Death by a 1000 cuts, that's very much true. I agree. Which is why I mentioned Timing in combination with Risk Control. The better you can time entries the better you can manage your risk control as they can be ridiculously small compared to profit potential. Which then lead to being able to trade large sizes and make even bigger profits. Right now just got in a trade. So in work mode. Stop loss at 5pt. Profit currently at 12 pts. Let's see if it holds.
Actually, you can. But it's important to understand what important money is looking at and what its objectives are. The "fakes and traps" are a matter of perception. And, no, it doesn't matter who's causing whatever it is you believe you're seeing. Wyckoff melded every market participant into what he called a "composite operator". Focus on what that "operator" is doing. Getting into fakes and traps and motives and desires and all the rest of that is a distraction, and confidence and discipline pretty much fly out the window. Trading plans invariably become egocentric. A few traders get past that and move on to a different level, but most of those who begin the process of developing a trading plan do not (most traders, of course, don't begin at all). Because the process is egocentric, the chief concerns are where do I enter, where do I exit, what should my target be, what should my stop be, how much risk can I tolerate, and so on. The character of the market itself is a secondary issue at best. What is paramount is how the market can serve the ego rather than the other way around. The market couldn't care less about the trader's entries and exits and stops. The market couldn't care less about what the trader wants. The market couldn't care less about the trader's personality or psychic needs. The market functions in a certain way. It has a certain structure. If a trader is to be truly successful, i.e., more than just "getting by", he must understand these functions and this structure, neither of which have anything whatsoever to do with him.
If you've found something that works, don't start second-guessing yourself and trying to make it harder than it has to be. I found a working strategy and did just that...and it took me a while to recover.
Our advantage is time, we can get in and out quickly, use this advantage to your benefit, it's about all we've got. Made 1 trade +$170 in 4mins earlier risked 5 made 15 , should of held went 30 more LOL Don't be impatient worrying about missing a entry to, there will be another around real soon. * Currently in the ZONE account up 60% in a week, trying really hard to stay in the zone, it's the above thinking that's got me back in the zone.
The "fakes and traps" are a matter of perception. And, no, it doesn't matter who's causing whatever it is you believe you're seeing. Wyckoff melded every market participant into what he called a "composite operator". Focus on what that "operator" is doing. Getting into fakes and traps and motives and desires and all the rest of that is a distraction, and confidence and discipline pretty much fly out the window. Trading plans invariably become egocentric. A few traders get past that and move on to a different level, but most of those who begin the process of developing a trading plan do not (most traders, of course, don't begin at all). Because the process is egocentric, the chief concerns are where do I enter, where do I exit, what should my target be, what should my stop be, how much risk can I tolerate, and so on. The character of the market itself is a secondary issue at best. What is paramount is how the market can serve the ego rather than the other way around. The market couldn't care less about the trader's entries and exits and stops. The market couldn't care less about what the trader wants. The market couldn't care less about the trader's personality or psychic needs. The market functions in a certain way. It has a certain structure. If a trader is to be truly successful, i.e., more than just "getting by", he must understand these functions and this structure, neither of which have anything whatsoever to do with him.[/QUOTE] What if 2 pros are fighting for control? What if sudden news come and cause the pro to change mind? What if pro himself is using algo to disguise his action? What if pro is faking his most ardent followers left and right, then hit them hard for max profit. Pro is pro for reason
Well it's not him, his $50 at risk isn't enough, it's the MASS EFFECT of millions all around the world vs companies with trained Pro's and Billions of $$$'s being put into good use.
All of which cancel each other out and achieve a null effect. If one is being stopped out a lot, the problem more likely rests with his trading plan than with some global shadow conspiracy.
Whoops. Didn't work out. But exited at Breakeven. Now Price is at negative territory relative to Entry. In the past I would have gotten angry at the loss profit and hold on to the loser. So I consider this a success in Risk Control.
Good, do the right thing regardless of in profit or loss, your a trader take action, don't become a sit and hope investor every trade that goes against you.