Achilles' heel...!

[AW10]

SM Bhaijan, watch out, very soon we will have lady (Christine Lagarde of France) as IMF boss.

We trader look for FII/DII, they look at country's Central banks, and country's central bank look at IMF to bail them out.

She is latest leader in the race to the top with good support from Germany, UK, US, france.

Happy Trading

 

[DanPickUp]

Hi

Nice thread and you may like to hear some words from those guys :

Mark Douglas interview : http://woodiescciclub.com/Lectures/mark-douglas/index.htm

Dr. Brett Steenbarger interview : http://woodiescciclub.com/Lectures/drbrett/drbrett-october2005.html

DanPickUp

 

[Somanjana_C]

Hi

Nice thread and you may like to hear some words from those guys :

Mark Douglas interview : http://woodiescciclub.com/Lectures/mark-douglas/index.htm

Dr. Brett Steenbarger interview : http://woodiescciclub.com/Lectures/drbrett/drbrett-october2005.html

DanPickUp

I am a Mark Dauglas fan. there was a interview in Wtv long time back and in one of his interview he said...

In trading we may have a technical method on telling us what to do and giving us the the potential to generate consistent results. But without developing the appropriate mental skills, its unlikely we will be able to do what our method or trading plan is indicating... telling us to do without making a number of potential execution errors. In other word stay positively focused on the process of trading by doing exactly what we need to do, when we need to do it without hesitation, reservation or fear.

No matter how good a technical method is at generating a winning trade, turning those winners into a consistent income (highlight "consistent" ) requires the ability to do or not to do somethings that the method itself cant help us with.

e.g
Our method cant force us to predefine the risk of getting into a trade. Or if we do pre-define the risk, our method cant force us to take the loss that ends up turning into a bigger loss.

Our methods cant stop us from moving a stop loss to our entry point where we get stopped out and market trades back in our favour.

Our method cant prevent us from hesitating or getting in too late.

Our method cant stop us from jumping the gun and getting in too soon when the signal to actually get in never really develops.

Our method cant stop us from getting out of a winning trade too soon or leave profit on the table. Nor can it prevent us from letting a winning trade develop into a looser without taking any profit.

Any methodology cannot give us consistent income if we continue to make the above mental errors.

All the mental errors are the results of thinking /believing / assuming that our technical methods is telling us whats going to happen next on a trade by trade basis and not understanding that technical methods or patterns are not designed to do that. Technical methods or patterns are designed to put the odds of success in our favour over a series of trades.