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There’s an old adage, “curiosity killed the cat,” meaning that an inquisitive nature can lead one into dangerous situations. How does this idiom apply to trading? Well, there are a lot of new traders who take a ‘shoot first and ask questions later’ approach. Meaning that they’d get into a bathtub with a toaster if they saw a $1 bill on the bottom of it. Not coincidentally, most new traders are far from profitable.
The reality is that the market has been completely transformed in the last 5 years. Big players are stronger than ever with bigger funds and better technology than the rest of us. The days of taking shots because you think your crystal ball is better than theirs are a thing of the past.
And yet, most traders still trudge on without a process or legit game plan. Their emotional levels rising and falling with every 3-candle move in the futures. It’s like a dog chasing his tail. After a while, the dog is gassed and falls asleep. Traders tend to do the same thing. They’ll chase the futures in both directions because they are worried that they’ll miss the top or bottom of the range.
Unfortunately for those traders, there’s something they’re missing — logic and common sense. With all the missiles pointed at us on a daily basis — HFT algorithms, dark pools, and funds positioning size — you’d think everybody’s initial reaction would be to lead with their shield instead of their chin. However, most traders throw caution to the wind and try to anticipate the next move. Ultimately, it’s an exhausting and fund-depleting strategy that leads to watching soap operas and heroin use. Ok maybe the heroin thing is a stretch, but you get the point.
So what’s the answer? First, you have to start thinking in terms of defined risk. More importantly, just constantly check yourself and ask if you’re trading rationally. You are not going to be profitable until you can eliminate emotion and stick to a technical process. The PS60 Theory and my risk allocation strategy have been instrumental in helping myself and many others to become more patient and technical traders.
The market will never stop evolving. You can either adapt to the changes or get left behind.
Happy trading.
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Ready to learn a technical trading process and become consistently profitable?
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