Weekly Motivation

"Certain key beliefs, which have nothing to do with the market,will still undermine your success in the markets. Those are yourbeliefs about yourself."
--Dr Tharp

Weekly Motivation

Preserve, continue and move on

Weekly Motivation - Why I won last time?

Why I won last time?

- I as able to identify the trend
- I follow the trend
- I have practised my setups well
- I know the power of trade.
- I read the chart everyday
- I do predict the marketI follow my trade management rules strictly

How to Deal with Missed Opportunities in Strong Market

How do I deal with missed opportunity in s strong trend market?
How do I make sure that I will get back to the trend?
How do I deal with being stopped out from a trend that continues to become stronger?

1. I need to come out the re-entry signal fast and get ready to enter with my trade management rules using stop orders.

2. Make sure that I am prepared my setups:
i. Ascending Trangle Breakout
ii. Descending Trangle Breakout
iii. Trend-confirming Buy or Sell Breakout
iv. Higher Fractal buy or Lower Fractal sell
v. Oops! Buy or Sell Breaout
vi. ID-NR4 with Trend-confirming Buy or Sell Breaout

3. Psychology:
i. Remember that the price is not too high to buy or too low to sell.
ii. Just follow your trading plan and trade management rules.
iii. Do not predict what the market will do.
iv. It may take few trades (losses or small winners) to ride on the strong trend.
v. It is hard to re-enter but it takes a few trades to get a big winner or homerun.
vi. Stay relaxed. Place a trade and set a stop. If you get stopped out, who really cares? You are doing your job. You are actively protecting your capital. Professional traders actively take small losses. Amateurs resort to hope and sometimes prayer to save their trade. In life, hope is a powerful and positive thing. In executing a trade, hope is a virus that can infect and destroy.

4. Something about a strong trend:
i. The initial start of a trend is choppy and subject to re-tracement. This will make some to believe the trend has reversed.
ii. The trend will get stronger make some to believe the price is either to higher to buy or too low to sell.
iii. As the crowd rush in to participate, the trend may just reverse or go side-way.