Trading Superstitions

Do you have any trading superstitions or any trading rituals? A lot of Chinese believe that you shouldn’t trade or make any major business decisions during the ghost month which usually falls in August. I tend to slow down on my trades in August too for lack of seeing good trades.

Don’t have any myself (yet), but recently I came across a funny article (here)

Though I think that if we gather babypips traders responses to this question, we can make an article double the size of that one

This is interesting information that you shared here. Chinese people have so many rituals that they follow and the world is unaware about them.

No, I can’t say I am particularly superstitious about trading.

No none at all for me either. I have a routine but that is based on a trading plan and logic rather an anything abstract.

Fibonacci -

People are so superstitious of Fibonacci witchcraft - it actually works. :rofl:

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I have never heard of anything of the sort, care to elaborate?

A tongue in cheek remark !
No one actually knows why Fibonacci works - it seems to be a self fulfilling prophecy.
Don’t get me wrong, I have nothing against Fibonacci and did use Fibonacci grid trading successfully myself for a number of years. :wink:

I do wonder though if the Japanese traders have rituals. I feel like trading is such a modern activity devoid of traditions. :sweat_smile:

Japanese candlestick charts were invented in the 18th century by a Japanese rice trader named Homma. Homma realized that trading was emotional and that candlesticks give a visual indication of emotions in trading. Candlestick trading only came to the West in 1990s.

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I’ve heard the same and there’s many that believe brokers know this too and work to blow positions around those levels out of the water. Believe what you will!

@dudebro
I don’t think brokers necessarily ‘work to blow positions’, it’s just that a lot of orders are parked around these levels.

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I believe the moment I go short i can start a market rally

I’ve witnessed it many times over the years.

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You should tell us when you go short so we can open longs immediately. :joy:

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@mlawson71

I actually thought about writing that in my post - lol

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LOL it makes sense to.

Jokes aside, I know the feeling. I open a position and the chart immediately starts developing in the opposite direction. :sweat_smile:

We can all move markets here! Such power they don’t know we have!!!

Now, if only we could use it for our benefit. :joy: :sweat_smile:

Rule of three unlucky orders- If you hit three losing orders in a row, then it’s a sign to stop. I have heard this one so many times.

Personally, I’ve never heard of that one.