Here is a great example on why it's so important to stick to your plan and follow your rules 100%!
GBPAUD 60min Bear TCT: Notes are on the chart
Would you have been disciplined enough to watch the market get 99.9% to Target #1 and sit through a 150 Pip Reversal and losing half of your profits? Then watch the market come down and Double Bottom just ahead of Target #1. Seeing a Bullish Hammer at the Double Bottom?
If you did have enough Discipline/Focus then you would have been rewarded with a lot of Pips!
In these situations I always remember what my Mentor preaches... "It's all about Process over Outcome". What this means is that it's not about the money or pips you make but its about your process of trading. Will you follow your Trading Plan that you have backtested? Will you stay Disciplined? Will you stay Focused? Will you forget about the money and just focus on the Process!!!???
If you can then you will be that much closer to succeeding in this business!!
No, it's all about controlling your losses.It's not about winning."Stops run " is only a myth.Nobody will move the market for our SL.Just because all the retailers are max 14% in the market.If the SL is hitted you are on the wrong side.What is a "Bullish Hammer" since market is only driven by Limit orders and the pro's doesn't use charts ?ABCD pattern?Let this for some english teacher.I still didn't learned nothing form you chart.So??What's next?
PateSkpate
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Thanks for the feedback.. Maybe find a mentor that trades the same style as you and learn from him.. There are hundreds of ways to make money in the markets.. There isn't a right or wrong way.
alex.a
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The most impressive --- "Keep telling myself to follow the plan"
PateSkpate
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Thanks Alex... It's not always that easy... Sometimes it's just easier to close down the platform and do something else rather than torment myself by watching it :)
alex.a
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I know because I am learning that right now just like you. It is not easy - it is not easy at all. Sometimes, I deliberately walk the dogs or leave the desk in order to keep the plan but unfortunately, I don't keep the plan till the last... which ends up win small and lose big. >_<
PateSkpate
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I would recommend doing a post market review and keeping a trading a journal everyday. For me it's a great way to take notes on the trade and see what I missed. If I make a mistake I have to enter that into the trade journal.... And I HATE entering mistakes in there.. In this business we don't have a boss to keep us accountable.. We are our own bosses and have to keep ourselves accountable for trade performance!
Alok
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Indeed a great lesson, Pete :) A novice trader like me almost always comes to the market with dreams of making hell lot of money and after blowing a couple of accounts, he realizes it's more about the process and discipline and money is the byproduct of it :) No matter how much you read or prepare the story is the same in the beginning.
PateSkpate
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Thanks for the honesty Alok... I wish all new traders would understand that. It's all about following the trade plan and focusing on the process... Once you master that, the money will come! Best of luck!
Alok
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Thanks, Pete!
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It's about understanding market structure.Nothing to learn on these forums.Make your research on the web and find how real institutionals pro are thinking.They are our competition.100% traders on the forums are allready into the 99% loosers.Alot of misleading about the trading process wich is very easy after all, but people like allways to complicate things.GL to you.