oracle you have the patience, you just need to see the differnce between high percentage, medium and low percentage trades, you could make a living with that patience just sitting and waiting for longer term supp and res to get hit, those are the strongest, and skip the rest, 1 -3 trades a month and you could earn a living, seems your personality has patience and anti risk taking so those are the least risky, and few have your patience to watch and wait for those 5 out of 100 trades, problem to overcome is those are usually countertrend, one way to trade those is to leg/scale instead of one x number of lots order, play with that, it's high percentage so you will have to accept to lose a few and be happy with that knowing on average you will win a very large percentage, i asked a friends dad who left the grocery business, ran an a&p for 30 yrs,after going in to sell prudential life insurance,how he handled the rejection and he said if he got 19 no's before a yes, that sale consisted of 20 stops to make that profit,so in his mind every 20 tasks completed was a paycheck, you may have 3 losers out of 10 or 15 trades
I agree with you about waiting for a good trade, and yes I do look at R&S to see what the market is doing. I am able to counter trend trade when I don't look at the news.
sometimes the news is what they use/create/manipulate to get it to those lofty and deep levels so they can load and unload, knew nothing about scotland 2 weeks ago,now all the sudden its a hit or miss game changer for currencies, meanwhile argentina is out of the news and about ready to default, couple years ago they dropped it on the news that us was going to default on lack of a budget extension and they laid off govt employees for 2 weeks, this week they quietly passed another $trillion extension
No my issue is more psychological. If i see for example a bullish report, I may want to go long without using TA, and what's worse a new report comes out and price reacts before its even posted and it could be a negative report that counters the bullish report causing one to lose more money. For the most part I do better by not looking at the news and not over trading.
my priorities have supp/res as the top and then every thing else needs to be related to that,corresponding markets ..etc, don't always stay disciplined but i start there'' .. was never in military but i think that psychological melt when you get in is to erase psychology, make the corp or army a religion, everything else secondary, to some degree, i think you need to make the market the master and you the slave and dispense with the luxury of feelings, yourself, fear , elation to start with. like building something, square peg doesn't fit in a round hole, so toss it, toss emotions, psychology, your not worthy mentality
Looking nice and bullish. Maybe we can start the Christmas rally now and get us towards 2060-2100 soonish? Have a good day/weekend.