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Strategies & Market Trends : Timing the Trade the Wyckoff Way

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To: TedPunts who wrote (14132)10/2/2017 10:17:35 AM
From: Joe Highlander  Read Replies (1) of 14136
 
Vow wee!. I am jealous with your gains. Being the worst performer in our group I dare not have any opinion about your topic. My own Recency bias is to stay put in the position till the final exit triggers. No doubt there are many here who probably have better gains than you describe; some have done so for a decade at least. I was informed by a source that a Mr. Green (or Greene) who picked same stocks that I was trading was consistently gaining very big while I had nothing good to show. I have asked if MR. Green is a fellow BTT guy but have had no answer. No matter we have extremely successful people here, you, C, PT to name few.

My problem was opposite of yours. I was overtrading. Greed made me do it. Not long ago I found a book in the plain seat back pocket; someone had left it there. Title was interesting so I took it. In addition to what we read in daily reports about various biases and urges and fears that get in our way, the book had a sentence that really hit me. “You are overtrading; find some other hobby” it said. I took up gardening and managed to kill few fruit trees. Then picked up reading books borrowed from library. It is a pleasure to read. At least for now. One of the books, may have been by Khanmann said this- You go into greed mode-“Cocaine Brain”. Neuro scientists have found that the prospect of making money stimulates the same primitive reward circuit in the brain that cocaine does. Focus on dispassionate anlysis, avoid both irrational exuberance and panic. In large part, the mistake in buying stock happens because we are not able to damp down the cocaine brain. You get seduced-you start to cut corners.

That really hurt. And put stop to my pursuit of better gains- at least for now.

I am so full of regret that I never miss opportunity to express that regret. That is what this post is about.

Best Regards.
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