Let me share a recent email from a YTC reader that I absolutely loved.
I just would like to share with you this chart…it is amazing how the upper part is almost a perfect mirror image of the lower part… (it is Wyckoffian with 123 patterns both at Accumulation and Distribution)…offering among others 2 great setups…fall into support and failed rally into resistance that you speak of.
You know the most exciting part for me was the following: "it is amazing how…"
I'm a firm believer in the fact that a key component of ultimate success in the markets is maintaining that sense of wonder or amazement that this trader obviously felt. This is a sign of passion for the game. It's a sign that he's enjoying the journey. It's a sign that perhaps this IS the right place for him!
And the price action… yeah, great setups. Breakout of accumulation/distribution followed by a retest of the breakout point. It doesn't get much better than this.
And then again a few days later.
Just a simple thought that I'd like to share with you.
Taking trades and looking at trading from a perspective of finding where others are trapped or make mistake is so much more exciting and stimulating rather than looking at all the MA, oscillators, PA setups (without context) and basing decisions on that… that is so boring and takes all the excitement out of it. And it's difficult to be passionate if you are not excited.
Trading becomes a stimulating game when you know there is somebody on the other side. It's like catching fish…hahahaha
Check out this beautiful ABCD pattern I wish I had taken today….that was an easy giveaway …
So many people are afraid of talking about trading as if it was a game, thinking it's not one… it is a game.
Do you have a similar passion for price action? Do you look at patterns, either live or with hindsight, and feel a sense of wonder or amazement. I still do after 12 years.
Your primary motivation needs to be a passion for this game and the challenge that it provides. If you have that you can overcome (or accept) any obstacle.
Money (or more correctly the lifestyle benefits and choices that money offers) must be a secondary motivation.
I've never seen anyone last without a passion for the game. Desire to make money will not be enough.
If you don't have that passion, then work on developing it. Search the charts each day and find something that just blows your mind. It's there somewhere!
thanx a lot
After reading this post, my mind is so relax n clear. You gave me very interesting way to look at the market. I was very busy in those indicators.
Thanks Harsh. Much appreciated.