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"double top killer" trade in progress.. (I made up the name, its on my list of trades I may take) Those times when you know it wants to go grab the stops above the double top. only 1/2 position because I got in a bit late so left some for a retrace which didnt come. (Original stop was at equal distance to target and moved up by the time I made this screenshot. ) I saw a strong impulse.
I've just watched the webinar you posted and it was very good. A few points I picked out (my favourite is tick-itis ) :
If you are trading for validation or to make money then you won't have a feel for the market. I mean we all trade to make money but there is a difference between doing something for money and doing something out of desperation.
Vigilance and attention do not have to mean action.
Manage your feelings first and then trade. Don't trade to manage your feelings (boredom, greed)
Everyone has un-met developmental needs. Impatience, anger, all the emotions that trading brings out in us are simply reverberations of something deeper.
Low contentedness and low satisfaction in life are associated with 'grabbing'. This has been identified in rats, monkeys and humans. If you can find some way of balancing your life then perhaps you will take less impulsive trades ie there will be less grabbing and more patience.
Tick-itis. An affliction where you ride every trade tick by tick. Every tick in your favour brings relief and hope. Every tick against you is a personal attack and assault on your senses.
Our shortcomings are triggered frequently with the market such as getting angry when you take a loss. You will have an edge if you overcome this.
Where on the spectrum do you exist? On one end is risk aversion where you trade not to lose, feel the desire to be right, hesitate on trades, exit trades early. On the other end is risk-taking where you trade to make money. I don't know what the downside to this end is. He didn't go into it. Maybe addiction?
5-10 years I was a yogi (teaching yoga & doing webdesign in tropical places like Koh Phangan Thailand and Big Island, Hawaii) and as I did/had done lots of meditation, I thought I had my mental game down. But, it wasn't "suffish".. There's a lot to the performance arts. Its relatively easy to be cool when our stress levels are low, what about when the stress levels are higher? Do you tilt? and if so: how often and how badly?
This might fail, adjusted stops to "I'm wrong here level", I like the "perceived probability" and R factor is reasonable. If this fails might get another opportunity at a lower level (biased to the long side right now, after large impulse and order zone above).