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FEARLESS TRADING

 
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JimStrotman

FEARLESS TRADING

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Mon, 09/09/2019 - 9:44am
 
JimStrotman

POOR is the trader that's short on patience(but who can wait for the RSI to be in OVER BOUGHT TERRITORY); poorer still is the trader short on patience and locked in confirmation bias; poorest of all is the trader short on patience and locked in a CERTAINTY BIAS. Certainty bias is when you are so sure; certain, that price will not violate that line the trader draws in the sand that price will not violate. But it does and losses grow until the 5% limit is hit and BANG; you are out of the game. Certainty bias and over-leveraged are the traders Humpty-Dumpty.....such a great fall, and all the king horses and all the kings' men could not put HD together again. BROKE, BUSTED, LOWER THAN POND SKUM; out of the game; funding is taken away.

MONEY GROWS HERE; Scan pairs using the HR1 chart HMA 89, 60, 34 until you find a pair in a confirmed downtrend; meaning all signals are red and pointing down. Switch to the 5MN and 1 MN charts. Check out the action of the counter-trend traders. Wait until they push the price up and against the confirmed down-trend. When the RSI is in OVERBOUGHT territory and the counter-trend traders quit buying, that is when you start selling into the confirmed downtrend, which is the counter-trend traders up-trend. Sell the farm; I have found it very difficult to lose. Very difficult. See Screen shot of my last 100 trades

 
JimStrotman

Learning Is Supposed to Feel Uncomfortable

While the act of learning is primarily intellectual, behavioral, or methodological, the experience of learning is primarily emotional. And it’s the emotional experience of learning — of being a beginner and making mistakes, often publicly — that often keeps people from even trying to learn.
Know this, it’s brave to be a beginner. Understand that it takes courage and vulnerability to expose your weaknesses and try new things. The Beeline provides learning situations where the stakes are low. You must feel everything. That’s what I call emotional courage. If you are willing to feel everything — embarrassment, shame, failure, awkwardness — then you can do anything.
And whatever you do, don’t stop learning. Go to workshops. Push yourself, especially in the areas where you are already accomplished, so you can get even better. Keep thinking of yourself as a learner. Take risks to try new things.
there is one thing the BOOT CAMP/SUMMITS did make me more comfortable doing: staying in the discomfort of learning long enough to learn.

 
Brian-Dream-Trader

Good stuff, except for the negative lead-in (which I must accept as your description of my trading - 5% and out of the game), I'll take paragraph two, see what I can do to illustrate it for myself and I'll get back to you with my results. I'm evergreen new, but hope to become jaded soon.

Thanks for sharing. That image is most impressive.

 
tradermoniluv

Thank you for the advice and for sharing.

 
Brian-Dream-Trader

Well, that didn't take long.
My theory is your method should work in either direction.
So, with EUR/USD on the upswing, I jumped in and netted 80+ pips (while I went off to take a call and conduct other business, how's that for fearless?) and now here I am making pictures and sharing back to you for your thoughts on using this strategy on either side of trading.

Fearless Uptrend 5-Min Up 83 pips 2019-09-09 094403.png Fearless Uptrend Hourly 2019-09-09 094403.png
 
Brian-Dream-Trader

OK, I see where I was wrong already... Patience for the RSI on my next entry. Thanks, again.

 
Rookie

Brian the EU had some really bearish pressure to hit the 200 MA and then came along some unannounced news which did the trick to supply momentum.
https://www.forexlive.com/news/!/euro-pops-on-german-headline-about-adjusting-budget-if-necessary-20190909

Happy Trading.

 
Brian-Dream-Trader

Yes, the news can always skew a trading plan/method.
Have you heard about the new JPM Indicator?
https://www.cnn.com/2019/09/09/investing/jpmorgan-trump-tweets-volfefe-i...

Thanks for sharing.

BDT

 
adetunjip

Jim,

You have made my day with your most insightful comments

" If you are willing to feel everything — embarrassment, shame, failure, awkwardness — then you can do anything."

How so very true!

Thank you : )

 
thclaus73

Jim,

How do you exit your trade ?

 
dougkorth

Very insightful. I have had all those feelings related to risks in learning. Even the public embarrassment.