What's that ''thing"
all great traders possess?
Caltech researchers found it's using your theory of mind facility.
i.e. your capacity to understand other traders - what they're feeling and what actions they're taking based on how they are feeling
Hold that thought…
Read MoreLike many traders discover
You think you are applying the right approach
Only to find out you are burning up your account
How do you get it so wrong, then?
Know this
your eyes deceive you
Look at the image below
Read MoreYou know
You also win exploiting traders’ mistakes
Take yesterday in AUDUSD
Long weekend in the US
And RBA rate decision on Tuesday
What impact does this have on participation?
So if it's down
What are the chances of a trend day?
That's right. A range day's likely
Error to exploit?
Traders who position themselves for trend continuation
Best way to illustrate? A real example. Masses see what they think is the bottom. They HAVE TO GET LONG.
Why? Because they approach the markets as "I must make money" so they're eager
Here's how you
expand the gap between you and the masses
because winning at trading takes beating them
Do
Find a trade masses can't see…
Heard it before?
"came for the money,
stayed for the grind"
First hours of trading week
are an ode to the saying
See?
The chart below shows the entries and exits…
What is heat?
Heat is when your trade is offside
Offside is when the best price available to exit "right now" is worse than your entry price
Imagine you are skilled at reading the market to enter precisely as the market goes your way
What would this mean for you?…
Read MoreLosing traders think
if they could only fix their mental game
their trading would turn around
But what builds your mental game?
Truth is
every trader who contacts me
about improving trading
lacks the foundation of successful trading
Which is also the foundation of your mental game…
Read More"Watch the ball!"
You're told
on the receiving end of a tennis serve
or protecting the goals from a penalty shot in soccer (football)
But it's not possible.
It happens too quickly.
Instead:
we repeat the activity over and over
processing multiple data inputs.
And with thousands of repetitions gained…
Read MoreFrom the game plan
3rd failed attempt to move above 0.6992 "short" inventory (which was profit taking by professionals pre rate announcement)
A bit too obvious,
look for another move up
to catch out those convinced the two failures are a sound reason
to get short
(a bunch of traders think 0.6992 is shorts entering
when in fact it's longs taking profits)
It's not just "it makes money", is it?
Because plenty of trades don't work
So trade selection is your way
to reduce the degree of pain the "don't work" trades cause you
Best illustrated with a real-time example
👇
Read MoreRemember this?
Bud Fox quotes Sun Tzu's Art Of War in Wall Street?
Two examples from last trading session "irritating" your opponent
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Read More
