DislikedKnowledge does not equal understanding! This principle is so important and so relevant in trading, that I just couldn't afford not to post this excellent example. This special message is for all people who struggle and still fail to achieve the desired results. Watch the video! https://www.youtube.com/watch?v=MFzDaBzBlL0Ignored
- #83
- Jan 3, 2016 3:10am Jan 3, 2016 3:10am
- Joined Aug 2012 | Status: Trends, Levels, Confirmation, Bayes | 1,834 Posts
Great thread 
Build good relationships with others.
- #85
- Jan 3, 2016 9:47am Jan 3, 2016 9:47am
- | Joined Oct 2012 | Status: in between fear and euphoria | 830 Posts
CrucialPoint's Simple Exit Method: The "GTFO exit method"{image} I'm sure you are aware by now of the emotional roller-coaster traders goes through. Look at the above picture and think about how long have you known this diagram? (since you started trading? 1, 5, 10 or 15 years?) A lot of people have seen this diagram. And it's been staring at your face and you haven't solved it because of the following: You didn't grasp and understood the principle You haven't mastered the basic Your cognitive biases blinded you Let me take the blindfold off...
Grats!
I am liking this thread, thank you for the inputs.
I am a passion trader who always thrive to improve her trading skills. I notice myself that I never used to have a good enough or clear plan that it can give me enough confident to stick to it and trade with the plan accordingly. I have never been a greedy trader so never been too cocky and blow my account up after few good trades. I have tried doing many different things to strengthen up my mental toughness, I did the things I would never do , the latest one was working on the street as a fundraiser for Greenpeace, asking strangers randomly to sign up for monthly donations. After I have done that for a month and coming back to trading, suddenly, I am a lot clearer what I can do for my planning, and begin to take some very good trades in regarding of timing in entering a trade .
Although that part is sorted , I can haunted by my mental weakness for fear in losing a trade. Often I closed my trades too early for fear the trade will turn into a lose -it happens when I am starring at lower TF, M15 or lower ,bare in mind I am not even over leverage, so as soon as there is one or two not too nice looking candle bars come out, I would bail myself out with some humble 3-4 pips profit, and only to see my strategy play out completely as I wished. I have to remind myself that when just before something to take off, there would be some form of struggling within the price.
So it comes down to how much awareness do I have, especially in a live trade.
The question I am now drilling into my mind, that I will not stop asking, especially during a live trade is that - "Are you willing to give up the Forrest for just the two trees?"
Forrest =final target,
the two trees = the not so good looking bars instantly deliver from low TF
So Forrest?
or Two trees?
The choice is up to ourself. Personally, I choose Forrest.
I am a passion trader who always thrive to improve her trading skills. I notice myself that I never used to have a good enough or clear plan that it can give me enough confident to stick to it and trade with the plan accordingly. I have never been a greedy trader so never been too cocky and blow my account up after few good trades. I have tried doing many different things to strengthen up my mental toughness, I did the things I would never do , the latest one was working on the street as a fundraiser for Greenpeace, asking strangers randomly to sign up for monthly donations. After I have done that for a month and coming back to trading, suddenly, I am a lot clearer what I can do for my planning, and begin to take some very good trades in regarding of timing in entering a trade .
Although that part is sorted , I can haunted by my mental weakness for fear in losing a trade. Often I closed my trades too early for fear the trade will turn into a lose -it happens when I am starring at lower TF, M15 or lower ,bare in mind I am not even over leverage, so as soon as there is one or two not too nice looking candle bars come out, I would bail myself out with some humble 3-4 pips profit, and only to see my strategy play out completely as I wished. I have to remind myself that when just before something to take off, there would be some form of struggling within the price.
So it comes down to how much awareness do I have, especially in a live trade.
The question I am now drilling into my mind, that I will not stop asking, especially during a live trade is that - "Are you willing to give up the Forrest for just the two trees?"
Forrest =final target,
the two trees = the not so good looking bars instantly deliver from low TF
So Forrest?
or Two trees?
The choice is up to ourself. Personally, I choose Forrest.
Dedication brings Satisfaction and Success.
- #88
- Dec 8, 2016 3:26am Dec 8, 2016 3:26am
- Joined Feb 2012 | Status: Trade like Water | 3,403 Posts
Superb ADVICE
Let Market Tell You
UNCERTAINTY
When it comes to money this word gets its highest and strongest power, because of all the psychological issues that money awakes in each human being.
I think trading is so difficult to learn because when we put money and uncertainty all together something in the mind immediately reacts and unables people from thinking how they should think: so they all end up "trading not to lose instead of trading to win" - quoting a great CP's sentence here -.
I understand the words "trading not to lose" as the vain attempt to make certain what is uncertain.
There is a big lag between noob traders approach to trading and market environment: most of them keep on thinking in terms of right or wrong, meanwhile market is just a world of possibilities: there is no right no wrong.
So what? which is the point of trying to be right when there is no right nor wrong?
This is the hardest psychological issue that must be overcome and requires a radical shift of mindset.
This apparentely little difference in perspective is strongly conditioning and affecting the hole thinking process of a trader, from reading price action to adding some indicators for a better understanding and to building a correct risk management strategy and to decision making process: in other words it affects the hole trading process and therefore final results.
Those results will be exactly the ones that the noob trader is struggling to avoid: losses.
This is one of the strongest and most unknown natural laws: as you believe in your heart, so it will be done: this is the law of life and of living.
I understand the words "trade to win" as the solution to the above big issue:
trying to make certain what is uncertain, that is to say trying to predict, trying to confirm, trying to be right, is fool!
There is no way to make it, but there is the way to be safe even in an uncertain environment: do not avoid uncertainty, manage it.
Therefore it is not a fancy trading system that will make you a pips reaper but the risk management strategy you use, supposed you have one.
Finally, i want to make it clear right now: i'm not speaking of money management but risk management: the difference is huge, although they both must play all together: money and risk management are two different things but they cannot exist without one another.
How to make it? stop thinking in terms of right/wrong and begin to think in terms of possibilities, it's that simple.
- #90
- Mar 5, 2018 4:42am Mar 5, 2018 4:42am
- Joined Dec 2015 | Status: Suuka Maadik | 3,630 Posts
Maadik Hugiis. IQ 69.
