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No Indicators
I've finally come full circle and am now trading with no indicators except for pivots. I don't need to draw trend lines. I don't even draw all the pivots. This is because I have actually been putting in the effort to learn how the market functions, instead of trying to figure out "whats happening" via indicators, and things are starting to look more rational and ordered than I have previously thought.
I had a great trading week last week and another good start today, and I'm up +4.07% on my day trading account in 5 trades, and this was on a 1% margin. Today I stuck my neck out a little and went for a 2% risk-to-margin and made a bigger gain, but I need to resist the temptation to go any further than 2%. The Market Wizards books drilled than number into my brain and that is a good thing. Patience is key! Now the difficulty lies in the fact that it is strangely hard work to trade correctly (and I believe I have been over the last short period). I cannot say exactly why; I think in a nutshell it requires concentration and a clear head and focus. If you lose your focus you'll have a losing trade. If you come to the market in a weird state of mind you will have a losing trade. If you have a headache, feel foggy, feel tired, hung over, had a fight with your girlfriend etc - all of these things are potential spanners in the works. The larger emotions such as greed, fear and a lust for action are sure-fire killers. Once you are in a trade, if you have emotions regarding it (even such as being fascinated by price fluctuations as they hover around your target without quite hitting it) - these things are a real energy drain... So I've been finding that just staying on the ball is quite taxing in itself. I'm starting to see these things as my potential limiting factors rather than any lack of knowing what to do. Discipline State Patience Focus Thats WORK. |
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