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Hey @Calming - that mind over market session is on YouTube in full.
I don't necessarily like him as a person or the way he does these sessions but what he says speaks truth. And also it's in line with the mathematics Brooks discusses expensively in his books as well: in any trade you stand a probability, not a guarantee to win or lose money.
Regarding a better entry point for trade 2.....No, trade 2 should have never been done. There never was a good entry. Yes, it would have to be below 2744.25 but then you have to consider how much room do you have to target (the moving average) and your logical stop. The risk/reward would not be to good in that instance. Counter trend trades after new highs and lows are just not the way to go for a new trader.
His materials on the net abound. The guy presses heavily on psychology. I respect that. I was curious though what exactly was referred to in that post.
The bar prior to your entry bar on trade 2 was the high of the day. There was no lower high. For clarification, are you trying to tell me that because your entry bar had a lower high than the previous bar that a lower high was being put in and that it was ok to take the trade ?
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
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I would suggest reading these. I’m sure the first two are available at the library in Houston.
Mark Douglas invented the trading psychology industry. He did not like to write. It was extremely hard for him. Yet he did it. I think he felt it was his obligation. His widow, Paula T Webb, still carries on his work. They met through the trading industry. She is legitimate in her own right. I can not adequately sum up Mr Douglas.
I will say this... if you decide you want to investigate what he has to say go to the source and avoid what you find on the internet save from his website. https://www.markdouglas.com
I see what you are saying. I was thinking about the high at 2747.5 and what happened before my 2nd trade I considered as the 2nd failed attempt at the same R-level.
Hey @Calming - I'd say try to take 2 points out of the ES this week, wire the money back and take an elite membership on FIO. Really - there's some very good journals in there and in general, the content is just more prof.
Also, all the contributions here that gave you insights were from elite members under which a lot of them keep a journal.
If you really want to learn a lot, you check out their trading journals - at the least it will give you some insights into finding out which ones match the style you like so you can take more from their advise. To me it looks like you're still in the search to find out what works and what's not working. You might enter a point where it consumes too much time of from the ones that are helping you out currently.
I know you have a principle against paid memberships but trust me on this one -> the ones that agree will say thanks to this post to encourage you.
Edit: Didn't even mention the availability of all those wonderful recorded webinars!
Thank you. Have you looked at other guys who have contributed in the field of trading psychology?
For example, I've recently watched a video with Rich Reilley. He says many same things as everybody else but his ten rules are somewhat helpful (paraphrased):
1. Treat evened-out trades are a success.
2. Limit orders to enter and market orders to exit.
3. Never average out.
4. Do not let a successful trade to go under.
5. Stay flexible.
6. Do not let the opinions of others to control you.
7. Better to earn 1 tick in 100 trades than 100 ticks in 1 trade.
8. Learn from your mistakes (journal, analysis).
9. 3 losses in a row - take a break.
10. Do not hope, do not wish, do not pray ;-).
No way he got it all but he has some valuable points, like everybody else.
Assuming you read all of Mark Douglas' works, can you sum up his approach in a few sentences?