I have had twice manually trading correctly of a string of 23 losses in a row in both long term commodities and scalping, somewhere in the middle of the strings I started finding it very funny and laughing my rear end off at every loss. I was in midst of an event at the time does not happen often and the odds were incredible to happen again, neither have been able to do again, not that I been trying. I do enjoy the challenge a good deal of using concepts I have never read about but know others found them as well, you can spot it by high volume after entry. Perhaps I never saw this as more than a game. Even if I wanted to hang out with other traders, not like anyone advertises, by the time you have learned how to extract, really don't want to bump into them, people ask what I do for a living, am the "Mystery customer at Starbucks".
The challenge... during frustrating times it was not the profit motive so much as the challenge of being able to do this that keep me at it. Handle is saying something similar. The emotional and mental parts of trading seem much more difficult to me than the technical parts. One of the more frustrating parts of trading is that the technical can work in backtesting and sim, but may be hard to do live. This the "it's simple but hard to do" kind of thing. It appears obvious what to do, but something goes wrong.
The volume is seen, You should not be afraid to enter the market when the falls have no basis. Many times the market falls without any foundation, that is what you must learn to distinguish
One of the mental things is the concept of trading as gambling. I would not argue with anyone who says it is gambling. But in my mind I am not... If I place an order and am thinking: "this has a 70% chance of winning"... I'm gambling. If I place an order and am thinking: "this 100% fits my entry criteria"... I'm not gambling. This is just a Point of View. When I think like a gambler (as described above), I don't trade as well.
You mean, if falls have no basis for falling, that is volume is not indicating any issues, you should not be afraid to go long? Falls without volume basis are highly likely to be minor retracements?
Another major block to success is people who lock their thinking the market is either bullish or bearish. They are too convinced in their "being right" mentality. It becomes that even when alternative signs indicate they may be wrong, they make mental excuses to confirm these signals are wrong, "I'm right" Having fluid beliefs is better rather than locked in.
Sorry for the translation. I mean The market sometimes falls senseless Divide your entry into 2 or 3 parts if you want to be calmer when you enter the market
100% Thinking along these terms, if the majority of trading particpants are wrong that means they are highly likely to vote with their feet which is expressed as volume. Therefore the majority who are wrong, usually at market trend changes, volume will indicate they are wrong. Let me word that differently, volume will indicate a continuation for example (masses believing a continuation) when in fact it is underhandedly changing.
You have to be nimble enough to exit if you find that you are wrong. If my stop loss is hit, I exit right away. In the times, I hesitated and not exited, I ended up losing more monies. All these little things add up to quite a bit when you have hundreds of trades.