Who are you when you trade
Well, this week wasn't very active. The numbers were put to a lot of use premarket but not so much during market hours. I've been catching up on some sleep as well, but have been using market profile in the Thai market. I'll post a video about that soon. What I've been doing is making a market profile graph after the morning trading and looking to buy the low value area of the morning's session.
good thread Mr fantastic
Watched your little film show
Hope you don"t mind the post below by a guy who it turned out new me better than I new myself. It was my first thought while watching you trade.
Who are you when you trade?
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Ive seena lot of posts about tips and tricks in the trade but few that relate to the biggest issue of all.. YOURSELF
Of far more importance than anything else it is YOU who are the focus of the markets. The markets dont like or dislike you they are just there and the markets exist to move money between accounts.
If you set stops too short, keep modifying your stop loss, feel that the market is against you or that you are in a fight with other people, or perhaps want revenge for the losses youve sufered... or you still take impulse sucker trades without any notion of the value of your entry/exit and total possible loss IN ADVANCE let me assure you you will oh yes YOU WILL LOSE!!!!
All the above issues are unresolved problems that YOU have to confront. The best way to deal with that is to have a written plan and EXECUTE EVERY signal to the letter like a machine..after which you can then test your results after 3-5- days and only then perhaps modify your apporach. If you arnt doint these things then I assure you you will lose!!!! PERIOD because you have no means of measurement, no means of control and your lack of discipline will kill your account.
You either approach the markets like a machine who measures plans and executes without emotion inc euphoria or you will LOSE!! It takes around 3 weeks minimum to learn this habit of discipline to trade as well as stopping completely any arbitrary entries that send your money to disciplined trader accounts until it begins to become ingrained in your Psych. Most traders dont get this far before they blow out because they thought the markets represented freedom to them but the paradox is they require diligence, discipline and a scientific approach which by the way can be helped greatly by using automated platforms if you know yourself to be weak at sticking to your executions and end up chasing the market...another sucker trade. Are we all getting the message? Traders are not born they are made..and those willing to commit to discipline during the learning phase will most likely end up winners.
Most people simply dont want to face that level of discipline thats why they lose by impulse trades...sucker trades that have no feedback value whatsoever .
you/we have bigger issues to confront and those are first a commitment to be aware of yourself and how and why you cut corners. You must always know how much you will lose before the trade begins... this also helps to keep emotion out of the market.
read Trading in the Zone by Mark Douglas and forget for now any intense study of the markets.. more knowledge of the markets is NOT what will make you successful.. Knowing yourself and why you do things and then committing to discipline is the path to success...
commit to consistency... this is what I have learned from my bitter experience to date..please please get this message.
by Paul
all the best with it
Andy
