Read these :
1. Here
2. here
3. here
4. here
5. here
Spot the similarities and differences ?
The same coronavirus that rocks the whole world is the similarity that connect all the shoppers in this picture. Even though, China was the first to be attacked and subsequently pictures in the media start showing shoppers in a frenzy stocking up toilet paper, groceries, face masks, sanitisers,etc.
As traders, we are no different as well. And that itself is the tough part. We are part of the herd so our behaviour is modelled after one another. When we are out of the picture , disassociated , we tend to think more rationally and say things like - why are they doing that ?
Later, when it hit the country you are staying, you became associated in the picture and forgot about how you had earlier pass comments on the other shoppers.
So, when you see a chart (on hindsight), you say things like how obvious it is to sell or buy at this or that point. Then, the mouse is in your possession and the market opens, and your heart starts to race faster as the candles get longer then shorter and your mind gets confused, to long or short, or wait or do what ?
Then , you comfort yourself to take a break and not watch the chart but you turned on the TV. The news mentioned the central bank is going to reduce interest rate and you jumped out of the couch, ran to your computer and saw the gap up. You wanted in. And you clicked the buy button, relieved you had pulled the trigger and taken action.
Hours later, the market failed to work the way it should be, it went south instead and you saw your position goes into RED, from single to double and then triple digit. You dare not look and kept thinking should you average in, convincing yourself the rebound is near, you cannot be wrong , how can it be ? Historical patterns said so and experts confirmed it as well. Why, how ?
Such is the dilemma of a retail trader, riding through the daily roller coaster of emotions. Those who say put aside emotions and trade have no idea what they are talking about. (maybe they are cyborg)
Out of desperation to make trading works for you, you went to attend courses by gurus who claimed one indicator is all you need or spend only 5 mins a day and shake leg to receive income into your bank. Some go as far to say if you don't know what the big boys are doing, you are missing out, so come buy my special software ! Everyone has something to sell to you, claiming they know more and better than you. Challenge is you have limited capital and you cannot afford to test drive every expert out there.
Maybe like me, you are someone who does not give up. You say, OK, I am sure the internet has plenty of resources. Ya, it is like an amazon. where do you start? which indicator to use ? MACD, oscillator, trend lines, bollinger band, CCI , moving average and a thousand more to be invented as i am writing.
If you survived this ordeal of bashing through the jungle and bled with a thousand cuts , you carry your battled wounds and carry on fighting, swearing to kill the enemy and make a windfall and never to return.
And you strike it ...........your first profit and you were elated and high and before you know it, you punch in more lots to buy, thinking you are the guru now, you cannot be wrong , it has to go up and up. And again you were proven right , your confidence grew and your capital becomes larger. You become more daring, double or triple your position size, sometimes ignoring the basic rules of having stop loss. The list goes on , you may know if you had traded for a while......nothing new......same old same old story you heard about............
Take heart, trading is like a business, a unique one really where you have no staff, no physical products to sell or customers to serve. You deal everything online and often by yourself. So , it can be quite a lonely game. Yes, you (I) talk to the laptop all day long, and sometimes, you jumped for joy and others you pointed xxx finger at it......
It is in fact a good business that I encourage everyone to have a go , at least once in their lifetime. Maybe you could learn a thing or two about yourself, how you react to money, how you deal with your own emotions and how you improve and better yourself day by day, hour by hour as you improve on your mistakes and learnt from it.
My sincere wishes for everyone is captured beautifully in this bible verse :
Isaiah 40:29-31 New King James Version (NKJV)
29 He gives power to the weak,
And to those who have no might He increases strength.
30 Even the youths shall faint and be weary,
And the young men shall utterly fall,
31 But those who wait on the Lord
Shall renew their strength;
They shall mount up with wings like eagles,
They shall run and not be weary,
They shall walk and not faint.
1. Here
2. here
3. here
4. here
5. here
Spot the similarities and differences ?
