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I think he means that even though he knew how the markets worked, and how to trade, he still needed to face the psychological demands that face traders day in and out.
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
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My biggest misconception was that I thought I could avoid looking at different time frames and especially the big picture. I just wanted to trade the price action of my lower time frame chart without having to put in the work of understanding context or the big picture because it moved too slow and was therefore irrelevant.
I also thought I could make a living scalping ticks. I mean c'mon the ES moves around 10 points in a day, I just need to capture a couple ticks and then lever up my contracts to several hundred a clip and BOOM!
4 ticks x 100 lot = $5000 x several times a day = lifestyles of the rich and famous here I come!
In trading, shortcuts lead to the longest path possible.
Thank you Zwaen. Before I studied how and why market price moves as it does, the charts made no sense in the world to me. I looked at a chart, would say get in here, get out here and bam...how hard can this be? Pretty damn hard when market replay was tearing me open a new one. Wow, what an awakening!
My biggest misconception was to think that adding complexity would equate to greater profits. As a result I was focusing on increasingly complex products, increasingly complex valuation models and increasingly complex trade structures.
"Simplicity is the ultimate sophistication." – Leonardo da Vinci