If you are stuck, reinvent and recharge yourself.
You need fresh ideas and a fresh perspective to reinvent and retool your trading. Exposure to other setups and successful traders can help you do that.
When I attended the @Traders4ACause in Las Vegas last week, I saw various strategies and was exposed to various ways to extract money from the market. I learned a ton of new setup ideas to work on and add to my toolbox, develop new edges, and tweak some existing edges.
When listening to other traders' presentations and discussions, I saw that successful traders reinvent themselves multiple times before and after achieving success.
When things are not working for you, like buying breakouts, unless you are willing to reinvent an alternative way, just doing the same thing does not work.
In the same way, when successful with a setup, you can become complacent and start letting your edge get stale or deteriorate.
The more your mental pantry is full of ideas, the better it is to innovate. #T4AC24
@PradeepBonde Pradeep do you think it makes sense to do a $50+ past 40D as a larger study for high price stocks? If you wanted to study high price names in a wider scale
"If you want to be a profitable trader, you need to have self-leadership. This is a game of self-leadership. You have to be really motivated or your won't make it in this business."
Final thoughts from @PradeepBonde were on point๐ฏ
In theory, everyone has potential, everyone could do so much better.
In practice, you have:
1) Talented people who donโt believe long enough in themselves
2) Smart people who kept overthinking the small things and missed the big picture
3) Hard-working people rushing and working towards the wrong goals
4) Creative people who never cultivated mental resilience, and gave up after just a few failures
5) Insightful people who never actually applied their knowledge
6) Curious people who were distracted by everything and never committed to anything
7) Empathetic people who spent so much time worrying about what was "right" and "wrong" that they did nothing at all
8) Honest people who struggled to understand that the world is full of liars trying to take advantage of them, until it was too late
9) Diligent people who were too scared of getting off the beaten tracks and taking actual risks
10) Realistic people who never understood that extraordinary outcome requires "irrational" beliefs and a leap of faith
To find good Episodic Pivots you need absolute mind clarity about the setup, what to look for and what drives explosive moves. After that you need a well designed process to find and trade them. If you have the process in place you will find them effortlessly.
Find some structural tendency of stock like overaction to news, momentum, or mean reversion; go not just 5 feet deep into it; go 50000 feet deep into it, and then it will work for you.
Deep work, reflection, innovation, creativity, and, above all self-leadership to drive yourself to profitability are key to becoming profitable.