Some thoughts for all of us this morning:
What is important in life is not to be right, but to be pleasant to deal with, because we are all going to be wrong a lot in life. The biggest losers are driven by being right because inevitably they put on their biggest positions when they want to be right and miss an important fact or overlook risk somewhere.
So what should we do?
First off, always question yourself.
Second, always check your risk.
Third, always look for what could be wrong with your analysis.
Fourth, have a team of people to make a decision, like here in a chatroom or here at TradingView publishing charts.
Why? Because you will make better decisions in a group than on your own, in the long haul and be far more likely to miss that one big, bad trade that will take you out of the business. When you share you expose your idea to the light of everyone's perspective, and then truth can reveal itself. If the trade is great and someone didn't think of it themselves, they will say, "Hey I didn't think of that! That's a great idea!" and you can tell that maybe plenty of other people haven't thought of that yet either. So there are potentially other people to join in that trade and drive it to a new price level. Then you can see "potential in a group" much better than as an individual. If the group is selfless, the group will all benefit by realizing the group is there to help you and not to hurt you.
So, if you feel that feeling of "SHOOT, I WISH I HAD THOUGHT OF THAT"....then stop yourself and realize it and say "That looks great! I wish I had thought of it!" Instead of the opposite feeling, which is trying to protect your ego and make you feel smart. Smart is just realizing a good idea and defining a plan.
If you just "AGREE" to whatever someone publishes, then you aren't thinking or being open to your feelings. Being successful in trading isn't about coming up with great ideas, it is from sharing an idea and getting critical feedback from a caring group and then assessing risk and putting on the right size position. Once the position is on, it is ALL ABOUT managing the exit and the position size along the way. Also, we must analyze new information that hits once the trade is on objectively and rationally, without concern if we are "right" or "wrong".
Trading is NOT a popularity contest and it is NOT about being "RIGHT". It is about contributing information and shedding light on the truth of the market to help us all gauge the direction, magnitude and risk in any market. So, get active by being a truth seeker and a contributor to the markets you are interested in here at TradingView.
Express your "Trading View" and get success in the markets.
With best regards,
Tim West
9:16AM Tuesday, November 22, 2016
What is important in life is not to be right, but to be pleasant to deal with, because we are all going to be wrong a lot in life. The biggest losers are driven by being right because inevitably they put on their biggest positions when they want to be right and miss an important fact or overlook risk somewhere.
So what should we do?
First off, always question yourself.
Second, always check your risk.
Third, always look for what could be wrong with your analysis.
Fourth, have a team of people to make a decision, like here in a chatroom or here at TradingView publishing charts.
Why? Because you will make better decisions in a group than on your own, in the long haul and be far more likely to miss that one big, bad trade that will take you out of the business. When you share you expose your idea to the light of everyone's perspective, and then truth can reveal itself. If the trade is great and someone didn't think of it themselves, they will say, "Hey I didn't think of that! That's a great idea!" and you can tell that maybe plenty of other people haven't thought of that yet either. So there are potentially other people to join in that trade and drive it to a new price level. Then you can see "potential in a group" much better than as an individual. If the group is selfless, the group will all benefit by realizing the group is there to help you and not to hurt you.
So, if you feel that feeling of "SHOOT, I WISH I HAD THOUGHT OF THAT"....then stop yourself and realize it and say "That looks great! I wish I had thought of it!" Instead of the opposite feeling, which is trying to protect your ego and make you feel smart. Smart is just realizing a good idea and defining a plan.
If you just "AGREE" to whatever someone publishes, then you aren't thinking or being open to your feelings. Being successful in trading isn't about coming up with great ideas, it is from sharing an idea and getting critical feedback from a caring group and then assessing risk and putting on the right size position. Once the position is on, it is ALL ABOUT managing the exit and the position size along the way. Also, we must analyze new information that hits once the trade is on objectively and rationally, without concern if we are "right" or "wrong".
Trading is NOT a popularity contest and it is NOT about being "RIGHT". It is about contributing information and shedding light on the truth of the market to help us all gauge the direction, magnitude and risk in any market. So, get active by being a truth seeker and a contributor to the markets you are interested in here at TradingView.
Express your "Trading View" and get success in the markets.
With best regards,
Tim West
9:16AM Tuesday, November 22, 2016
Subscribe to my indicator package KEY HIDDEN LEVELS $10/mo or $100/year and join me in the trading room KEY HIDDEN LEVELS here at TradingView.com
Tim 8:37AM Dec 5, 2016 EST.