First off no, I am not the best trader, I am still considered a new trader.
However the most important thing someone has told me was you may think this persons an idiot, but even an idiot knows a trick or two that may become useful.
Secondly most of these things occur naturally to me because of my upbringing and life.
Lastly, you don’t have to heed or linger on my every word or even follow me, take from it what you deem useful to you and connect the dots when you look back at your experience to help you move forward.
This morning we saw a HUGE drop in all the markets, I was talking with M and another I cannot remember his name but I remember M saying he was long in fiber and cable. The other guy said both have broken his 3rd fib support level at around 1.4350. Mei the opportunist jumps in (I accidentally jumped in at 1.4380). However it kept dropping with no support in sight. This made M panic, me being the stubborn ass I am thinking it was near a bottom.
Time went on and eventually it broke another fib support level M was contemplating closing his fiber and keeping the cable long which most people would have since their S/L might have been triggered.
I marked two zones 1.4357 and 1.4247. The first was what I call the equilibrium low and the second is the final low. If it broke the final low it was going to head for a major dip.
I don’t know why its been re-adjusted to 1.4328 now, but I know for damn sure this morning there was a major wick just touching below my final low.
I like to keep my profession private its in my contracts I sign.
Regardless of that I want to delve into why I am stubborn.
I was brought up with little emotions. I work in a emotionless industry in the sense that your important for coffee runs nothing more so than your actual job. However despite that fear is the most prevalent being one major earful away with unemployment. One screw up, could potentially delay plans, one less person could mean someone doesn’t get their cue and the whole system goes haywire, one wrong step either environmentally or relatively to a co-worker/boss/guest could ruin you for your entire career.
If it was one thing I learned it was thinking under heavy pressure such as when someone lost track of the timer and they had no way of telling where we were and how we were going to squeeze that much time by winging it. Our profs looked at us knowing this is a very real world scenario that even they have fumbled but didnt want to mention anything. Everyone was panicking looking through the schedule me knowing my team failed meant I would also get in trouble calmly analyzed the situation and the answer was in front of us on the wall there was a clock(not really a clock but you get the picture). We looked at the schedule matched the rundown at the time and within 10 seconds we were only off by 1 second. That may not sound dire, but 1 second in our industry may mean the difference between having funding and getting sued.
Overtime I wanted to explore this because if you panic, emotions run high, adrenaline is pumping, your heart beats deeply and strongly. That’s the point where your fight or flight kicks in and I know I may be re-itterating what InnerCircleTrader may preach from experience but its true.
What’s also true is you can tame those emotions much like how you practice until it becomes second nature you can also hone on being coldly calculative. For me a big help and the simplest I can put it is go to an amusement park ride ALL of the coasters if your terrified even better. What your trying to do is de-sensitize yourself to this kind of emotion you may not get over it completely because nobody can get rid of fear however you are trying to achieve the point of reactive thinking. Much like how if I tried kicking you your instinct is to block, if you had been conditioned and trained slightly you would analyze distance, power, technique, and weaknesses then come up with options such as A.Block. B.Counter. C.Dodge in an instant.
Strangely enough I was thinking of what I might of wanted to eat later that day so I was thinking pizza or pasta or maybe if we passed by a buffet my friends and I could have all that maybe more, then thought about other food (To quote David So, Us fat people think about food all the time). However this was when we were going down a major drop reaching speeds up to 50km and hour, as quoted, rain pelting my face going upside down hard turns left and right also ducking occasionally thinking I was too tall for the ride. Which brings me to my point. If you are able to think with such an emotions that doesn’t overpower you, you are on a good track to and not limited to calculative moves, confident orders and on the spot analysis. You’ll likely stop or minimize the time where you say oh maybe I should get out and the second you get out you see draw back or you were just a few pips from the bottom of that breakout.
Take from it what you may deem useful.
Hopefully mods wouldn’t delete this for weird, non-relative, or close-minded methods.
P.S Sorry M, you know who you are, just this is the most recent event I could relate it to
