Continue reading...Throughout the years I?ve been trading and writing I’ve often written about mind set?having the right frame of mind for your trading so you become a winner.
I’ve stated that it is our job to trade "futures," not "histories."
The future is the next bar on your chart. You can’t possibly know how it will develop, how fast prices will move, or where it will end up. Since none of us know where the very next tick will be, it’s impossible to know where the tick after that will be, or the tick after that, etc. All we know at any one time is what we’re seeing. Interestingly, what we’re seeing may not be true.
Trouble With Data
If we are day trading, we are not sure that what we’re seeing is a bad tick, especially if it is not too far astray from the price action.
The daily bar chart doesn’t always tell the truth, either. The open may not be where the first trade took place. The close is merely a consensus, and may be quite a bit distant from where the last trade took place. ...
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