Disagree. There are no GOOD reasons for passing on technical setups. Traders' "subjective evaluation (often flawed, of course) of what's good and what's not" is irrelevant to price action.
When not to trade?
- Thread starter Jamie J.
- Start date
Disagree. There are no GOOD reasons for passing on technical setups. Traders' "subjective evaluation (often flawed, of course) of what's good and what's not" is irrelevant to price action.
You must be one of those supertraders.
What about the "apparently GREAT setups" which end up as false/fizzlers? And the apparently "marginal" ones... you look back upon and say, "wish I'd have played that"?
Hey man, just offering to help. I'm a lonnnnnng time trader and am familiar with the mistakes we make, including the psychological ones. "Passing up" technical setups, regardless of our reasoning, is a big one.
Ok what about them?
Depends on the traders style. I trade high probability setups with negative R:R at times...certain days will tear my setups to shreds! I need institutional traders to NOT be on the sidelines "waiting" or making drastic changes to their ordinary activity.
Which? Apparently great setups or marginal ones?
Let me help you out... Every "condition" you put upon the decision to take a trade or not only hurts your bottom line.
As a trader, your objective is to "capture the points" while letting stop discipline control losses. IT'S A MISTAKE TO BELIEVE YOU CAN ENHANCE YOUR SUCCESS BY TRYING TO "FILTER" PERCEIVED BAD TECHNICAL TRADES FROM GOOD!
Stated another way... If someone explains to me why he "passed up a technical trade", I know from the moment he opens his mouth that the explanation is BS.
Trying to filter our "good trades" from "bad trades" is at best a circle jerk. You'd like to think you can, but you really can't... and you miss TONS of profits by trying to doing so.
K.I.S.S. With discipline and stops.
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