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The main takeaway is to guess what your opponent is thinking and play/trade accordingly. Here is a concluding paragraph,
"So, examine your trading approach. Whether it's based on fundamental or technical or quantitative or astrological or any other means of analysis, ensure you consider the fact that the market exists because traders make trading decisions. It's not about the technicals or fundamentals. It's about knowing what your competitor is thinking."
When you think of trading, what games and analogies come to mind?
Can you help answer these questions from other members on NexusFi?
You know your entry is worth it if it is part of a back tested trading plan that has proven to be profitable. There should be no guesswork. You issue is that you don't currently have a back tested trading plan...so where do you get one ? For me, it was getting lucky finding someone who traded for a living that was willing to spend time working with me....at significant cost of course. After a few years of screen time I eventually was able to put a trading plan together of my own that suits my style. I would suggest looking for a mentor on this site or look at reviews on trading rooms on this site to see if you can find something. There is no doubt that if you put the work an effort in to this that it will pay off for you...you just have to be patient and understand you have a long road ahead.
Sometimes I wonder how my trading would change if I were under certain types of pressure, like your example. Turns out to be a good way to motivate oneself.
I was actually thinking in terms of any activity that requires skill more than abstract knowledge. Many things actually fit that description: any sport, and also playing any musical instrument, or solving crossword puzzles, or driving a car. For that matter, solving equations or any other abstract activity is also partly a matter of a certain skill, acquired by experience.
My point is to focus on action, not knowledge. Knowledge has its place in skill development, but a skill is an acquired ability to do something, and takes practice.
Trade 1 was a good trade but you can't immediately exit your trade on the first down bar Yes, you exited at a profit but your exit was to early. Unfortunately, there would have been no way you could have held this trade without getting stopped out for a small loss even if you held your stop a few ticks below the swing low at 2736.25.
Trade 2 was a sell directly into a price that will test as support at 2744.50 which quickly rejected and stopped you out.
Trade 1: I see what you are saying. I both dislike and like exiting early on this one. I dislike because it was too early. Each swing should have at least two legs. But, I was thinking it could be the second leg already. I like it because that big doji would sweep me away.
Trade 2: was expecting a reversal. In theory, should I have entered below that S&R level at 2744.25? Even then that doji would give me a bad ride. Would you say there was a better entry point?
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
You are, absolutely, 100%, focusing on the wrong parts of trading. Basically the entry with a few other things thrown in...(ie backtesting, huge can of worms, requiring a skill set all it's own)
It's late and the easiest thing for me to do ...because I want to go to bed.... is to post videos.... Please watch them 100 times each.....
Focus only on the aspects outlined in this video....
Focus only on what Mr Douglas tells you to at the end of this video below....
I guess I will keep posting these video forever.........
Godspeed my friend, Godspeed......
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
I do not think that anyone would argue against that traders get out too early or that trading is a way to learn about self. The question is, how to do it? Are his principles available somewhere in a concise form? I am willing to learn.
A quick search brought up the following. Do you endorse?
