That's not what the quote is talking about. Love to lose money, hate to make money = love taking small losses /stopped out. No hesitation, no sadness, joy. Hate to make money is a reminder to let profits run. I also think, perhaps on a deeper level, it has some similarity to Nietzsche's Amor Fati. You can love the losing days too. Camus: "one must imagine Sisyphus happy"
First, PA in one instrument is as good as in any other instrument. It ain't like you will need to trade differently between ES and CL. Second, PA is a broad subject matter. It's about convoluted as TA (eg. endless MAs, Stochs, RSIs, etc). When Trader A talks about PA, it probably isn't the same PA that Trader B is using. So in the end, you will need to come up with your own edge and stick to what works for you.
Hello ironchef, I am glad that help you. Never forget my motto in trading: 1. Clicking is the answer to trading sucess. 2. Reading trading books - waste of time, useless 3. Asking for trading help - waste of time, useless 4. Buying trading course - waste of time , useless 5. Seeking trading edge - waste of time, useless 6. Trying to learn more about trading - waste of time, useless The only answer is Clicking Clicking Click the buy and sell button and trust the eyes.
People will laugh and say you are a fool. But I am beginning to see the logic behind this. As usual, the devil is in the details. Do I trust my eyes, or Brooks? I know your answer, now I like to hear from Brooks. @padutrader, your turn.
what novices should not do, is confidently click click click ,every time they see something. they should not use 5M 10M 15M 20M because they will make a lot of trades because they are seeing things. once you 'over trade' you are dead in the water in small time frames. i traded daily time frame for 15 years. nowadays novices trade 5 min because they can, not because they know what they are doing. you need to trade for 10 years while learning all you can. when you are trading 5 min your mind is not stable .it is all over the place. you cannot trade and think and observe and learn at a same time. they key is not in making trades but observing and learning. do not forget commissions and other costs like slippage. Today my costs are 50% of my losses...that is massive and it the elephaNT IN THE ROOM also choose swing or scalp
Two things that you should be aware of: Spatial: When something is said to be in-context or out-of-context, you're really comparing one thing to another thing (for instance, X currently trading at $90 vs $85 earlier). Temporal: There's a direct correlation between prices on the shorter time frame and the longer time frame. How the price moves in one time frame will dictate the buying/selling behavior on the other time frame. It's usually the shorter TF that influences the longer TF, but sometimes it works the other way around.