Trading Triumphs - Jerry Parker #1: Fear of Executing Trades
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- Опубликовано: 28 июн 2024
- In this episode, legendary trend-following Turtle Trader Jerry Parker shares his journey from the initial struggles to mastering the art of trend following. Whether you're a newbie or a veteran in trading, this discussion offers valuable insights and real-life lessons that can transform your approach to the markets.
Key Points You'll Learn:
1. Overcoming the fear of entry and the importance of executing trades.
2. The role of systematic rules in trading success.
3. Learning and growing from trading mistakes.
4. Adapting strategies according to market trends.
5. Developing the right trader mindset for long-term success.
Next Steps:
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Timestamps
[00:00] Introduction
[00:51] Challenges in Trade Execution and Risk Management
[05:41] Overcoming Trade Execution Hesitation
[11:09] Importance of Systematic Trading and Rule Adherence
[17:58] Conclusion and Preview of Next Discussion
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Disclaimer:
Trading in the financial markets involves a substantial risk of loss and is not suitable for everyone. All content produced by Better System Trader is for informational or educational purposes only and does not constitute trading or investment advice. Past performance is not necessarily indicative of future results.
What's your favourite insight or quote from my discussion with Jerry? Let us know below!
Traders should focus on process over profit:
"If someone asks you how well you've done, you have to answer them in terms of how faithful you have been with following the system. Not how much money you've made or lost." - Jerry Parker
Took him 11 months to figure things out, read books, newsletters, etc., follow your rules, focus on process over profits, do all trades in your plan, don’t miss the trend, don’t over filter signals.
nice summary, thanks Raz!
Good to see gain Andrew! I will join the podcast live again soon.
More live ones coming soon!
Why not take the next signal on Heating oil if you miss the first signal?
when did this podcast take place? this month?
yes, was recorded last week
I remember reading in Covel's book on the Turtles.
In system 1 if the previous trade was a winner and you got a second signal, it was skipped. Is this true?
I also skip trades if the previous trade was a big winner as in my mind I think there is no more to squeeze out of the trend.
Its probably bad thinking.
hi Neil, I'm not exactly sure what the turtle rules were, this does sound familiar but I'm not 100%
Do backtesting on your system. There is no hard and fixed rule.
I have a long short system. Means, I am mostly in the trade alternating between longs & shorts. The reason why I would skip a short signal after a big long trade winner is because the market may NOT reverse immediately & perhaps get into a consolidation.
Moreover, S&P has a long term upward bias. So, skipping a short signal is fine on daily TF after a big long winner on a long short system.
So, understand your system, backtest and take necessary steps.
Hello Akash
It was more a case of taking a signal in the same direction as the original signal.
So if you took a long signal and it was a decent sized winner and after exiting you got another signal in the same direction that would be skipped. I recall this was on their shorter term 20 day breakout system.
Anecdotally I have noticed that if you do get a second signal after a good sized winner, the probablity that you get a winner of a similar magnitude is diminished.