padutrader, I face the same thing with the confident issue even though I am continuous learning. The problem I realized is these below: 1. Failure to back test for XXX amount of trades my way of trading with clear entry and trade management rules. This means go back to January 2nd 20XX and scroll through each bar with my trading strategy and record profit for each trade and see positive expectancy. 2. Failure to identify how I want to trade and what makes me comfortable. Maybe its scalping or maybe swing trading. Either way finding what fits me comfortable is key. 3. Failure to get properly educated before doing step 1 and 2 above. Rather mentorship or trading course(s) IMO the solution to confidence building is practice practice practice and test your belief. I just do not see any other way.
%% Yes, T1974/2009; maybe if you manage money wisely/invest........ Some Market Makers make millions= not really off S&R ............................................................................................................Pretty much debt free can solve many problems+ some do well with some debt on appreciating assets; not a prediction.
if you believe I am a donkey...and I bark 'BOW BOW' ….but you will say: ' see I told you he is a donkey' observation is more enlightening than belief. observe follow the market. you have to know the mood of the market....is it ranging or trending. what is the characteristic of ranges: is it small bars or big bars? investigate and label.....a lion must eat meat.... if not it is not a lion. a range must have big bars that alternate. so if there are big bars then the market is ranging......so how do you trade? this is how you must think......know the bigger picture then you can worry about entries stops
a range is not a where you can draw two parallel lines..... .it is defined by the certain type of price action in that area
Just a quick glance at SPX weekly shows a nice opportunity in June and then again in Sept. Sharper eyes than mine could probably find many more:
yes if range is big but it is not necessary to trade everything, every pattern......I prefer not to because trading ranges turn into trends or trends turn into ranges ...and it is really difficult to be trading during the change over..... I have learnt it is better not to trade difficult times, not to try to be perfect, that by leaving some/ lot on the table, you do not get caught in the numerous traps the market lays for traders even then I made 10 times in last 24 hours.....and I also managed to reverse a trade, something which is very difficult emotionally to do, and which I have not done I would have blown my account. so I am very pleased. this is not the kind of trading advised by books but I have developed my own style which over the years is getting better. I have tried the advised by experts of not taking huge risks but that did not suit my psychological make up so I have tried to learn more and reduce risk that way. knowledge reduces risk...….. this is very high risk....but the reward for success is high. I have found it is easier to be the animal I am.
I am sharing my experiences....not teaching or coaching. all good teachers do this ….they do not teach....they share their experiences.... their knowledge
what does the range signify ? if you have rapid emotional moves up and down it means confusion...…..if you trade when there is confusion, you will get confused. you have to realise that and allow for it in your trading plan. the market will test both ways, which is another way of saying it will go, where it is allowed to go. how to trade this...…. in trading, like in fashion, do not be first nor the last. which does mean sitting out some of the trend or range......sometimes market may leave you behind...….enjoy the solitude, the moment