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Patience - congratulations on patience to FOCUS for 2 hours for ONE trade. I guess the patience and Focus comes with practice. Do you practice any techniques to develop Focus. I listen to music on the MP3 player and this seems to keep me occupied
I wish i had what it takes to focus on one trade for 2 hours but I'm afraid you misunderstood me. I was done trading in about 3 minutes this morning. I spent the next 2 hours just watching the market and seeing where potential trades might be. Observation mode.....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Got in a tad late today but the trend was with me so felt real comfortable taking the trades. Two trades today. Both winners with a third passed on because I was emotionally done. No need to give it back if I'm not in the groove.
In the interest of showing what my multiple time frames look like, here is a screen shot.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
There is no single indicator, charting technique, or quantitative measure, that can accurately produce a forward looking view of the market. Rather, it is an aggregation of a variety of different inputs that forms the context for what should be the primary focus, which is price action. In any case, confirmation bias is likely to be an attendant factor in any analysis and/ or decision, so ultimately success will come down to risk, money, and trade management. However, this too must be pragmatically applied within the context of the market, i.e., liquidity, volatility, etc. - the blind or rote adherence to an arbitrary set of rules, without taking into consideration the context of the market, can be ruinous.
The market doesn’t announce it’s intentions ahead of time. Instead, it prefers to remain an enigma, manifestly unclear, or clearly un-manifest, as to what direction it is headed. At times, the market will even offer up a head-fake, or some form of dis-information in an outright effort to deceive. Most traders would prefer, and some even expect, the market to tip its hand, which it often does to those who know how to listen to what the market is telling them. Of course, the market assumes the listener(trader) is completely aware of the context, and subtext, of its remarks (price action), and that he has dismissed any predispositions for the moment; left only to dispassionately analyze the arguments before him.
I particularly like the emphasis you place on risk, money (management) and trade management as having eqval importance (over many trades) to successful trading. Of course, I think thats what you are saying.
Many traders seem to focus exclusively on setups, or entries without any consideration of the other factors which have equal importance. (sometimes greater importance, depending on the trade)