Okay where was i.....Determined to work harder. I have tried so many different combinations of indicators over every time frame, and yes i even tried the weekly charts for a very short time, let me tell you its worse then watching paint dry😱. I used all the mainstream indicators, hundreds of custom indicators, i have tried so so many systems created by others, i tried complicating things, I tried not complicating things, I tried using a tight Stoploss, very wide stoploss to not even having a stoploss. I tried S&R, pivot points, trendlines, fibs, pitchforks, channels, candle stick formation and so on. I have tried range charts, Renko charts, even tried trading without price, tried trading news so on and so on, you get my point.
I had tried so many things and nothing would click. I lost thousands of dollars and everything just seemed to be against me. But the fact was it was only me against myself. After giving up for the like 5th time which was my longest period away from the game (about a two months) it all started to change. I started to show consistency, but yet overall i was still a breakeven trader....And i must say while you maybe at breakeven and not losing much it is still if not even more frustrating then being just a rookie losing , cause you feel like your there but sh!t still don't work.
Then one day something changed again! It was like i just knew what to do i threw a few indicators that i have used many times before in many of my hypotheses, found a time frame to trade according to my life style...and finally got it right. I don't know what changed it all exactly? And still even now can't really say in a definite way of what changed everything. All i can put in down to is time in the game and burning candle sticks into my eyes lol.
Some of the most important things I have learnt have to be…..#1 Learning what emotions are? Why we have them? And how to keep those emotions in check is imperative. This is by far for me the most important thing that must be learned if one is ever going to make it as a self reliant consistently profitable retail trader....#2While Money Management and risk is a topic that is widely debated and has to take into account a persons level of risk, it is important to be conservative and not leverage to much of you account on one trade, it’s a marathon not a sprint!…..#3 No one has the answers, only that of which works for them, what works for one may not work for others, take the time to invest in yourself and find what works for you…..#4 Always be open minded to listen and learn, as Stephen R. Covey says “ have time to sharpen the saw”…….#5 The quickest way is by far the longest way, keep trying to take shortcuts and the journey to your destination will take twice as long……#6 I have learnt that markets don’t care what MACD, Stochastic, RSI, overbought, oversold, or any other indicator news event or theory says price will do next, PRICE will do whatever it wants. Nothing is a guarantee and can never know 100% what is going to happen next, We can make a calculated guess but we do not know what the market will do next. A example of what I mean and see this all the time: Someone says this news came out as this so why is it going down and not up like it is meant too….The answer I will always give is price will do what it wants!
This leads me to #7... Being accountable and responsible for yourself and your actions. Making excuses and blaming the market, the broker, the system or blaming a signal from someone that you followed is not being accountable and is irresponsible!! We have all done it at some point, but by doing this only stops the capacity to see the lesson that can be learnt whatever it may be. Lets study n analyse this for a sec…..
Blaming The Market: The market does not know nor does it care about what you think, nor what direction your trade is going in. It has no feeling, no good or bad and has no bias what so ever. The market is just information which you interpret. You look at the information and interpret which direction to trade in and you choose to click the button to enter the trade… I have heard people say F@!king brokers stop hunting! Is the blame on the broker or is it on you for having tight enough stops so they can stop you out? Remember you choose the amount of pips to set the stop and you were the one that placed the stop! Those that say the broker, will not learn anything and continue to get stopped out another 100 times till they say F#!k this I am setting a wider stop. So they did is eventually learn but they learnt the hard way. If they only had the accountability there he or she would have looked at what they are doing and they would have fixed the problem much quicker then just blaming the broker… I hope you can you see the key word here??............ The key word is YOU! Anyway being accountable and responsible will do you a favor in taking down the Great Wall of China that not being accountable and not being responsible puts up in front of eyes and will allow you to see and learn the lessons and identify problems much more efficiently and effectively making yourself a better trader. I am sure you can see my point about being accountable and responsible. I see this problem everywhere with aspiring traders blaming everything they can and it drives me nuts!
Well that’s the conclusion of Charter 2, I can’t type anymore lol…..Hopefully I haven’t bored you to death with the length of the posts….I will be back later with Chapter 3
Peace
Aussie_Pride😉
