrong.<BR/><BR/>DonDon Millerhttps://www.blogger.com/profile/13263493919935087931noreply@blogger.comtag:blogger.com,1999:blog-709390629316238746.post-32142228771186325682008-10-27T14:02:00.000-04:002008-10-27T14:02:00.000-04:00Don,Funny how you mention that daily/weekly win/lo...Don,<BR/><BR/>Funny how you mention that daily/weekly win/loss is not that relevant. Yet this is the second time I read on your blog that loosing more than two days in a row would be negative in more ways than one.<BR/><BR/>All the best,<BR/>TamasAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-709390629316238746.post-54841464972702615212008-10-25T17:56:00.000-04:002008-10-25T17:56:00.000-04:00Perhaps it's best to say that there needs to be a ...Perhaps it's best to say that there needs to be a balance between the "structured" characteristic of systems and the "judgement" characteristic of discretionary trading.<BR/><BR/>Having tools is important, but knowing when and how to use them is a helluva lot more important.<BR/><BR/>DonDon Millerhttps://www.blogger.com/profile/13263493919935087931noreply@blogger.comtag:blogger.com,1999:blog-709390629316238746.post-42259574168170569642008-10-25T17:12:00.000-04:002008-10-25T17:12:00.000-04:00Hi Don -good thoughts and very timely video. ya go...Hi Don -<BR/><BR/>good thoughts and very timely video. ya got my vote on the 'no one is making any money right now'. total BS. i know there are guys making more money in single sessions than their best single years. money is definitely being made. i struggled this week because i discounted the volatility; last week i discounted its absence (compared to recent weeks). anyway, it was on me, i know it, and i accept it. no worries.<BR/><BR/>the statistical and systematization ideas are very rampant. i'm still working to get out of that mindset. it makes sense to try to mathematize everything in trading; trying to add certainty to the uncertain sounds like a logical pursuit, no? :-) but, as discretionary traders, i think it is important to work with the notion that there will be more art than science to this game. not unlike your golf analogy. <BR/><BR/>anyway, keep bringin' out the topical heavyweights - it's much needed and often neglected.<BR/><BR/>take care and have a great weekend.<BR/><BR/>thanks -<BR/><BR/>DerekDerekhttps://www.blogger.com/profile/04234503834080876909noreply@blogger.comtag:blogger.com,1999:blog-709390629316238746.post-88971640477859802482008-10-25T09:46:00.000-04:002008-10-25T09:46:00.000-04:00Yes, Brett's book is a classic. It's not a quick ...Yes, Brett's book is a classic. It's not a quick read -- like The Tao of Poker -- but it's stocked full of concept after concept.<BR/><BR/>With respect to your challenge at open, I've been there and have often had a hard time coverting the brain from the early Europe and Asia trade (past history when the U.S. opens) to the U.S. mindset.<BR/><BR/>It's interesting that both times we've been at lock pre-market lately (one lock up a few weeks ago and then yesterday's lock down), that the market has opened, spiked in the direction of the lock to clean out the stuck overnight shorts or longs, and then made an initial steady move in the opposite direction to correct the excessive emotional trade.<BR/><BR/>I personally chose to back off yesterday since I didn't trade the lock a few weeks ago particularly well (jumping the gun on the reversal), but read yesterday's well and was able to nab a few shorts once it moved sufficiently high enough ... yet I kept things very tight.<BR/><BR/>At this end, any time I'm tempted to listen to Art or anyone else, I try to remember all the objective and relevant market commentary is reflected in the trade as depicted in the charts.<BR/><BR/>Nice comeback and use of the internal observer. Seems the more humble we are, the more we open ourselves up for gifts beyond our expectation.<BR/><BR/>DonDon Millerhttps://www.blogger.com/profile/13263493919935087931noreply@blogger.comtag:blogger.com,1999:blog-709390629316238746.post-10573935903737717412008-10-25T09:17:00.000-04:002008-10-25T09:17:00.000-04:00I bought Dr Bretts book a month or so back partly ...I bought Dr Bretts book a month or so back partly on your recomendation.. and have to say it is the best book on trading I have read. It encapsulates much of what I have journeyed through the last few years.. and puts a framework on it.. particularly the notions of the internal observer and how trading becomes implicit.<BR/><BR/>Anyway yesterday I had a decent boobex.. short spoo pre dax open at 82 basis the uk sprreadbtters dumping of dax quote.. and then 3 small shorts mid 970's.. but missed the move to limit down. But had a 5k jumpstrt for rth.. Then i read round the websites.. i listened to art cashin.. i looked at asia and europe... in short my head was gone ...swept along in the long awaited washout about to happen... I was ready to trade MY emotions ..so by 10am I had lost 6k tryin to get short... however rather than getting angry and frustrated... I found myself laughing at myself for getting caught up in the emotion of the day.. the internal observer was back in control.. and the rest of the session was very fruitful.. a great lesson on the humbling power of the mktRexVulgarishttps://www.blogger.com/profile/09617657109243907861noreply@blogger.com