Learn How To Fish
- Thread starter VJAY
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we can't catch everymove of market...if look todays bnf chart and no trade we start to modify our rules or if newbie then start to abuse the method and switch to other holigrail method 
...after all everymethod have these type of days but no one obay it ...we need a method which catch every move of market
...after all everymethod have these type of days but no one obay it ...we need a method which catch every move of market This post is reveiw of a good book by headstrong007
Just read a very good book. I love it.
Trading Day by Day: Winning the Zero Sum Game of Futures Trading
by F. H. Chick Goslin (Author)
Some of the Quotes from that book:
THERE ARE THREE NATURAL LAWS OF TRADING—NO MORE, NO LESS—AND THEY ARE:
1 ~ THE FUTURE IS UNKNOWN;
Trading is like a voyage down an unexplored river.
We can know where the river has been and see where it is headed,
but we can never know what lies around the next bend.
We can know what a price has done in the past and see what it is doing now,
but we can never know what it will do tomorrow.
The first law of trading, the future is unknown, is the "philosophy" law of futures (and stock) trading.
See the reality of it and then live completely with this reality; accept its constant unpleasantness every trading day, day in
and day out.
The best way to prepare to confront the unknowable future is by careful study of the past and
clear observation of the present. In other words, focus attention and expend energy on that which
you can do something about, not on what you cannot.
The past is already made and thus is dead and unchanging;
therefore, the past can be studied and known.
The present is always being made and thus is alive and moving;
therefore, the present can be seen and observed.
However, the future is not yet made and thus is neither dead nor alive;
therefore, the future cannot be known or seen.
2 - CONTINUATION IS MORE LIKELY THAN CHANGE;
This is a clear and simple statement is an underlying structural truth of trading—and price movement.
This law is the "art and science" law of trading. It is also the core of virtually every successful
trading methodology.
The second law of trading simply applies the natural laws of physics to the movement of
prices. It is the equivalent of saying a physical body clearly moving in one direction is more
likely to continue moving in that direction than change. Therefore, since "price" is and acts in
many ways similar to a "physical body" in motion, this means the "price" also is more likely to
continue moving in its current direction rather than change.
- I love that 2nd law what the writer is said. My main goal is to catch a bigger price continuation -> the jackpots..
3 ~ PRICES FLUCTUATE.
Another quote from the book,
THINKING "MORE" IS "MORE" WHEN USING TECHNICAL INDICATORS
With contemporary trading software, a trader has all sorts of technical indicators at his
fingertips. My experience with traders who use trading software is that they have so many
indicators they tend to suffer from "analysis paralysis." Since all the different types of indicators
on charting software will never point in the same direction at the same time (it is mathematically
impossible), there will always be some conflict, and conflict creates doubt. The greater the
doubt, the less likely you will act decisively, and decisive action is one of the prerequisites for
successful trading.
Remember, you must accept that you, as an individual trader, simply cannot compete in this
game in terms of complex, technological expertise; therefore, it is best not to try.
Price movement is two dimensional: up or down. If an object can move only north or south,
you do not need fifty indicators to tell you the direction it is moving. Since price can only move
up or down, you only need a few indicators to point out its direction and momentum.
The only way an individual trader can compete in this game is to keep it simple. The more
complex your analysis, the more indicators of trend and momentum you use, the more the playing
field will begin to tilt away from you. When it comes to clearly identifying price energy flows,
less is usually more.
Read the book to know more gems... I read the whole book within a night, this is a rarely useful book..
Most of the things the writer said here, I already knew from my real life experience from many years of trading, I love the book very much. This book is very special for me, may help others...
Happy Trading...
Trading Day by Day: Winning the Zero Sum Game of Futures Trading
by F. H. Chick Goslin (Author)
Some of the Quotes from that book:
THERE ARE THREE NATURAL LAWS OF TRADING—NO MORE, NO LESS—AND THEY ARE:
1 ~ THE FUTURE IS UNKNOWN;
Trading is like a voyage down an unexplored river.
We can know where the river has been and see where it is headed,
but we can never know what lies around the next bend.
We can know what a price has done in the past and see what it is doing now,
but we can never know what it will do tomorrow.
The first law of trading, the future is unknown, is the "philosophy" law of futures (and stock) trading.
See the reality of it and then live completely with this reality; accept its constant unpleasantness every trading day, day in
and day out.
The best way to prepare to confront the unknowable future is by careful study of the past and
clear observation of the present. In other words, focus attention and expend energy on that which
you can do something about, not on what you cannot.
The past is already made and thus is dead and unchanging;
therefore, the past can be studied and known.
The present is always being made and thus is alive and moving;
therefore, the present can be seen and observed.
However, the future is not yet made and thus is neither dead nor alive;
therefore, the future cannot be known or seen.
2 - CONTINUATION IS MORE LIKELY THAN CHANGE;
This is a clear and simple statement is an underlying structural truth of trading—and price movement.
This law is the "art and science" law of trading. It is also the core of virtually every successful
trading methodology.
The second law of trading simply applies the natural laws of physics to the movement of
prices. It is the equivalent of saying a physical body clearly moving in one direction is more
likely to continue moving in that direction than change. Therefore, since "price" is and acts in
many ways similar to a "physical body" in motion, this means the "price" also is more likely to
continue moving in its current direction rather than change.
- I love that 2nd law what the writer is said. My main goal is to catch a bigger price continuation -> the jackpots..
3 ~ PRICES FLUCTUATE.
Another quote from the book,
THINKING "MORE" IS "MORE" WHEN USING TECHNICAL INDICATORS
With contemporary trading software, a trader has all sorts of technical indicators at his
fingertips. My experience with traders who use trading software is that they have so many
indicators they tend to suffer from "analysis paralysis." Since all the different types of indicators
on charting software will never point in the same direction at the same time (it is mathematically
impossible), there will always be some conflict, and conflict creates doubt. The greater the
doubt, the less likely you will act decisively, and decisive action is one of the prerequisites for
successful trading.
Remember, you must accept that you, as an individual trader, simply cannot compete in this
game in terms of complex, technological expertise; therefore, it is best not to try.
Price movement is two dimensional: up or down. If an object can move only north or south,
you do not need fifty indicators to tell you the direction it is moving. Since price can only move
up or down, you only need a few indicators to point out its direction and momentum.
The only way an individual trader can compete in this game is to keep it simple. The more
complex your analysis, the more indicators of trend and momentum you use, the more the playing
field will begin to tilt away from you. When it comes to clearly identifying price energy flows,
less is usually more.
Read the book to know more gems... I read the whole book within a night, this is a rarely useful book..
Most of the things the writer said here, I already knew from my real life experience from many years of trading, I love the book very much. This book is very special for me, may help others...
Happy Trading...
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