The Hurdles of Trading
I read something that made me think of something Steve Gregor had said in one of his teachings about the "failure" rate in this space (trading). "They" say the failure rate is 95%+ and that the failure rate is based more on the individual's psychology that has a direct impact on their trading decisions. I know personally that this is true from the things that I am dealing with in my life. One of Warren'Buffet's famous quotes is, "If you can't control your emotions, YOU will NEVER be able to control your checkbook." We have such an emotional response to money (just let someone ask you to borrow some money) that the pursuit of money, especially money that is relatively simple to attain, can cause many "head-game" problems in "searching" for that money.
To be successful in trading wealth, it takes just two things: 1) Belief and 2) SEEKING to UNDERSTAND FIRST. That is it, the secret sauce, the mojo, etc. The problem (and I am speaking from my own experience) is that I want it now; I want to take shortcuts, don't want to be patient, want things done my way, etc. 1) Anyone on the face of this planet can have success in the financial markets. It has nothing to do with "smarts" but more so with #2. 2) Seeking to understand first (the most challenging part of getting BUT once GOTTEN you have just created your very own MONEY TREE).
I will take a look at one of the hottest alt-coins on the market, which is BTCUSD. When we are brand new at starting to learn the ancient "secrets" of this GAME, we are taught some pretty basic things that, along the way, we seem to forget. 1) Larger time frames dictate smaller time frames, 2) Market Structure, market structure, market structure, and 3) Refer back to #2.
We have to understand what volume and the associated price action tell us so that we can then prepare to move when the market moves. (paraphrased Steve Nison - The Father of Japanese Candlestick Charting in the west). We need to know where we are in the "grand scheme" of things and where we are headed ("Look left to get right, look left to get on the right side of money" - FX Shepherd). As we can see from the chart, I have blue ellipses and red ellipses. The blue ellipses follow the market structure as it is moving up, making higher lows and higher highs. The red ellipses are where the market structure has been broken but not changed the trend (red arrows point to these red ellipses). A trend change would occur with breaking the long-term outer trend (short term) line and then finally, the LOW that started the upward journey, to begin with (long-term). I have included some "key" institutional moving averages to show how the market works together to keep everything in order (ALL THINGS ARE FIBS). You can see how the market has responded to the "nature" of these things as it has continued to move (further confirming the upward/rally)
With all that being said, to quote my brother Bin Wright, "If you want to make Grandma's Famous Cake, you can't change the recipe if you want it to be Grandma's Famous Cake." 1) Believe you can do this, 2) Seek to Understand First!
To be successful in trading wealth, it takes just two things: 1) Belief and 2) SEEKING to UNDERSTAND FIRST. That is it, the secret sauce, the mojo, etc. The problem (and I am speaking from my own experience) is that I want it now; I want to take shortcuts, don't want to be patient, want things done my way, etc. 1) Anyone on the face of this planet can have success in the financial markets. It has nothing to do with "smarts" but more so with #2. 2) Seeking to understand first (the most challenging part of getting BUT once GOTTEN you have just created your very own MONEY TREE).
I will take a look at one of the hottest alt-coins on the market, which is BTCUSD. When we are brand new at starting to learn the ancient "secrets" of this GAME, we are taught some pretty basic things that, along the way, we seem to forget. 1) Larger time frames dictate smaller time frames, 2) Market Structure, market structure, market structure, and 3) Refer back to #2.
We have to understand what volume and the associated price action tell us so that we can then prepare to move when the market moves. (paraphrased Steve Nison - The Father of Japanese Candlestick Charting in the west). We need to know where we are in the "grand scheme" of things and where we are headed ("Look left to get right, look left to get on the right side of money" - FX Shepherd). As we can see from the chart, I have blue ellipses and red ellipses. The blue ellipses follow the market structure as it is moving up, making higher lows and higher highs. The red ellipses are where the market structure has been broken but not changed the trend (red arrows point to these red ellipses). A trend change would occur with breaking the long-term outer trend (short term) line and then finally, the LOW that started the upward journey, to begin with (long-term). I have included some "key" institutional moving averages to show how the market works together to keep everything in order (ALL THINGS ARE FIBS). You can see how the market has responded to the "nature" of these things as it has continued to move (further confirming the upward/rally)
With all that being said, to quote my brother Bin Wright, "If you want to make Grandma's Famous Cake, you can't change the recipe if you want it to be Grandma's Famous Cake." 1) Believe you can do this, 2) Seek to Understand First!
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.