UnknownUnicorn27179884

UnknownUnicorn27179884

The way that I like to think about it is if you look at any activity involving probability theory, there are those who make the bets and those who take the bets. Once you dissuade yourself from the gambler’s mentality, you see very clearly casinos have a highly effective and successful business model. In other words, casinos take the bets because they have...

UnknownUnicorn27179884

Think of a casino and how they run their gaming tables… They don’t worry about whether the next spin of a roulette wheel means they’ll have to pay-out the gamblers. And it’s not a concern the next turn of a card means a particular high-roller helps himself to a wedge of their money. They know the game is won over the long-term. They just need to keep spinning...

UnknownUnicorn27179884

When you learn the trading skill of risk acceptance, the market will not be able to generate information that you define or interpret as painful. If the information the market generates doesn’t have the potential to cause you emotional pain, there’s nothing to avoid. It is just information, telling you what the possibilities are. This is called an objective...

UnknownUnicorn27179884

All errors are caused when u think assume or believe u know what is going to happen next

UnknownUnicorn27179884

When you really believe that trading is simply a probability game, concepts like right or wrong or win or lose no longer have the same significance.

UnknownUnicorn27179884

“A probabilistic mind-set pertaining to trading consists of five fundamental truths. 1. Anything can happen. 2. You don’t need to know what is going to happen next in order to make money. 3. There is a random distribution between wins and losses for any given set of variables that define an edge. 4. An edge is nothing more than an indication of a higher...

UnknownUnicorn27179884

When you operate from the assumption that more or better analysis will create consistency, you will be driven to gather as many market variables as possible into your arsenal of trading tools. But what happens then? You are still disappointed and betrayed by the markets, time and again, because of something you didn’t see or give enough consideration to. It will...

UnknownUnicorn27179884

When you learn the trading skill of risk acceptance, the market will not be able to generate information that you define or interpret as painful. If the information the market generates doesn’t have the potential to cause you emotional pain, there’s nothing to avoid. It is just information, telling you what the possibilities are. This is called an objective...

UnknownUnicorn27179884

One of the most important psychological characteristics of winning traders is the ability to accept (1) risk and (2) the fact that you may well be wrong more often than you are right in initiating trades. Winning traders understand that trade management is actually a more important skill than market analysis.

UnknownUnicorn27179884

Trading in a way that allows you to generate positive returns by following a repeatable process.

UnknownUnicorn27179884

However, market analysis is not the path to consistent results. It will not solve the trading problems created by lack of confidence, lack of discipline, or improper focus.

UnknownUnicorn27179884

You don't have to know what is going to happen next in order to make money.

UnknownUnicorn27179884

When you operate from the assumption that more or better analysis will create consistency, you will be driven to gather as many market variables as possible into your arsenal of trading tools. But what happens then? You are still disappointed and betrayed by the markets, time and again, because of something you didn’t see or give enough consideration to.

UnknownUnicorn27179884

1. Anything can happen. 2. You don’t need to know what is going to happen next in order to make money. 3. There is a random distribution between wins and losses for any given set of variables that define an edge. 4. An edge is nothing more than an indication of a higher probability of one thing happening over another. 5. Every moment in the market is unique.

UnknownUnicorn27179884

I AM A CONSISTENT WINNER BECAUSE: 1. I objectively identify my edges. 2. I predefine the risk of every trade. 3. I completely accept the risk or I am willing to let go of the trade. 4. I act on my edges without reservation or hesitation. 5. I pay myself as the market makes money available to me. 6. I continually monitor my susceptibility for making errors. 7. I...

UnknownUnicorn27179884

“I define random trading as poorly-planned trades or trades that are not planned at all. It is an unorganized approach that takes into consideration an unlimited set of market variables, which do not allow you to find out what works on a consistent basis and what does not.”

UnknownUnicorn27179884

When you operate from the assumption that more or better analysis will create consistency, you will be driven to gather as many market variables as possible into your arsenal of trading tools. But what happens then? You are still disappointed and betrayed by the markets, time and again, because of something you didn’t see or give enough consideration to.

UnknownUnicorn27179884

If I have my 3rd signal entry short. You create your own game in your mind based on your beliefs, intents, perception and rules.