Saturday, September 13, 2008

The Weekend Trader (Blog Under Constr.)

I'm toying with a few site changes this morning. I'll post a full update later today.


RexVulgaris said...

Hi Don, I found your site via a mention from Bretts site... Congrats its a kwl blog.

From what I have read you are probably as near to doing similar stuff as I have seen online... Trading the nano time frame with some similar techniques [eg cleaning up on others vomit], size discretion accoring to mkt tone \ read..and in a constant internal dialog.. strengths weaknesses etc.

I almost never trade the last 45 as its my weakest TOD; also I am more agressive and defensive in the opening 45 as it is a time I can get caught.

I trade best when I have a good 'read' [internal, + vix, + cross mkt corelations] and the best thing I have written down recently for myself is 'Only take the winning trades' . this sounds facile but I hold it to be a simple truth..I KNOW at heart if the trade is going to be a winner when I enter... so KISS and just do those trades

Nearly all of my bad trades are marginal ideas at entry.. oft where i go half size initially.

Have also found EMDR to be of great benfit to the trading space between the ears.

Would be intersted if you have some thoughts on your KNOWING state going into a trade.. Anyway I enjoy reading your dialog ..keep bloggin and gluck.. RexV

Don Miller said...

Hi Rex.

Thanks for the kind words. It indeed sounds like we're pretty similar, perhaps with the exception that I will at times also provide liquidity to the market when the prime setups aren't there.

Yet when the "meaty" setups occur -- as in very high probabilty (I'm not sure I can go so far as to say "knowing") -- those indeed tend to play out well most of the time and produce by far the majority of the income. [Which begs the question for me, "Why provide liquidity then?". I guess it's because I can often feel the current better when I'm swimming in it vs. watching from a shore, and it prevents me from ever having trigger-lock, although it has gotten me in trouble at times as I've lost sight of the forest while chopping wood. I may reevulate that over time.]

I find it interesting as I now teach my youngest daughter to drive, that I'm constantly telling her to be aware of multiple concepts at once ... i.e. turning the wheel and applying appropriate (and varying) accelerator pressure while at the same time keeping an eye on traffic to the left, right, & behind, as well as the spedometer. Such is of course similar for us traders as we consider price, VIX, volume, trend, time of day, our own weaknesses, etc ... although it takes a helluva lot longer than 6-months on a learner's permit :-).

See you around the blog.