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@ Big Mike- is swearing permissible in this forum? Because right now I have a real hankerin' to let some sailor vocabulary fly (as it currently trades at 1.2292...).
Can you help answer these questions from other members on NexusFi?
Don't fill yourself with regret. The past is the past, and there's not a damn thing you can do to change it. Just think of what you can do better next time.
"Within every conflict is a lesson" - either the Buddha or the Dalai Lama (I can't recall which one).
I found a few months ago that I had a number of conflicting beliefs and attitudes. For example- I trade Support and Resistance levels that are based, I think, on volatility.
What they are actually based on I can't say all I know is that at the end of the day- they work. Same with my car. I can't say exactly how it works I just know that it does- so I use it.
In any event I had two conflicting beliefs. One belief was I wanted confirmation that a Support or Resistance level was going to hold. Then, when I got confirmation I said that it was too far away from my level and it could move against me so I wouldn't take the trade. Well, um... not to put too fine of a point on it, but how was I ever supposed to take a trade? Obviously it had to move off the Support or Resistance level for it to confirm. That's what I was wanting. But for some irrational reason, when the time came to pull the trigger, I came up with a conflicting belief that I wanted it closer. Well since it had already confirmed it wasn't going to get any closer to the level and I would pass the trade.
Another instance of conflicting beliefs I have in my Trading Journal that my daily goal is to make $500/day. But after I make, say $150, I wouldn't want to put it at risk. Well how am I going to make $500 if I am not willing to trade past making $150?
How did you resolve S/R and confirmation the conflict? I have the same conflict basically. Still working on it. I am think I'm heading down the route of anticipating the bounce, having a smaller stop.
Trade the confirmation signal. You must trust the signal and take the trade. Know where you are wrong. Personally, I wouldn't anticipate. Anticipating a bounce is the same as guessing. Guessing is gambling and we are not gamblers. We take signals and let the probabilities of our signals make us money. Just my advice.
I thought I would take a second to explain my avatar. It's similar to yin and yang. There are always two forces working on us. We act on whichever force is the strongest within us. If the negative forces are strongest, fear, doubt, loved ones's peeing in our ears, prejudice or whatever, that is the force that we will act on. These negative forces are stronger than our positive forces of goals, dreams, hopes, aspirations, drives etc. These negative forces are seen on the left. When our goals, our commitments our drives, whatever it is that is motivating us, when those forces are stronger, then we overcome our fears and all the doubts and all the negatives that are holding us back from achieving what we set out to accomplish. When nothing, and I mean nothing is going to stand in our way between our drive and our goals, then we are on the right of the avatar.
As a new trader I was always fascinated with complexity for some reason. I had to make it harder than it was. It seemed that the more complex something was the more I thought of myself as a trader. Unfortunately, that complexity also showed on my trading account. It's not just coincidence that the complexity of a method and the struggles of an account go hand in hand.
Note, for example, the power of a simple straight line- a trend-line. Look what it does! My trend-line tells me two things- First, potential entries and second, when the trend is over and either consolidating or reversing. Just a simple straight line.
A word of caution on the 6E- there is usually one break of the trend-line in which the market breaks the trend-line by a little and then resumes the trend. That stray peak or valley then becomes the more important trend-line to gauge the trend from.
Look how low the risk is on a simple little tool like a straight line. I mean, how hard is this? As hard as you want it to be! I've tried it hard (complex) and I've tried it simple and I like simple a whole lot more.
