Indicators / Charts / Money management / emotional discipline ... Entry and exit rules ... You name it ... They are all same ... It is the Mind of a trader that decides the Reaction for all the new acts that the market springs ...
If it is not about the mind, why 2 different traders looking at the same chart/s ... Indicator/s ... Decide differently ... Why One buys and one sells ... Because their different Mind analyzes the same charts and indicators in different way ... And that is why their results will be different ... One will win and the other loses ...
This is my post in one of my other threads, if you have not read it already ...
What is Trading? .... Buying and Selling ....
Who does the Buying and Selling? ... The Trader ...
Who is the Trader? ... I'm The Trader ... This is why "I" is more important aspect of trading ...
Where to Buy and where to Sell? ... Buy at Low and Sell at High ....
Who Judges / Analyses Low and High? ... I Judge / Analyze Low and High ... "I" again ...
Where to Exit ... What is Bought and Sold? ... Nearest Resistance and Support levels ...
Who Judges / Analyses Nearest Resistance and Support Levels? ... "I" again ...
What Lot sizes, Equity allocation, MM, Exit strategy ... You choose One Question / Doubt ... Finally it is "I" in answer all over again in the Process ...
As DSM rightly said, in any trading strategy that one follows, it is the "I" which is more important because, otherwise, the respective Trader will not have confidence either to Trade or to wait for profit after taking the Trade ...
Therefore, if "I" is The Most Influential Factor in all Strategies, what about Emotional Discipline? If "I" does not control the emotional (Greed and / or Fear), who else does? ...
There is a famous Shloka (saying) in Sanskrit - "As the Rivers, flowing East or West forget that they are different, when they Merge in the Ocean, we can also become One with the God, if we forget that we are different from him"
In the same way, if we remove the distractions, if we remove doubts(more of self doubts) ... Trading will be much Easier and Profitable. Ask yourself, if there is any other business, other things being equal, easier than trading? ... You read it RIGHT ... TRADING IS EASY
While learning to drive a car, most are terrified about using two legs for three operations. Once we learn to drive, we won't even know that ... RIGHT? Why? NO DISTRACTION ... Basic aspect of driving is taken care at Sub Conscious level and Conscious Eyes and hands take care of the rest. What else we need for trading? Basic things at Sub Conscious Level and Eyes and Hands again to trade ...
Thinking too many things ... Having too many distractions ... makes Trading complex. Do not think too many things. Most of the times, FA and TA themselves contradict each other and confuse us. Take GBP for example today. With regards to the Scotland referendum, most of the Pundits argued that if Scotland stays with Great Britain, GBP will head North strongly, minimum by 400 Pips. But, what did market do? Pushed GBP pairs down the barrel ...
Thinking about too many things, contract notes, ROI, points to be earned, converting points in to Re, EOD, different analysis in the forum that one reads through, next door Warren Buffet's advice, too many indicators, where in even the actual price is roughly visible, too many indicators / things to fall in line to trade ... If one is distracted so much, how can ONE be with the Market? If a Trader can not be with the Market, who trades and how to Trade? Who removes all these Distraction? It is The Old and Gold "I" again ...
"Remove all Distraction ... Be ONE with the Market ... Be The Market ... There is nothing simpler than Trading ... For this happen, I (MIND) should be The Trader"
