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I can't speak for RN, but there was no real hope for me until I learned to grit my teeth and buy when price is making new highs and sell when price is making new lows. Our beliefs control our behaviors even when scientific evidence or our personal experience tells us to behave differently...

I can't remember a single time when I ended up holding for the Big Move. I was so grateful to get back to even after my top-picking excursions, only to watch price run about +$5K more without me.

Regarding: "...whereas another trader might be going for big win, attempting to catch a bottom of a huge move, try a few longs and get stopped out a few times, but keep trying to eventually get that huge move back up..." This is every trader's dream, catching the bottom or top for the huge...

There's an old adage along the lines of "You can't think your way into right action; you have to act your way into right thinking." Although being rested, focused, and relaxed is the "breakfast of champions" for a day trader, this foundation cannot overcome negative habits. Replacing negative...

Most of the setups today fulfilled criteria in either direction. Felt more like gambling than trading...pick a color, red or black :D

A simple suggestion: When you think about placing your order and your brain says "But what if it keeps going [up/down] right through [key level]" immediately yell as loud as you can, "What if it holds and I get 10 points of profit on this trade and it costs me less than $50 to find out!!!"...

You got it exactly as I would trade it. I wait for the next signal. Blows it wide open. :cool:

If knowing how low price will go is how you define "safe", then you are correct; it's never safe to get in on any move because how low it will go is unknowable. My signal to go long occurs during the 8th bar past your blue arrow bar. My limit order to go long is filled during the 12th bar past...

That first little breakout of the ascending triangle resistance is "the tease". Now, if you look at the level where price pulled back to after the tease (your 3rd higher low arrow), you'll be looking at something that is about as close as you can get to a Holy Grail in trading.

I think a very successful plan can be developed around this concept. It involves a lot of documentation. Define "key levels" in terms of the price action environment. Then build your spreadsheet of a few hundred occurrences of price trading at the key level and the MAE/MFE surrounding each...

k p, i960 has nailed it. You're so afraid of risk that you're using a 5-second chart to put your mind at ease enough to put on a trade. The irony of it all is that your "best possible price" entry doesn't even require an entry setup pattern on the 5-sec chart. It feels scary to place...

Exactly how often has this occurred over the last 100 appearances of your valid setups? I'll never forget the time I did a statistical analysis of a setup I thought resulted in a negative result really, really often (my guesstimate was 80% of the time based on how often this setup had screwed...

We were Skyping and calling our trades. He was trading CL and ES and his mindset was impeccable. He cut losers quickly, and if 3 losing trades in a row he stepped away to take a quick break and then came right back to it. I was very familiar with the price action setups he was taking advantage...

Back then I had some opportunities to observe PABuster's real-time trading and he blew me away with his price action scalping abilities. My brain/hand coordination was insufficient to trade like that! :D

Since this is a psychological journal, I'll share some observations. Firstly, by "stick with a plan" have you proven you can stick with your trading plan, or have you proven you can stick with a rule that says "fixed stop or target"? If it's the second one, why would you be doing this in a...

Interesting chart...it appears that if Neke had stopped trading for the month as soon as that early rising LTL broke down, he'd had saved himself nearly $60K in losses. I think a study is in order: Do Risk Management Rules Based On Technical Analysis of One's Evolving Equity Graph Preserve...

"Like assault weapons and market derivatives, the technologies that allow us to alter the global environment that sustains us should mandate caution and prudence." - Carl Sagan, The Demon-Haunted World Slow and steady wins the race.

My goal was 200% and I was up 40% in the first quarter, right on goal. Then after large losses I had to claw my way back to where I started. Meanwhile, the guy whose trades I thought were "crazy" and who had too many losing trades and who let trades stop out for a loss after coming within .01 of...

Chasing price is a serious account killer. The professionals know that the best way to get an excellent entry price and accumulate fuel for the next move is to create a bid/offer vacuum that causes price to move quickly. Since so much trading is programmed trading now, these intense moves...