Monthly Archives: November 2015

What If You Did This Every Day?

 

The following image was posted on YTC Social Media on Tuesday… and I think it makes such an important point that I want to expand upon it in today's article.

First… here's the image:

What if you did this every day?

All trading conditions are NOT equal.

Sometimes the environment is well suited to your trading strategy, your style and your personality.

Other times it is clearly not suited.

What difference could it make to your results, if you were to start each session with a game plan. Something like this, for example:

What if you did this every day?

As always, the game plan is subject to change during the session. But it's a useful starting place.

It will have you ready to engage the market without hesitation, should price move into areas with potential for ideal trading conditions.

And it will have you operating cautiously at all other times.

But how do you learn to identify these areas?

This is a good goal for your Market Structure & Price Action Journal!

What if you did this every day…

What if you added a short task to your session review procedure? Just a couple of minutes to review the higher timeframe and trading timeframe charts.

What if you identified the areas on the charts which provided ideal trading conditions? The price action with clear directional conviction, smooth flow and ideal pace (or whatever other conditions you prefer). Just the absolute BEST!

What if you studied the market structure, noting on the chart the features or conditions that led to creating this ideal environment. Typically these might be areas that spring an HTF trap, or areas of significant breakout.

What if you studied the price action, noting how to best exploit the trade opportunity to maximise profits while minimising any risk.

What if you printed the charts, along with your market structure and price action notes, and filed it into a ring binder or folder?

What if… after doing this for a year… you realised that you had a document with maybe a hundred or so examples of ideal trading conditions, along with notes on how to identify them, and how to exploit them once they're confirmed.  (Yes there are well over 200 sessions a year, but not every session will provide an area of "ideal" trading conditions!)

What if you used this resource to document some rules-of-thumb for identifying potential areas of ideal conditions, allowing you to commence each session with a game plan just like the example listed above?

Would that perhaps be useful?

Let's look at another example using the same market as in the above image, but from the very next day.

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Who Would Buy Here?

 

Seriously… who would buy here?

Who would buy here?

Who would buy here?

Who would buy here?

Who would buy here?

Who would buy here?

Who would buy here?

 

Ok… enough talking in general concepts. I always get in trouble when I do this, because someone will email me including a chart which shows an exception to the rule.

Whatever!

Generally… it's not wise to buy in these areas.

And this brings us to the point of the article.

Consider it a "rule of thumb" for finding good trade locations.

  • One way to find areas on the chart which may show potential for a short entry, is to find the places on the chart where you think, "Who would BUY here?"

  • One way to find areas on the chart which may show potential for a long entry, is to find the places on the chart where you think, "Who would SELL here?"

Let's look at a trade based upon this idea.

(more…)

Start Again – Start Better – Start Smarter

 

I love this quote:

“Though no one can go back and make a brand new start, anyone can start from now and make a brand new ending.”

… Carl Bard

Whenever I wish to do so, I am free to reset today to DAY ONE!

Whatever happened last week, last month, or last year no longer matters.

My new trading career begins now.

Hit the reset button. Clean the slate. And build again… better and smarter than ever before.

Hit the reset button

But here's what I'm thinking…

What if I did this every day?

What if EVERY TRADING SESSION was a new beginning?

I am forgiven my imperfections.

I am forgiven my failures.

Today is a new day… I can start from now and make a brand new ending.

Better… and smarter… than ever before.

Today I will begin work with sufficient rest and relaxation to ensure a healthy body and mind.

Today I will complete my pre-session routines in full, prior to the session open.

Today I will approach the session open with a clear idea of my game plan for the day; and a willingness to amend that plan if price has other ideas.

Today I will eliminate all distractions; maintaining the conditions essential to attaining my Ideal Trading State.

Today I will enjoy the challenges which the market provides.

Today I will flow with the shifting sentiment of the market; adapting tactics to suit the conditions the market provides.

Today I will engage the markets with controlled and focused aggression – standing aside patiently when the market offers nothing but risk, accepting that risk when the market provides opportunity, and attacking the market in force should it provide perfect trading conditions.

Today I will complete my post-session routines in full, allowing me to learn from my data recording and review processes.

Today I will forgive myself my imperfections; and celebrate my successes.

And tomorrow?

Well tomorrow is a new day.

And tomorrow I get to start again; better and smarter than ever before.

Happy trading,

Lance Beggs