the point is, I am the only average man in the world half are above me and half are below me and if I ever think I am above or below average I am delusional
Early days , give me a bit more time to get the whole operation in full flow , then I will show them how to make money out of wind. Last two weeks have been a little difficult with not very helpful conditions , and I have not yet implemented 4 additional systems
I saw that movie -- "Idiotocracy". They get some guy of average height, weight, IQ, career, age, hair color, personality traits, pets, hobbies, etc, and choose him to be the volunteer for an experiment to send him into the future. By then, the average IQ has sunk from today's 100 to today's 50 (or something very low). This leads them to declare he is the smartest human that ever lived, and then all his problems start ... was kind of a funny movie.
yeah, especially the part where he wakes up in some guys house and the guy doesn't even ask who he is or where he came from, just says shut up I'm watching tv the prosecutor gives a pretty good dumbed down final statement "Man, you gotta like, GUILTY!"
80 % of trading is mastering the psyche. Traders have to deal with technical analysis which is junk science. 80 % of the trends on 1 minute and tick charts fail , traders are advised to trade trends , yet they are not prepared to deal with losses .Many traders react negatively to losses , and become totally different characters when losing.Trader's responses change and execution falters ,when they are in losing streaks, confidence goes ,anxiety creeps in , fear engulfs trading decisions. Traders are simply not prepared for failure of trends and junk science. The rebuttals team should open a few more threads to talk about why 5 % win , and rename them why only 1 % win.
Technical analysis, does not mean they are not useful. I can say in certain markets & instruments, Price Action fails. There is a huge following of those who do Price Action and still fail at trading. As far as trend, I just care it starts after I get into the trade in my direction. Some might contend that 3/5 minute charts are random as well if one only trades on weekly bars, just a matter of perspective. You have to have a bit of wild abandoment to trade well in the markets, try to keep ego at the door, but have to retain some to be able to get to trading larger size. Maybe a "kick ass and take no prisoners" to overcome the negatives of trading, and baby, there are plenty of those when learning. You discover all the real bad areas of one's inner devils when groping along trying to find that so called "edge", but after awhile you learn there are many edges. But once you learn, it is a hell of a fun game. You get to see where the inexperienced gets screwed over thoughout the day by the traps, usually getting in too soon. Not every retracement is an opportunity to get in, first one after trend change offers smallest risk and biggest gain. Not every trend change is a trend change if whatever you defining as trend change leaves you in chop, wait for a bar that "Thrusts" out of an area. Little things like H&S at highs/lows after an extended move stop me from taking more trend trades. Abnormal extended bars stops me altogether from trading, too much volatility, climatic bars often are big bars then next 45 minutes has bars form within the range of that Climatic bar and for me-no edge, no trades. Climatic bars also go hard in one direction and come back just as fast and hard as well.
there are so many things there. most people can not focus, that is why people lost. most people blame their psych for their failures, what a wonderful excuse! the truth is : they can not focus, just like a 3yrs. trading is boring when you get it. since the mechics is the same. prepare the trade (idea, risk define, possible target, odd ), wait for the time to enter (use technicals to time), observe market unfold (healthy or unhealthy move ?), cut loss or hold, watch reversal signal, out on the right time. do it over and over. some people want to be fast, they skip trading steps, of course they end up losing. they overtrade, trade too frequently, or stay longer, ... all is becuase they do not focus on each procedure of a correct trade. my friend said trading is like walk on a cable bettween two high mountains, if you do not focus, you miss a step, you are down into the valley and dead. technically everone can walk on it, but few can walk through. qUOTE]Quote from Handle123: Technical analysis, does not mean they are not useful. I can say in certain markets & instruments, Price Action fails. There is a huge following of those who do Price Action and still fail at trading.. [/QUOTE]