In this video I give a few minutes of preview before discussing what I see on this weekly time frame. Bear with me as you'll see where I'm heading.
In the second half of the video I show how I estimate the big probability from the weekly time frame. I'm not interested in being right in this. That's not what I want to get across.
Whilst technical analysis is a useful 'tool', I assert that there is a bigger issue of individual psychology in the background that is hardly ever spoken about.
Loads of new traders especially, will spend a disproportionate amount of time on indicators and fail. They're missing where the big issues are, and it's nothing to do with charts or technical analysis.
So, I'm saying that all new traders really need to dig deeper. Yes - learn about technical indicators, but focus on the unseen i.e. biases, emotions, justifications, coping with loss etc.
I'd be delighted if other traders out there can share their experiences (good or bad ones). Come on be brave!
I definitely agree with your point being that the emotions behind each trade are critical to success. I started my trading journey roughly 3 months ago with a mix of live trading, demo trading and lots of learning. I was very lucky to find a YouTube channel that immediately started explaining the importance of trade psychology which helped me start off in a much better position than some traders out there. But I noticed that it's definitely a constant battle to keep your emotions in check.
Captain_Walker
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@alexanderhenderson45, Very nice to hear from you and of your experiences. Individual trader psychology is actually 'the big elephant' in the room. You may know that approximately >70% of all retail traders consistently lose money.
A fair percentage of those traders - and I don't know how much - will have attended courses of various types and applied methodologies proven to make money. So what's 'the fly in the ointment'? It is individual psychology. If everybody could just follow a bunch of rules and make money then everybody would be zillionaires. Clearly that can't happen - it ain't happening.
Technical Analysis (TA) using various indicators reveal only market sentiment. Fundamentals are in the backdrop and we can't see them 'in the charts'. Bad fundamentals doesn't mean that sentiment would be bearish. Take Tesla for example - hitting $2100 - when the price is 800 times the value of any projected earnings on the company. There is bullish and bearish sentiment, of course.
Our individual sentiment is what matters most when we wrestle - not with the charts - but with our emotions. The achievement of the 'fearless state' is actually a myth. The person who was given credit for the term never actually used it. I've checked this out very carefully.
The 'house rules' do not allow me to share more interesting stuff. If you wish PM me. I do NOT sell anything to anybody offline or online. My desire is only to share my experience and to help new traders at no cost or obligation.