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Psychology and Money Management

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New to Futures, but Hitting the Wall

  #46 (permalink)

melbourne victoria australia
Trading Experience: Advanced
Platform: ninjatrader
Broker/Data: FXCM
Favorite Futures: AUS200
Posts: 72 since Apr 2016
Thanks: 30 given, 64 received

channeling the harsh realities of trading

Thinking in probabilities.
Having the correct risk management
Having a strategy with a edge

Trading is a game won by those traders that can best deal with frustration, disappointment, and adversity. Trading has harsh unforgiving realities, full of losses, missed opportunities, draw downs and unforeseen events. It is futile to seek perfect entries and exits and numerical values of any indicator. There is no perfection possible , there will always be ambiguity .

You must expect adversity during the trading day and how you handle the situations that arises will make or break you as a trader

The market has about 10 % trends days overall so looking for breakouts is not the best method of trading. A better method is fading key support and resistance levels.

support and resistance zones from higher time frames have a higher probability of it holding a intraday test. Moreover especially if the larger time frames are in alignment with a support and resistant zone the more likely to hold the intraday test

How price approaches these zones influences weather the zone holds or breaks, the more factors that align at support and resistance levels the greater probability for a profitable trade.

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