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I hope readers understand that this drill serves a purpose..... practice, practice, practice - practice so hard that recognizing the market imbalances in realtime becomes second nature and trading becomes automatic - much like driving on the Indian roads
Can you help answer these questions from other members on NexusFi?
At the last moment I noticed that the market was in a huge trading range I if I would have taken that RB setup I would have bought at the high of the range.
Hence I declined the offer of buying the Range Break as price moved above it to the long side.
- Betting on reversals is a losing proposition. Trends continue so far because too many people bet on reversals!
- Could I have taken the other side - it would have been so profitable......
The last statement was always dangerous thinking for me.
It presumes a delusion I had long held before I became a profitable trader... the delusion that I CAN PREDICT WHAT THE MARKET IS GOING TO DO NEXT.
Let me say it again.... I do not know what the market is going to do next. Even though I risk real money on a great setup I do not know the outcome of my next trade.
In this journal you will find me complimenting myself quite a bit frequently.
Always remember that I will only compliment myself because I followed my trading plan well and executed well by following good trading discipline.
I will never compliment myself based on the outcome of any trade. (e.g. hurrah my last trade was a winner etc must not be found in these pages... send me a remote butt kick if I ever do that).
The fact that prices move just enough to oblige a trader to profit from a lapse of trading dscipline is part and parcel of the market's way of setting him/her up for a gigantic failure.
After getting into the ARB short I immediately found myself taking heat on the trade i.e. the trade started as a quick loser by travelling across to the top of the three pip range.
However the target was achieved without any further redness: