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ironchef made some good points. If you expand your chart, you see the 200-day moving average is sloping down. If you added the 100-day moving average, it was sloping down too and where the price hit resistance. Can't ignore the trend. If you're buying downtrending instruments, then IMO you...

Glad you found the futures. Agree with not checking charts too much -- just wondering, though, if you can check during more critical times of the US session. For instance, you mentioned 9:00 a.m. EST, but 10:00 might be a better time as the US stock market will have been open for a half hour...

I'm sorry to hear about that -- I have spoken with him on a couple of occasions and he provided some helpful insights. From the time he stated his new service until late last year, he was pretty good about getting the videos out every week. In addition to trading, he loves playing tennis and...

I distinguish between trading Bitcoin based on technicals vs. evaluating Bitcoin as a potential long-term investment. While I feel fairly confident that Bitcoin will eventually be worthless, it has been behaving fairly well technically over the past couple of weeks. I still believe that the...

A common theme to my prior post in this thread is the realization that trading is a like a performance sport, and to be successful, I need to approach it like one. Connor McGregor and Floyd Mayweather just don't show up in the ring and fight. But for some reason, many traders think they can...

I learned the importance of the following: 1) writing out and reviewing my trading plan. 2) developing a daily routine and proper preparation for each trading day. 3) having a proper mindset. 4) trading with the trend unless there is a clear loss of momentum; recognizing that strong...

I'm not sure exactly how you trade but anytime indicators are involved, it's important to realize that indicators need to be interpreted in context. That is why there is no perfect indicator and all these folks will reference studies that show that indicators don't work (see link below). This...

I have read a lot of trading psychology books. Ward's "High Performance Trading" is worthwhile too. However, Dr. Reid helped me understand that great trading is really like being an elite athlete. And when you come at trading from that perspective, it's about preparation, mindset and...

Thanks for your post! My strategies have been developed (for all markets) using daily charts but I got sidetracked for a while with Forex thinking that I needed to use other intraday time frames. The reality is that, like you, the NY close is really the one time I want to (and should) focus on...

Interesting -- thanks for sharing. I don't have the ability to (nor want to) watch the charts that much during the day anyway but I do understand how you could ultimately make more money if you had the time. For me, that increased reliability, though, is key.

It seems like everyone I hear about trading forex is using intraday charts, especially the 4-hour chart. After never being able to make any money and lots of losing trades, I started trading off the daily charts and the 5:00 p.m EST close. Trading results have improved significantly. I wonder...

It's all about improving your trading mindset. I believe it's helpful but you have to to use it regularly -- meaning you can't just watch / listen to the video one time each week and expect it to make a difference.

This really gets into the "habits" that you create in order to achieve your goals. Sometimes you have to take steps to not only create habits, but to customize and simplify those habits so that they work for you -- so that they become a part of your process that is easy to do. In other words...

So, for those reading this thread, what behavior do you know you need to do, although uncomfortable, in order to be disciplined? By the way, this was my 500th post!

Agree that discipline is not subjective. But usually just saying "I need to be more disciplined in my trading" isn't that helpful so that is why I focus on the habits and behaviors that result in more discipline rather than just focusing on "being disciplined."

We always hear folks say that you need to be a disciplined trader. The problem is that the word "discipline" sounds and feels negative -- meaning that you "have" to do things you don't want to do. Accordingly, rather than beat yourself up about "discipline" issues in your trading, I believe...

Keep in mind, at times you just want to be part of the herd in strong trending markets. But I know what you're saying -- you can't just use commonly known strategies and expect to be successful. I actually did a presentation at Bloomberg in NY for the MTA (now the CMT Institute) called...

Thank you for this thread. These are great questions. The easiest answer is that you need to set goals and then hold yourself accountable to them. For some people, performance goals create stress (as opposed to process goals) but for your situation you may need performance goals to keep you...

I remember Dave Landry once referred to himself as a "Trend Following Moron." I think that concept is consistent with "turning off" being smart. Too often, traders want to out-smart the market when we really need to "dumb it down."