Tell me about hindsight, tell me about the here and now, then tell me about the future. Connected or disconnected you are in competition, is your account obsolete because you have resigned yourself to the fact that you will not make the grade. Is your account expendable? It shouldn't be, no matter how much you can afford to lose it. Trading is about wit and strategy, not about how much you can afford to win or lose. If you need money quick and easy, do something else. Always remember this....there are no easy options in life, if it seems easy.........everybody is at it. Don't thank me for this thread, just do what you've got to do. Realise yourself.
Life is as difficult or as easy as you choose to make it. Each one of us has awesome power, because you have the power to decide what you want to think!
TRANSLATION: "Enter through the narrow gate. For wide is the gate and broad is the road that leads to destruction... And many enter through it. But small is the gate and narrow the road that leads to life... And only a few find it."
In trading, how do you define Right and Wrong? Does being right will always result in winning trades?
THERUDEBOY, I understand your thread, so here goes.... I realize that I can be successful in trading because of my mind. This is not bragging. I can see cycles and levels and calculate on the fly. I spend a lot of times in spreadsheets in my head. Indicators tell me what I already see, and I just do not use them or need them. I do not seem to struggle in the areas that others do. This is not to say that I am different or special. Its just an observation. I have wasted thousands of hours on dead-ends, as some of you have...so I am not any different. My IQ is just slightly above average, but nothing to talk about. The only thing it got me was one less year in grammar school and a chance to go to college and high school at the same time. All I wanted was to get out of school! But traders do not worry as you need none of this to be successful. I know complete idiots that trade successfully...you can find them congregating right here in ET. Just find yourself and be truthful to yourself. Do not be embarrassed when you write here in ET. Overcome it! Not that your God or anything like that...just see how far you can reach and do anything mentally that you can to realize it. Never get dorment, always challenge yourself. I think the single most important thing you can do is to watch the numbers, learn the patterns through repetition...I mean really concentrate and watch...practice .....meditate.....visualize....do this everyday over and over thousands of hours.....Develop your "feel". If you can master this, there is no automation that can replace you. I am serious, try watching numbers in the blur of "sleep deprivation"...I have done marathons for days! Now I want you to answer this question: Are you a visual person? Or can you look at rows of numbers and see better that way?...(guess which one I am?) Michael B. Homework: pick random instruments and watch the quotes (not the charts) compare and watch until you can find the pattern (s) correlation (s). watch the flow...do they stick?...why/ when/ compare....you just might stumble on your own anomoly and I guarantee you that you would never tell anybody, if you found something. You could be the most wealthy person on ET and nobody would have to know it!!!
============= Eagle; For a derivative day trading plan; night trading is wrong. Fine & right if your plan permits it No. However wins come in streaks/trends also.
If you close a trade at a loss, all you need to know is that a loss is wrong enough not to repeat. But there is no need to get into an emotional turmoil over being wrong and to start beating up on yourself. One key element is huge preparation and intense study of your chosen market. Obvious? Yet it seems that often players pull the trigger or press the button without sufficient forethought and planning.