Trading talk. This is probably going to be long, so just skip it if you must.
I'm in the process of evaluating my trading skills to route out weaknesses, trade more methodically or systematically than discretionary. I also want to move from a scalping mentality to intraday (or swing).
When I review my notes, the thing that drives me up the wall most is "I was right the first time." It's not being right that bothers me, it's that I cannot quantify what I'm seeing.
Aussie, remember when we met over at the AUDUSD forum? That pair was about ready to make a massive swing reversal. It was almost guaranteed because that's how the pair moves. But I had been seeing a pattern in all the basic charts at that time. I cautioned everyone because it looked like it was going to make a continual. Someone asked me "how many pips" the move would be, but I didn't know because "I hadn't studied the pattern".
1) I haven't seen that pattern since. I recall at the time thinking it was market maker moves and I'm still convinced of that, because it hasn't happened since. It was a pattern I was seeing everywhere - EURUSD, AUDUSD, EURJPY and similar but not exactly in USDCAD.
2) Then I stopped seeing it. Not sure if it was my perspective or they stopped doing it, but if I go look at the charts, I don't see it at all. I'm almost convinced it was a market maker move that set the stage for the directional bias for on either the weekly or monthly basis. I say "market maker", but it could be large banks swinging. I don't know. I only know it was huge money making these moves Most of the moves were large swing reversals taking place after the beginning of a swing reversal were happening.
My point is: I'm right when I see this stuff, but it drives me nuts not to be able to quantify it. I'm beginning to think maybe I should back out of trading until I just "see" things. Hard to do, becuase I'm always wanting to trade, but maybe it's something I need to test out.
I've always been a discretionary trader, but it's not something that provides steady gains, because jumping into trades just isn't the best way to trade even if you have a knack for it. Too many sharks. Yet, it seems I cannot be rid of the discretionary perspective. Maybe I"m totally wrong and just lack mental discipline.
I just don't know where to guide my perspective at this point and it's driving me nuts. Usually I can say, "Okay. You (me) were a moron at this point and traded for the sake of trading." or "You tried to force a trade." But I can't nail this in a simple way.
Anybody have any thoughts on this? If not, it's okay. Helps to vocalize it. Get it out of my head and read it later.
Trade safe.
I'm in the process of evaluating my trading skills to route out weaknesses, trade more methodically or systematically than discretionary. I also want to move from a scalping mentality to intraday (or swing).
When I review my notes, the thing that drives me up the wall most is "I was right the first time." It's not being right that bothers me, it's that I cannot quantify what I'm seeing.
Aussie, remember when we met over at the AUDUSD forum? That pair was about ready to make a massive swing reversal. It was almost guaranteed because that's how the pair moves. But I had been seeing a pattern in all the basic charts at that time. I cautioned everyone because it looked like it was going to make a continual. Someone asked me "how many pips" the move would be, but I didn't know because "I hadn't studied the pattern".
1) I haven't seen that pattern since. I recall at the time thinking it was market maker moves and I'm still convinced of that, because it hasn't happened since. It was a pattern I was seeing everywhere - EURUSD, AUDUSD, EURJPY and similar but not exactly in USDCAD.
2) Then I stopped seeing it. Not sure if it was my perspective or they stopped doing it, but if I go look at the charts, I don't see it at all. I'm almost convinced it was a market maker move that set the stage for the directional bias for on either the weekly or monthly basis. I say "market maker", but it could be large banks swinging. I don't know. I only know it was huge money making these moves Most of the moves were large swing reversals taking place after the beginning of a swing reversal were happening.
My point is: I'm right when I see this stuff, but it drives me nuts not to be able to quantify it. I'm beginning to think maybe I should back out of trading until I just "see" things. Hard to do, becuase I'm always wanting to trade, but maybe it's something I need to test out.
I've always been a discretionary trader, but it's not something that provides steady gains, because jumping into trades just isn't the best way to trade even if you have a knack for it. Too many sharks. Yet, it seems I cannot be rid of the discretionary perspective. Maybe I"m totally wrong and just lack mental discipline.
I just don't know where to guide my perspective at this point and it's driving me nuts. Usually I can say, "Okay. You (me) were a moron at this point and traded for the sake of trading." or "You tried to force a trade." But I can't nail this in a simple way.
Anybody have any thoughts on this? If not, it's okay. Helps to vocalize it. Get it out of my head and read it later.
Trade safe.