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Finally Turning the Corner, tha "its 80% Psychology" thing...


Discussion in Psychology and Money Management

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Finally Turning the Corner, tha "its 80% Psychology" thing...

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  #31 (permalink)
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Many years ago when I first accepted the vast importance of psychology, I started to develop a combination trading tool that used emwave type inputs and combined it in a traditional trading indicator on a time series chart.

I actually had plans to market such a device with a trader here in the community which was a personal friend of mine.

I never followed through unfortunately.

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  #32 (permalink)
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TropicalTrader View Post

Hello TropicalTrader,

Thank you for the effort in sharing your trading history.

Can you please explain how Al Brooks has helped you? I was thinking of purchasing his course soon to improve my price action skills?

Thank you

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  #33 (permalink)
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TropicalTrader View Post
I realized that my strength and passion is short-term trading aka scalping. I define scalping as taking some/all profits off between 5-10 ticks. Its been a huge help for me to trade a market with a large range where I can afford to take 8-10 trades before hitting my daily loss. Fool me once, fool me twice, but not 8 times (on most days). This gives me a strong chance to finish the day profitable or at least with minor damage.

Hello TropicalTrader,

I agree on the take the manageable profits, however with taking profits per trade comes risk per trade.

Can you please explain the follow as it pertains to your trading:

1. How much do you risk per trade?
2. What is your thoughts on Risk vs Reward per trade? Do you prefer R:R < 1 or R:R = 1 or R:R > 1 trades?
3. Do you stick to risking 1-2% of capital per trade?
4. Are all you trades exit at 5-10 ticks regardless of risk?

Thank you

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  #34 (permalink)
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Great thread. Will watch the webinar and look more closely at Convergent.

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  #35 (permalink)
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A Lot of good info I have wanted to do more work on psychology but have been putting it of
procrastinating is another problem to overcome beside trading
Thanks

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  #36 (permalink)
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goodoboy View Post
Hello TropicalTrader,

Thank you for the effort in sharing your trading history.

Can you please explain how Al Brooks has helped you? I was thinking of purchasing his course soon to improve my price action skills?

Thank you


I think I can contribute to this. I got his course free from a sign up to a trade platform deal. I won 50 $ on platform and learned more in 3 to 6 months from his course than I had learnt from reading tons of books and looking at webinar for 8 years or so!

I still read trading books, but never on technical stuff. Except just now I found Mind over market, volume profile FT71 and convergent. I know they gonna be my last stop! 😂

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  #37 (permalink)
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joe s View Post
A Lot of good info I have wanted to do more work on psychology but have been putting it of
procrastinating is another problem to overcome beside trading
Thanks

I have a T-shirt that helps me. It says


Top 10 reasons to Procrastinate:
1.



I highly recommend it.

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DavidBodhi View Post

Restricting myself to decent setups, keeping my losses no larger than my average wins and just plugging along, BREATHING and putting my attention on something else when a trade is on, to cleanse myself of my severe tick-itis does, in fact, make all the difference in the world.

Thanks David, yes, we're looking to stay in Conscious Competence zone, instead of going back to conscious uncompetence and doing dumb things.. its a process..

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TropicalTrader View Post
Thanks David, yes, we're looking to stay in Conscious Competence zone, instead of going back to conscious uncompetence and doing dumb things.. its a process..

To set a time limit helped me to keep profits and not give it all back on the same day....
Now i am only trading for 2-3 hours per day. The hardest part for me is stop trading if i am down, i have to think “tomorrow is another day“.

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  #40 (permalink)
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goodoboy View Post
Hello TropicalTrader,

Thank you for the effort in sharing your trading history.

Can you please explain how Al Brooks has helped you? I was thinking of purchasing his course soon to improve my price action skills?

Thank you

I've had an interesting journey with his teachings. I got the 3 books back in 2010 and avidly started reading them, taking notes, etc.. I got massive information overload and learned some things that helped and then some things that didn't. At that time I was going back and forth between renko and time charts. Sometimes time charts were great but often, they messed me up. Now I can see that I had an unrealistic approach to learning, if I would have committed to study it for 1000 hours, take my best setups, do statistics, backtesting, sim trading and then go live scaling up, it probably could have worked.. I realized later though that I don't learn very well with books unless I take tons of notes, draw pictures of what i'm learning, etc.

I took his video course last year with the intent to learn more about price action and find some things that could help me with my renko trading (I only use renko and market proifles) , I like his ideas around how a market has different types of trends, different types of ranges, plus the different transitions to/from, and ways to look at labelling certain moments (ex: major trend reversal). I like some of his patterns (spike and channel).. I don't trade his individual bar-based setups or use the 20 ema.

Brian Shannon has some really good stuff too, they both describe ideas around the classical Wyckoff Accumulation/Distribution/Markup/Markdown cycles which is fundamental knowledge imo. I'm not into mult-time frame analysis though, that really messes me up. I look at "the profile" for big picture, find that very helpful..

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