The following is a book review I first published on Amazon for the book “Mastery”. I felt like it was written just for me. I have always enjoyed reading the biographies of successful people that mastered their fields of endeavor like Thomas Edison, Henry Ford, Leonardo Da Vinci and many others. I have read many […]
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SIGNALS: A break out to a new high or low price out of a price base. The market rallying on bad news or falling on good news. A gap in the direction of the current trend. The huge majority of all traders are in agreement for a long period of time. The traders on the
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The stock market is in a up trend on all time frames and across all indexes. Overbought indicators are not working for swing short trades, there is currently no long term resistance. Shorting indexes has been punished since the break out to new all time highs making shorts more reluctant to try again. Traders that
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Psychology: What’s Your Trading Brain Type? 10 Things I’ve Learned About Trading Over The Past Decade The Mindset of Trading Success High Probability Trading by Marcel Link 7 Reasons Why You Will Never Do Anything Amazing With Your Life
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The only one capable of answering which trading strategy is “right” or “wrong” is the trader. The answer depends largely on psychology. — Michael Lamothe (@MichaelGLamothe) July 2, 2014 There’s no single “right” or “wrong” trading strategy but there are “right” and “wrong” trading strategies for each trader. — Michael Lamothe (@MichaelGLamothe) July 2,
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In my Facebook trading group, I asked the question: “What is your most important trading rule?” As usual, I got a ton of great answers. The most common response was: “Always follow your trading plan.” followed by “cutting losses”, and “keeping losses small.” This should hit home for new traders. If you do not have a
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For a trader to be successful their intellect must defeat their ego. A trader must use probabilities to overcome their own personal opinions. A trader has to use risk management to overcome the hope that a losing trade will turn around and just take the original stop loss plan. A trader must allow the actual
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There are two different issues that I have seen traders face: #1 Not knowing how to turn off their trading. Obsessing about every trade and watching every tick even when no value is added. Tying their self worth to their trading results. A trader has to have an ‘off’ switch along with their “on”
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You can control when you enter and what will cause you to exit but where price goes in the mean time is up to the market itself. You can decide how big of a position you want to trade but you can’t choose your profit amount that is up to the market. You can’t decide
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So far the stock market in 2014 does not care about anything but the central bank IV drip. The bulls continue to run wild in the energy sector $XLE as they wait for some clarity in Iraq. $XLE did finally fall back to reality under the 70 RSI. 2104 has been the year
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