Exactly, the above is the key to my troubles, I can have up to 100% win rate (without risking much) for several days in a row and then, I get bored, impatient, overconfident, and for a moment I stop doing what I know is right and get the one bad trade and I stare at the screen while that bad trade eat up most of my previous profits. It is a work in progress...
As I said, there is another way, which 'riskfreetrading' eluded to in point (3) of his "obvious but not obvious". https://www.elitetrader.com/et/threads/why-is-the-obvious-not-so-obvious.151802/page-51#post-2380268 Oh, and joining a strong trend definitely satisfies his point (5). Combine 3&5 with repetition, point (4), and you'd have something like the attached.
It may seem silly, but at the start of the year I'm actually making some changes to my workspace / workstation to make it more comfortable and enjoyable. This should make it easier to stay in observation mode. Think relaxation, calmness and confidence. I'm also enforcing rules to keep me out of the market at certain times and also not engaging the market when I don't have the time or state of mind to be fully focused for the next n hours. Coming in to the market rushed, un-prepared and agitated is a recipe for failure. I'll finish off with a quote I posted earlier in the thread which seems like it went by un-noticed:
There are many ways to trade... I don't know who riskfreetrading is, but it's hard to argue with any of his points in that post you're quoting. I think point 3 could be interpreted in two ways: a. Find one instrument which have ample opportunity and focus on that instrument only. If you want to master an instrument I think that's the only way to go. All US indices (and many other markets too) have ample opportunity (volatility) these days. b. Watch multiple instruments or a basket of stocks and filter for a specific condition (s) and then trade the strongest/weakest. I think that's how many stock day traders work. Personally, I only know ES and I'm starting to learn NQ a bit better. It seems to me that one and certainly the two combined offer everything I need at the moment.
Lesson 1602 Where to enter: Just pick a side. Green is up, Red is down. Stop loss: the other side of the range (of your selected time frame). Find a narrow range and you will not loose much if wrong. Really a no brainer, or am I wrong about this? Please tell me. GO
Would you say you look at your operations as trading AGAINST the retracement traders? Could you also do what you do and trade AGAINST BO traders? If this question makes no sense, pls ignore.
Fake news! Next you will be telling us that Covid is real, and the vaccines don't contain microchips.