[B]Traders Characteristics (Strengths Vs. Weaknesses)[/B]
I will try in this post to identify the trader’s characteristic and categorize them into strengths and weaknesses. There is no way to turn your weaknesses into strengths unless you firstly recognize them. Feel free to add characteristics that I might have not included.
-Lack of experience / lack of knowledge
-Lack of discipline / overleveraging / overtrading / unplanned trades
-Too emotional / impulsivity
-Too cautious / cannot pull the trigger / not enough confidence / procrastination
-Not exiting loosing trades soon enough
-Exiting winning trades too early
-Lack of patience
-Unwillingness to accept losses / fear of losses
Do not hesitate to attack your limitations and turn your weaknesses into strengths. Our strength matures and cultivates out of our weaknesses. Moreover, weaknesses can be turned into strengths with a very simple tool: the right mindset. I’m not referring just about the power of positive thinking (which I think is a great tool for anything) but about figuring out ways in which weaknesses can actually be strengths. If you develop the mindset that weaknesses aren’t really weaknesses, you’ve just broken through your limitations and fears.
End of the week and end of month; We remain with only one running trade to manage. We will proceed to the phase of rest after the last multiple trades. A trader needs a break after a series of intense chases. I believe a trader should reward himself with something, paid out of the profits, then rest from trading for a while. This practice will allow you to refresh yourselves, stabilize your thoughts and return energized to the pursuit.
We could take a risk on the PA setup using both a combination of the conservative and aggressive approach to enter the trade. See the risk calculator for the trade details. At FCL, depending on how price might fill our position we could take partial profit and move stop loss at break even.
According to our evaluation the Daily BEEDT is trade-able meaning that the odds of price moving south is greater than price doing the opposite. Are we going to trade it? NO. We are in the phase of rest.
[I]Quote from: Michael on Today at 07:29:48
According to our evaluation the Daily BEEDT is trade-able meaning that the odds of price moving south is greater than price doing the opposite. Are we going to trade it? NO. Read again this post …
If there is something that requires further explanation please ask…[/I]
[I]Cannot thank you enough for your efforts…
All understood but one: Does the fact that the forum doesn’t take the trade means that there are reasons i shouldn’t eventually take it too? I understood well, the only reason that you don’t take the trade is the multiple trades managed the last days/weeks, isn’t it?[/I]
George
Making easy money in trading is the hardest way in the planet. If you want to survive against the odds, as a retail trader, you must use a simple set of trading principles: be faster than anyone else and be smarter than anyone else. As a SPA trader you must acquire the talent to break your trading into six distinct phases: the examination, the track, the spy, the pursuit, the execution and the rest. I will not elaborate on each phase yet, but I will refer to the large amount of energy consumed and required to carry out the relevant procedure despite the trade outcome (winning or losing). Even if our last multiple trades were all winning, it does not mean that we can continue walking on water. Remember it is absolutely essential to be in control, and not in a state of fear/panic or excitement. What gives you the confidence is doing the homework according to SPA so you understand what is happening. Finally, no trading is trading as well, so an analysis without the actual execution will do more good than harm.
[QUOTE=MikeSPA;392181]A COPY/PASTE FROM OUR FORUM:
[I]Quote from: Michael on Today at 07:29:48
According to our evaluation the Daily BEEDT is trade-able meaning that the odds of price moving south is greater than price doing the opposite. Are we going to trade it? NO. Read again this post …
If there is something that requires further explanation please ask…[/I]
may i ask which forum you’re referring to?
Thanks!
It is a forum where our PA trading methodology is documented in detail. Not ready yet since we are working on user friendly trading tools specifically directed to PA traders such as the SPA position size calculator, SPA Trend Indicator, SPA candlestick pattern recognition. Also, there is a forum capital where we trade it live with detailed money and trade management.
When the organization of the forum will be completed then all traders will have FREE ACCESS for probably a couple of months.
At the moment our team is working hard to make it as simple as possible.
We will use its internal weakness, the confluence of unconfirmed MS and WS, monitoring the daily for a potential bullish PA setup. Trading against the Bullish controlling candle is prohibited.
