Candlestick Patterns – Doji
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Confirmation is Risk! (Part 2)
I don't recall who said this… and I'm paraphrasing… but I absolutely loved it when I heard it and it's stuck with me ever since. "Why shouldn't we try to pick tops and bottoms? That's where the risk is smallest and the profit potential is greatest." (If you recognise the actual quote can you…
Stopped Out… But The Premise Remains Valid!
The recent Winning Through Losing Better series talked, amongst other topics, about the importance of pre-acceptance of risk. In particular the following: Pre-acceptance of trade risk means that I'm not overly concerned with the monetary loss and can keep my focus on the process of analysis and effective decision making. My focus remains on process,…
Project – Confirm – Trade
It’s Monday morning and the markets open with a Simple Pullback Entry LONG. BUT I DIDN’T TAKE IT. Because it didn’t set up right for me. A key principle in how I trade is keeping my awareness AHEAD of price. No trade should be taken unless I saw it coming well before the entry candle….
If you find yourself out of your trade, the reality is that you won’t always find a way back in!
Hindsight analysis is always suspect. Our normal human biases have us believing that we would have made the optimal trade decisions. After all, they always look so simple with the benefit of hindsight. So I'm always hesitant to provide my thoughts on someone else's trade review. But it's the Christmas / New Year week…
IF-THEN Analysis at Session Open
Continuing a theme from previous articles – here and here. Keep your focus ahead of price Never let price action take you somewhere your brain didn’t get to five minutes earlier. This is not just a concept to apply during the trading session. It also applies at session open. Start the session with some…
WLSR – Not Win%
I've covered quite a few topics throughout 2014, but I believe the most important by far has been my attempt to have people looking for success over a series of trades, rather than on any individual trade. Not every trade idea works! But that's ok and that's normal. Keep the losses contained. And work…