Trading against the yourself, muti-tested algos, some very smart retail traders and some even more smarter institutional traders should be enough reason to not add anything else to the equation, to tip the odds against the trader. Creating the above situation (above quote) is so stressful and detrimental, that it would be wise for one to actually have some financial reserves, so as to eliminate the "extremely dependent" scenario. Otherwise, the possibility of success stands very low. Strings of losses happen (most times) due to sub-par reads. This is not to say that strings of losses are not common, but this is when a trader should realize that re-evaluation is needed, or else the losses continue to mount. Choppy markets should not be a cause of frustration as one that can read clearly knows that it is time to conserve mental energy and not be stuck in the indecisive fight taking place. If someone is reading the "herd psychology" portion, most times the smart money is already in and has set itself up with a very tight R:R. For this reason, reading "herd psychology" is easier, as now the "intentions" are more open hand. Guess who is entering here and who has the financial power to jam them if need be. Reading PA may seem easy, but it is in fact very detailed and delicate. Good PA reading can avoid "frustrated by string of losses or choppy markets" situations to come about. ***I just realized that this response is so off-topic to the O.P's post. Hence, I don't think it would be fair to him/her in serving their purpose in continuing this discussion (maybe have a new thread started). My apologies @Sattam
Dear VPhantom, Timothy Morge is not who he claims to be. Please refer to the following for some cold facts: https://www.elitetrader.com/et/threads/tim-morge-and-the-well-chosen-example.305061/page-3
i have been trading for 30 years-obviously not all profitably but i have a lot of experience- and i am ready to help. Free no charges I learnt, unfortunately not early, that it is important to simplify so i threw out all complicated theories. how ever it is not easy to explain in writing:what can be explained in 10 minutes face to face may take days or weeks in a forum or thread. the first thing is that there is a pattern to every move....you get a strong move, a break out, and then sooner or later,the countertrend guys get interested and so the move becomes two sided, a channel, which then weakens into a tight range which then breaks out in the opposite side and the cycle repeats. you can see this in every move because one sided markets do not exist for very long:this is because you need someone to take the other side of the transaction
Please do your due diligence: https://www.elitetrader.com/et/threads/tim-morge-and-the-well-chosen-example.305061/page-3