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I would say that at this point in my walk down the market profile path, it has cost me more than it has made me. That in no way is preventing me from moving forward in it, nor has it lessened my interest. I have been down similar paths before. Learning something new always starts this way.
That was about as good of an entry as I could have gotten on the day. I am so quick to abandon them though. Learning to scalp took a lot of work, now learning not to is taking just as much.
And I would have normally tried that long entry at the bottom, but was waiting for price to take out the "poor low". It's like trading requires sloppy perfection.
I remember @Big Mike saying in a post or was it a webinar..... don't remember, anyways he was saying something similar; Unlearning scalping took a long time.
I would like to be a scalper when I enter a trade, but then something else the very next second.
There are so many psychological layers that formed over time as I learned to scalp. It amazes me day after day how hard it is to stay in a trade after I "feel" it is dead. That feeling was shaped over hundreds of thousands of dollars of experience, but it is not a feeling I still wish to possess.
You need to some how just keep the mentality of having a runner
Trade 2 contracts, have one at a set target of confluence to reduce risk and bank profits
Then just let your runner do its job
Once you have secured the trade and hedged risk
Relax and just let the market work things out for you
Your position will either start working out developing positive information in the trade
Or you get stoppe out and it didn't work
But you managed risk
The only way we can manage risk is with trade location and correct trade management
Once you have got the locations right and you manage risk correctly, you can look to start adding to you poisons as the develop
Most important thing is to try get a runner going and relax
Obviously depending on the market condition determines if it's a destination trade or not
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
I think this is a reasonable place to be. I tried profiling, and abandoned it and came back to it probably 3 times (over the course of 2 years or so I think?) before I finally "got it" enough that it was actually, truly helpful. During the foggy times, it was sometimes more of a distraction and I would get pissed because it didn't "work" like it was supposed to. You just started learning this stuff a few weeks ago, and you can't learn this (or trading in general) from a book--we need time for observation first, then to developing some ideas about how it works such that our brain understands it without having to recall anything from what someone else has said on the subject. Maybe you'll wind up not using it in the traditional sense, but as you mentioned a couple of posts up, you have already benefited from a fuller understanding of the notion of value, even if you never look at a profile again. And to me, that's the value of all of this--coming up with ways of seeing things that make sense to you.
Gary, I'm sure you've read most if not all of MoM, but I'll quote it here.
Ok, all well and good, but when I reread this (during the 3rd read?), it was kind of an eye-opener for me:
To me, it's the f***ing holy grail of trading, because it goes to the heart of what it means to accept risk, to enter the realm of the unknown. Structure is only confirmation, AFTER the fact. Yet, so many traders want to use the profile as a signal (not saying you do, just that many do). It's a map, but it provides no signal.
And my point in all of this is that you are already a good trader with intuition and logic, something that many traders do not have. If you can use profiling to complement what you do, you can have a more complete picture, but it should not replace your instincts as a trader, because you have good instincts.