The same coronavirus that rocks the whole world is the similarity that connect all the shoppers in this picture. Even though, China was the first to be attacked and subsequently pictures in the media start showing shoppers in a frenzy stocking up toilet paper, groceries, face masks, sanitisers,etc.
As traders, we are no different as well. And that itself is the tough part. We are part of the herd so our behaviour is modelled after one another. When we are out of the picture , disassociated , we tend to think more rationally and say things like - why are they doing that ?
Later, when it hit the country you are staying, you became associated in the picture and forgot about how you had earlier pass comments on the other shoppers.
So, when you see a chart (on hindsight), you say things like how obvious it is to sell or buy at this or that point. Then, the mouse is in your possession and the market opens, and your heart starts to race faster as the candles get longer then shorter and your mind gets confused, to long or short, or wait or do what ?
Then , you comfort yourself to take a break and not watch the chart but you turned on the TV. The news mentioned the central bank is going to reduce interest rate and you jumped out of the couch, ran to your computer and saw the gap up. You wanted in. And you clicked the buy button, relieved you had pulled the trigger and taken action.
Hours later, the market failed to work the way it should be, it went south instead and you saw your position goes into RED, from single to double and then triple digit. You dare not look and kept thinking should you average in, convincing yourself the rebound is near, you cannot be wrong , how can it be ? Historical patterns said so and experts confirmed it as well. Why, how ?
Such is the dilemma of a retail trader, riding through the daily roller coaster of emotions. Those who say put aside emotions and trade have no idea what they are talking about. (maybe they are cyborg)
Out of desperation to make trading works for you, you went to attend courses by gurus who claimed one indicator is all you need or spend only 5 mins a day and shake leg to receive income into your bank. Some go as far to say if you don't know what the big boys are doing, you are missing out, so come buy my special software ! Everyone has something to sell to you, claiming they know more and better than you. Challenge is you have limited capital and you cannot afford to test drive every expert out there.
Maybe like me, you are someone who does not give up. You say, OK, I am sure the internet has plenty of resources. Ya, it is like an amazon. where do you start? which indicator to use ? MACD, oscillator, trend lines, bollinger band, CCI , moving average and a thousand more to be invented as i am writing.
If you survived this ordeal of bashing through the jungle and bled with a thousand cuts , you carry your battled wounds and carry on fighting, swearing to kill the enemy and make a windfall and never to return.
And you strike it ...........your first profit and you were elated and high and before you know it, you punch in more lots to buy, thinking you are the guru now, you cannot be wrong , it has to go up and up. And again you were proven right , your confidence grew and your capital becomes larger. You become more daring, double or triple your position size, sometimes ignoring the basic rules of having stop loss. The list goes on , you may know if you had traded for a while......nothing new......same old same old story you heard about............
Take heart, trading is like a business, a unique one really where you have no staff, no physical products to sell or customers to serve. You deal everything online and often by yourself. So , it can be quite a lonely game. Yes, you (I) talk to the laptop all day long, and sometimes, you jumped for joy and others you pointed xxx finger at it......
It is in fact a good business that I encourage everyone to have a go , at least once in their lifetime. Maybe you could learn a thing or two about yourself, how you react to money, how you deal with your own emotions and how you improve and better yourself day by day, hour by hour as you improve on your mistakes and learnt from it.
My sincere wishes for everyone is captured beautifully in this bible verse :
Isaiah 40:29-31 New King James Version (NKJV)
29 He gives power to the weak,
And to those who have no might He increases strength.
30 Even the youths shall faint and be weary,
And the young men shall utterly fall,
31 But those who wait on the Lord
Shall renew their strength;
They shall mount up with wings like eagles,
They shall run and not be weary,
They shall walk and not faint.
Comment:
slow and steady, here we go....
Comment:
breakout of the rectangle , congrats to those who longed.
Comment:
Conservatively, it is an 11 dollar profit had you longed at the breakout of the rectangle on 6 Mar 1400 hours. Congrats
Comment:
hope you guys had got out already.