A massive part of your success or failure in this business depends upon your ability to manage your mindset at those times when very little goes right.

<image: Managing Your Mindset>

<image: Managing Your Mindset>

<image: Managing Your Mindset>

<image: Managing Your Mindset>

<image: Managing Your Mindset>

<image: Managing Your Mindset>

Let me repeat…

A massive part of your success or failure in this business depends upon your ability to manage your mindset at those times when very little goes right.

Missed opportunity:

  • Our aim is to consciously remind ourselves that you don’t have to catch everything. This will not be the last time that opportunity presents itself in the markets. Let it go. And move on to the next.
  • See here: https://yourtradingcoach.com/trader/it-wasnt-mine-to-take-but-the-next-one-will-be/
  • Key point: A verbal reminder of “It wasn’t mine to take. If it was, I would have caught it.”. Then focus and project forward.

Chopped up:

But beyond this, you need standardised methods for stepping away and quickly clearing your mind.

And perhaps most important of all – a general underlying pre-acceptance of all possible losses.

  • Our aim is to ensure we’re trading with complete acceptance of all possible outcomes, in particular the potential for a full session loss.
  • See here: https://yourtradingcoach.com/trader/pre-accept-all-possible-losses/
  • Key point: If you are not completely 100% ok with a full session loss, then you have no business trading today. You need to cut position size and risk. And quite possibly go back to the sim to build confidence in both yourself and your strategy.

One final time:

A massive part of your success or failure in this business depends upon your ability to manage your mindset at those times when very little goes right.

So make sure you spend some time thinking about how YOU can best manage YOUR mindset.

Happy trading,

Lance Beggs

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13 Comments

  1. A good lesson on MIndset to always remember there, Lance. I was just wondering, on the second diagram down, after such a strong down move, that you would expect some kind of rally correction, stronger than the first one back upwards. Perhaps better illustrated by the second Bull bar up, which was then followed by the neutral bar with the low close (the eleventh bar from the end). I say Bull and Neutral bars, but I can’t be absolutely sure as I am colour blind to these colours. I am not sure whether you tried to enter below this one or not.

    In any event, a good example.
    Cheers,
    Arthur.

    1. Hi Arthur,

      The second bullish candle provided a much better rally, as you suggested. And took price into a much nicer location abeam the congestion to the left.

      The entry taken on the first bullish candle proved to be premature. The entry trigger was a break above the prior candle high, which then failed to hold and turned lower. My thoughts were that this was all the pullback that would be offered, simply because of the incredible bearish strength within this opening drive. What is not easy to see on the chart is the size of this move. For context, the opening 30 minute range on this day is over 3 times the normal average for this opening 30 minutes. It was STRONG bearish. And so I was anticipating a quick trap above the prior 1 min bar high, and then continuation to the support level target area. It wasn’t to be though.

      Cheers,
      Lance

      1. Hi Lance,
        Excellent. Very good to get your thoughts on this progression. As you say in the course, you have to be constantly aware and tuned in to what is going on bar by bar. I am working on it.

        Have a good day,
        A.

        1. One further note regarding the first attempt at entry short. I’ve shown a lot of these examples over the last year or so, but they do tend to confuse some people as there is often no visible pullback structure. The only time I typically take a trade like this is when there is an opening drive, with strength. The first principle is in effect. And the trade is a PB. The only difference from “normal” PB’s is that in this case the pullback is all occurring within 1-2 TTF candles and so somewhat “hidden” when viewing the chart. The pullback structure is visible on the LTF. So it’s the same concept – just playing out a whole lot quicker than normal.

          1. Noted.
            I realise that it is discretionary, but this is part of the ‘enjoyment’ for me; ie., following (and trying to figure out the motives behind) the price action bar-by-bar as you describe in the course, along with the other principles, too, of course.
            Thanks again,
            Arthur.

      1. Hi Steve,
        Actually, I do prefer OHLC bar charts. I like the precise way you can see the exact position of the Open and the Close on the bar.

        However, I also like the way that Candlesticks really make the tails jump out at you, useful when identifying S&R areas.

        I suppose, however, that you are referring to my colour blindness (not rare in men, and I believe only in men). Usually people confuse a couple of colours; either the blue-black colours or the red-green-browns. This latter group is the most common and is my problem,. I get round this when using candlesticks by setting the colours on my candles to black and white – no confusion there!

        When reading other people’s charts, it’s a bit hit and miss. (:

        Thanks,
        Arthur.

        1. Hi Authur

          You are probably aware that you can super impose (ninja Trader) candlesticks over an OHLC, then alter the candle in a way that shows a nice body with the OHLC clearly accentuating the wick in the format that is best for you, all the best.

          Cheers
          Steve.

          1. HI Steve,

            No, I did not know that. Could be very useful. However, I don’t currently use Ninja Trader. I use either my broker’s platform or ProRealTime.

            I will bear that in mind, though.

            Many thanks, for pointing it out.
            Arthur.

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