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TFC Commodity Trading Forum

Re: Risk: Our Achilles Heel
In Response To: Re: Risk: Our Achilles Heel ()

Hey Trades,

The only thing I can say for sure about wealthy people is I'd like to be one.

Back to trading...It finally taught me to ignore my own thoughts, and listen to the market only. It's a completely different perspective of taking trading actions based on only market behavior, with no input from my own emotions, opinions, ideas, random thoughts etc.

EX. There are 3 steps to every trade:

Market Selection

Trade Selection

Trade Managment

The individual trader should contribute very little in the process. Yet most think the charts and lines are the tools and they are the boss, when it's the trader whose the instrument, and the charts and lines all we listen to.

Market Selection is determined by the market's current environment only -- i.e. price pattern & time, which is a reflection of current sociopolitical, economic, and natural conditions.

Trade Selection -- set-up --is quantified by price, strucure (support & resistance), momentum and time.

Trade Management -- The trader adheres to his/her trading plan.

Listening to the market, and not my own thoughts...easier said than done...but quite learnable.

Jay

Messages In This Thread

Re: Risk: Our Achilles Heel