Open Mind by Bruce Lee: Be Water My Friend “If you do not have styles, you just say, here I am as a human being, how can I express myself totally and completely. That way, you won’t create a style because style is a crystallization, that way is a process of continuing growth.” – Bruce Lee
What is amusing, two traders of same background, years of experience can see same price and see it completely different and yet both be profitable. Trading is not about being right, it is only making as much money as one can consistently. Too many people here and everywhere have other alternatives for trading. Timeframes can be different, risk different- shorter the risk more precise entry has to be. If options are used as hedge can make a difference. One can be trading off weekly bars and other off the DOME. Being "Open Minded" also means not be dumb, well back tested method has to answer every inconceivable thing that can go wrong. Many lose cause they think one month is long enough for back test, better is three to ten years, longer time, you are "Open Minded" to possibilities of doing what most would never say to do as you have huge history of what your method can do, drawdown, most losers in a row, what is the mean of losses, individual drawdown, time of winners, and if going for bigger profits-breakdown trade into segments so you can trail protective stops if you need them. I don't like stops when day trading-tend to get lazy and not actively concentrate on the trade, but that is me, but I hear so many others will say "I will just let the market take me out", maybe the chart has changed enough to take loss early and save some coin.
I shook myself out of so many perfectly fine trades falling for the "consolidation blues" that I finally decided to chant a mantra whenever I'm in a position where price is making everyone nervous: It's still a long, no short signal, it's still a long, no short signal..."
NoDoJi, It's REALLY great to see you now posting in the psychology section. Does your PM works? Also, is that true that people have checked your audited P&L for over 2-3 years, or I am mistaken. Or is that you are now pulling in million$ profits/year ( correct me if the information I got is false). Please do not take this badly, I just want to check information I am - without asking - passed. Thanks in advance.
What have you got against Linda Bradford Raschke then ? I think she's one of the best traders on youtube.
I'll answer your question if you explain how you reached the conclusion I have something against LBR.
Because you also mentioned karen the 'trader'. I thought she was a joker on youtube. If you put them together in the same post, I presume you see the two equally matched ? So it's a case of LBR is as bad as karen, or karen is as good as LBR. I thought you might mean the former in your post, because the latter possibility didn't make sense.