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Ditto. I generally do first two hours of NQ recently (sometimes longer, but only if there's such a great trend it's a must take/hold). Sometimes an hour before that of GLOBEX action. But that's it. Making more than used to in Euro thanks to better market volatility and ability to focus better...

Outcome of single trades is largely random indeed. But outcome of long series of trades, based on past price/volume patterns is very unlikely random, because result is heavily skewed to one side (profit :p ) while the sample size is large enough to consider it valid experiment and not just lucky...

Will check it out, thanks. :)

This is incorrect analogy. When I say "consistent trading" I don't mean "X winners in a row". I mean X winners randomly mixed with X losers, but the end result of the sample is significant profit. 10 heads in a row may sure be luck. Now ask yourself, if you flip a coin 100 times in a row and...

4 a week would likely make me very bored, I love trading... but my point was, we better keep even the lovely job controlled. Workaholic disorder is not funny.

Probably so. But assuming RR trades SPY (or it's twin ES), hardly anything stops him from trading heavy size and producing profit at least deserving respect by any standards.

Not at all. Even sample size of ~50 is considered valid in terms of CLT. Try 50 random trades in effort to get "stellar" bottom-line performance and you'll see what I mean. I showed you 50 consecutive trades last Autumn. :) Now imagine a sample size of hundreds or even thousands of trades...

Found an interesting article, named: "Stop Working More Than 40 Hours a Week". Looks to be good reminder for us, traders, cause I know too well by myself and colleagues how addictive this job can be. We think "if I spend more time in front of screens or watch more markets I will see more...

Randomness takes it's place of course. But science devoted serious attention to randomness and those studies provide us with the guidelines to distinguish random results with enough precision. Yes, I am speaking of CLT here. Certainly a few successful trades can be random (and that's how many...

Absolutely agree. First step to eliminating "wrong" beliefs is exposing them to consciousness and recognizing them as "wrong" (or rather destructive). P. S. Great pleasure for me to read your newsletter and discuss trading with another psychologist.

Perhaps. But there's a good saying "winners are not judged". If something (doesn't matter just the belief or a real edge) makes person good trader, why second guess it and try to fix what works?

It won't last long then. But having said that, the only objective measure of trader's success is profit (or maybe more detailed, profit in relation to other factors, such as drawdown, risk taken etc.).

Jack, Impressive job on NLP in relation to trading. I agree that "wrong" beliefs cannot be erased, in my experience the only way to cope with them is substitute them with experience of success.

In addition to charts? Do you mean volume, T&S, DOM, analyzing other markets etc.?

Exactly! What "they" are just planning to do or just started to do can be seen with pretty good odds by just looking @ price chart (maybe even just T&S as old school traders used to do before computers with charts appeared, but charts are much more convenient :) ).

I don't believe trading is about retail traders picking each others pockets. Simply too much money turning over there, it would be not worth it if the game was all about blowing up small traders. Derivatives may be zero sum game technically, but in reality everything is interconnected and...

Yes, but whatever one claims, truth can be hidden from others but him/her.

Yes, of course legal and ethical assumed a priori. What I like about the markets is they don't actually allow one to be not truthful to him/herself, because one can't cheat his/her own P&L. :) Even have a feeling trading could be used as effective therapy in relation to some disorders.

That's very interesting for me as a psychologist. I also have clear "feel" for the market of choice after all these years (will be 8 in a couple of months) in front of screens. What I usually do is try to pick moments, when market analysis/setup coincides with my feel. Those are the best trades.

Naive? Maybe... But does it matter, how exactly one makes money in the markets? :)