Tuesday, 13 July 2010

Guest Blogger Steve

Hi from Kiki,

 I am posting the second guest blogger tonight for EL as he is still training.  Thanks again Steve!
As a reader of the Electroniclocal blog I have at my fingertips a valuable resource of knowledge and insight into the market. Even though I have shortened my learning curve with Tom's training everything he teaches is here on the blog for those willing to study hard, analyze, and reverse engineer what he is doing. Some of the most valuable lessons I have learned so far in training are discussed in the blog and have been reiterated in his teaching, and in my observations this week. First and foremost, is the importance of creating my own detailed trading plan. The what, where, why, and when I will enter a trade, and just as important, the what, where, why, and when I will exit a trade. The second critically important thing for me to do is to extensively test out my trading plan in simulation. How well does my trading plan work? How can I improve it? Then do a detailed statistical analysis of  trading results. Then revise and change as necessary. I used to think that simulated trading was of no value. But as Tom has repeated over and over, unless I believe  in my soul through repeated testing that my trading plan is successful I will not take every trade, and this is a recipe for disaster, and I will be in the category of the 90% of  traders that lose it all. I have learned this week that there are no short cuts to be successful in trading. I now realize that to make in this business, and this is a business I need to do a lot of hard, hard, work to be a part of the 10% of successful traders. Anyway, that’s my two cents worth.”

1 comment:

  1. Would EL take this trade?

    It's the close of the 2nd to the last bar. EMA's trending up, 6CCI crossing zero, VB looks to be turning back to buyers (following a similar pattern to the previous upswings), single prints from a previous profile go up to 95.75.