"I'm good at picking when the market turns so that makes me good at trading."
Says a struggling trader
Followed by:
"So I know I'll be profitable if I get help with my psychology."
Look
Even though you experience winning trades…
Ironic isn't it
You've experienced pain from
expected returns not met
being overwhelmed with "how to trade"
years of trading losses
courses that didn't help
minefields of analysis, tools & indicators
"Holy grails" recommendations, poor advice
Yet:
when it comes to trading
pain pays…
Is your concern re developing trading?
You can only do so if you can allocate all your time.
Truth is
when you first commence professional trading
you don't have the "trading fitness" to trade 5-8 hours a day…
If your problem is:
over-trading
taking poor odds trades
feeling like you're going to lose when you put on a trade
Here's how to resolve it…
Take poor odds trades?
It's not as simple as
Boredom
FOMO
But what if?
3 reasons why
1. You define yourself as a trader
And as a trader, unconsciously, you tell yourself if you're not trading, you're not "working"
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…
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Like 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
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You 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?…
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