I was asked how to overcome anxiety and fear of losing trades...
For thing we must do is to remind ourselves that we alone are the one in control of entering trades. Risk is nonexistent, until we are in a position. We must have a sound model in which we employ with our trades... not impulsive hunches or copying someone else.
We must control greed and this is by limiting the number of trades we are permitting ourselves in any given metric, e.g. - per week, day or session.
We must know our self, what causes us to go off the rails, or gives us too much of an ego driven mania. This can only be discovered in a systematic desensitization process of deleveraged executions with a single model, away from the witness and influence of anyone else.
Learning to be content with enough. As humans, we tend to covet what others have or can do. Accept the fact that you are learning to read the market well, over time.
It does not happen for everyone quickly and it is absolutely normal for you to feel as if it is taking longer than you want.
Submit to it and the time you personally require. This is self-control, not denial of success.
There are no shortcuts, no matter how anyone else markets it or promises.
"Slow is smooth, smooth is fast."
I want you to sit still for a moment...
Do you remember, when I told you to prepare for difficult trading?
Some of the attention Queens scoffed and said they had their wares to see them through... but we see them complaining about Trump and whatever else that can be blamed for not doing so well.
I told you, so you would not be stressed, or press too hard for profits. So let's take inventory, shall we?
There are several warfronts on the geopolitical chessboard. The economy is suffering. There is historic levels of cash on the sidelines, due to Risk Off conditions... market wide. We are in the thick of Summer duldrums, and you think they changed the Algorithm.
The remedy is - slow down.
Deleverage - not maximize it.
Take less than you normally would and be content with enough.
ANYONE, pretending to be a "Mentor" or "Influencer" right now, who tries to tell you to size up, trade more frequently is telling you in no uncertain terms, they should be ignored, unfollowed and publicly shunned.
Bar none.
Post Holiday Trading Protocol:
If a holiday falls on any weekday, the following Monday is a standard business day, trade accordingly.
If the holiday falls on a Saturday or Sunday, Monday following this event, tends to be trash.
I just told Calub we are waiting for 10am ET, to determine if we are engaging at all.
Lecture after.
Be safe.
The secrets to effective & consistent profitability:
1) Adhere to a simple model.
2) Know what you want to make and it feeds you, leave something on just in case you were wrong about how much more.
3) Don't ask others for opinions, analysis or tips.
4) Manage Risk impeccably - ALWAYS.
5) Don't chase new things after you found your model.
6) Allow others to hold opinions - even if they are diametrically opposed to yours.
7) Unless you run a signal service, keep your opinions to yourself.
8) Make your bread, eat and go live for the day and find ways to bless others with it.
Anything else is BS.
How many people use social media?
A lot right?
Far more engagements in social media than trades in a day.
Yet they manage just fine, culling content, influencing your spending, lure you to porn, gambling sites, sexting, videos and games... by the same Algo.
Why do you experience apprehension when it comes to the same control measures and influence in the Rich Man's playground?
Maturity brings with it acceptance and then exploitation and consumption of the weak and unlearned.
That's Trading, like it or not... you are either the Wolf or the lamb, the Lion or the gazelle.
Make your choice, it's Suppertime...
1) Determine a Draw On Liquidity - where Price is likely reaching; like NWOG, PDH\PDL, Session H\L.
2) Wait for opposing liquidity raid, during or immediately after a 10\50 Macro.
3) Entry on 1st FVG in the present price structure or use IFVG in the run to opposing liquidity to your Draw On Liquidity.
4) Frame your risk to 1% or less, Hard Stop Loss placement beyond Candle #1 of the FVG you used for entry.
5) Take 50% of position off at half of the range between your entry and the Draw On Liquidty, the balance limit out just before your Terminus.
Wash, Rinse, Repeat... nothing fancy or complicated.
As a Trader, you will eventually mature into the mindset that all of your actions, planning, lifestyle changes are moving you towards a life without Trading.
Eventually, you will get the epiphany that your task is to get to a net worth that removes the need to trade. Your money works for you, on autopilot.
No real estate, no businesses, no employees, no sales, no concern for competition, no energy wasting pursuits for significance.
Fixed income on a well-earned knot... most never get this.
Be the exception, work towards it.
I think it is biblical to view whatever we have been blessed with, we should put to work. If we do not put it to work, this is wicked and evil... or "sin".
If we have means to invest, we should. Not everyone who invests, reaps the same as the other. Some more, some less.
In the parables, Christ taught the Parable of the Talents, in Matthew 25:14-30.
The servants, three in the parable, were each given a talent. One received 5, another 2 and the last received 1 talent.
Later, the Lord demanded His talents from them all. The one who received 5, made 5 more in interest. The one with 2 made 2 more in interest.
The third, however, was scared to do anything, he went and buried it in the dirt, electing to play it safe and not lose it.
Matthew 25:26-27, the third servant was rebuked and called wicked and lazy, and corrected by saying at least he could have made interest in the hands of the exchangers or "bank"... today's equivalent of foreign exchange.
This is a testimony that investing with what He gives you, is indeed Good. Gambling is not... it is lazy. The third gambled on the premise that by burying the 1 talent, the Lord would be pleased for not losing it.
In reality, the servant was harshly reprimanded for not investing it.
The greatest compliment someone can give you, is wrapped in doubts, disbelief and scoffing. If your craft appears as AI, Photoshop or faked in anyway... smile and enjoy that.
Essentially, they are saying in the strongest fashion, "you and what you do is unbelievable!".
There aren't many who can relate to this and if you do, you are among a significant minority in any field.
You either choose to allow people who never did it, won't try or can't believe it, to convince you the same... or you work for it, until you proved them wrong.
Only one choice lives a legend life.
I have learned in this life, the more people try to talk you out of doing it, the more they try to explain how it can't happen like you envisioned it... the more you need to dig your heels in and remove their influence over you.
Everyone else retired broke, or still works.
Remember this.
34 years ago, from today...
I was working 6 days a week. My net pay, per week, was less than $300.00. I was single, recently divorced and no children.
I was sick of the rat race, being broke, tired of being tired of it all.
Then Trading walked back into the chat...
If you are quick to defend your stance, you are being helped by me.
You just recognized why you struggle to improve and are led by emotions and psychological hinderences as a Trader; who identifies as a practitioner of a method and not an independent Thinker with statistical evidence behind a efficiently profitable model and an indifferent mindset to outcomes on an individual basis.
Sort that out.
Reading people getting upset over Senate Leader Thune playing the heel in the endless facade of US politics is amusing. They are all worthless and don't care about you.
They enrich themselves while pretending the other side did it to us this time.
There is no fixing this folks. The same entity runs it all and it has actors who are paid huge fortunes to make sure your votes never matter, their role is called "Senator", in the script.
Getting mad about it, is useless energy and torment. This nation is no longer what it used to be and it will never return to its high pedestal it once had.
Voting doesn't work. No one in politics is trustworthy and if they start out as such... the tentacles of chaos grip them and force things their way.
Buckle up... it gets worse.