Focus.
Top level athletes can describe being constantly totally focused on the next few moments of their situation. The next pitch, next corner, next serve. Being absorbed to the exclusion of all else brings you closer to the nuances that are the crux of any contest be it day trading or pistols at dawn. Getting into the zone requires your total focus and concentration. If you can't let yourself be completely absorbed by the moment you are setting yourself up for anguish in the future.
You must be able to anticipate and form in your mind the possibilities and probabilities of the next few moments of time. Let me repeat that. You must anticipate and form in your mind the possibilities and probabilities of the next few moments of time. Keep your mind open and see what the charts are telling you. Proactive moves are best. Make your moves before the crowd does. Before the rush. Reaction moves are next best on the list. Constantly organize your thoughts. Analyze the information that the charts are presenting to you. Prioritize the necessary action to take based of the information you see. The more prepared you are, the more relaxed state of mind you remain in. If you have already thought that a certain event can and usually does happen based on the what you are seeing, then you will be prepared with the logical response. No surprises. No panic. Hoping and wishing have no place in the winning traders mind.
Trading is all about probabilities but be prepared for anything to happen. That is why keeping your mind free from preconceived notions is so important.
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3 comments:
great post FNG. i got scrwwed today holding EEV overnight, never held it before overnight and i underestimated it. I am still thankfully up nicely on the month but it's a shame how one stupid overnight hold can put a dent on a month's work. totally not worth it. i like how you always close your positions at day's end. This will be my game plan from now on as well. cheers mate!!
Some people can hold over night but I don't have the balls to do it. I salute you for taking that step. And especially in this market ANYTHING can happen. I've seen so many nice runs into the end of day only to gap down multi dollars the next. Ouch!
Besides, there are so many opportunities intraday, don't feel like you have to hold something to make money.
Losing money is one thing but you don't want to get your psyche damaged by taking big hits. Trade by trade, day by day, week by week, using your edge is a better way to go.
thank you scott. i agree with you 100%. the opportunties are there!! No need to start digging myself out of a hole on a trade trade i have no control of(overnight trades = no control). also, i am a skilled enough trader and feel very alive, hungry to make good trades and stress free when i am trading my edge which is the open and the close. that's how i made 90% of my winnings this year, day trading the open and the close and napping in between.lol! anyways, glad i ran into you buddy, you are a phenomenal trader and it's always a pleasure meeting new good traders and new styles. thanks for the talk. later....
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