I’d recommend getting the book “Trading in the Zone” by Mark Douglas (I’m in no way affiliated with the author). I wanted to address overcoming emotions as well and stumbled across this book. You often hear traders talk about “knowing yourself”, this book helped me with that.
The author describes how to eliminate emotional risk by neutralizing your expectations of the market and adopting a probabilistic mindset. He lists five fundamental truths to trading which, in my opinion, all traders should remind themselves regularly.
I’ve had some success trading options and am broadening my horizons with Forex. In my experience there is no way to overcome emotional trading once and for all. A daily reminder is needed, after all we are human, right?
Check out the book and post the five fundamental truths on your monitor. Good luck!
Revelation is being experienced after the time neccesary. Good perspective and analogy. It’s not going to come to everyone on the same timeline. Submit to the process and it will happen. It can’t be forced… but you will know it when it happens… Enlightenment.
During the move up yesterday I was planning to take full profits at the 1.2830 level. Before that happened I thought I would open another small position to see if we would make it up to that 1.2860 level.
Woke up and the order was closed :). Before I went to bed, the trade was about 5 pips in profit, so I didnt take any initial profit. I thought the trade had been stopped out.
Yet another example of patience and waiting for the price to get to it next level of consolidation!
Careful, we havent taken out the old highs yet on the left (around the 1.2870/80 level).
As ICT says, if they’re coming back for the stops, they’re going to make it worth your while. Providing we are reversing and going back down again. So a turtle soup style entry might work. However, I think we may see a bit more upside in general before we start moving lower again.
I probably wont be looking for long term shorts until the 1.2930 level (OTE area of the current range on the 4H - 31st Oct. - 13th Nov.).
I guess we will probably consolidate for the next few days until Monday, as the US will be off until then. Holiday markets arent as predicable.
I’m watching the 61.8% (1.2880-90) retracement for an initial bounce down but as you say there are more interesting stops above between 1.2940 - 1.2990 which I’m more interested in.
Again I am looking to next week for the full retracement.
Hey I was eyeing the aus/usd today and on 4 hour time frame the pair has broken MK STR to the downside. I think all this rallies up are just deep retracements to go lower and also it seem’s like price is winding down to in a coil for a big move. But i could be talking a lot of mumbo jumbo…
After a wrong Short on Tuesday, I entered yesterday Long at 1.2750.
Took 50% off at 1.2780 and let the remaining run. Was initially targetting 1.2880 because it’s the next resistance level on HTF, but price is stalling today, so I choose to close it at Market instead. Just exited at 1.2763 with 112 pips to cover my previous string of 5 losses.
There is something I want to mention. After many months of trading ICT material, I keep hearing him talk about “Look at where price had traded from”, but I don’t get the point and can’t seem to understand the significance though it may look very simple to a lot of you.
Now, I seem to get a light bulb this week on what that means.
