Taking a quick look at the EUR ahead of next week's main events. Need trading mentorship or signals? Click Here.
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I can't speak for others and I can't speak for you - whether you're a market veteran or a new kid who just caught the trading bug. I'm sure you've no doubt read articles and books on the traits of successful traders. I don't put myself in that hallowed category but I will tell you the things I do and the traits I have that made me the trader I am today. If you've done it for as long as I have (15 years), you will no doubt pick up a thing or two. So let's look at Gavin's list of things that made him the man he is today:
1. I started young but absorbed a lot of info. I went in over my head. Lost a lot of money in the beginning before I found a mentor. 2. I took my mentor's training and developed it further to fit my own psyche and style. 3. I go into the markets the same way I go out - IN CASH. 4. I make no baseless opinions on where the market could go each day. I take every day as if it's a gift from the market gods and that I go where the wind blows. 5. I don't swear 100% to just technicals and other wonderful tools technicians use like Ichimoku, or RSI or Wilder or harmonics. 6. I don't fully believe that everything is priced in. I don't fully expect that some technical indicator is going to be right - 100% of the time. 7. Technical indicators / analysis is like planning for a battle. You're going to expect casualties and some deviations so that's where your true skill comes in - how you deal with deviations. 8. I don't sleep a lot but when I do, I get my usual maximum which is 5-7 hours. 9. I always have a plan for anything I trade - entries, exits and max loss limits. 10. I am objective - I could care less WHY a stock/forex/future is going UP or DOWN. If there's a setup I like I will trade it accordingly. The WHY will come later and almost always when you know the reason, the move is already done. 11. I make forecasts but I don't swear by them because just like forecasting the weather - they can't always come true. 12. I make sure I apply risk management to every trade. 13. I adjust to market conditions. When it's Tuesday, I know I shouldn't be shorting because it's TUESDAY! 14. I have a trading system that works for me and I stick to it without ever allowing my emotions to interfere. 15. I never ever let emotions override my trades. 16. I certainly don't care about the fundamentals when I'm daytrading because fundamentals are for foolish investors. 17. I review my trade performance every day and every week. 18. I collect information and discard the ones that are useless. 19. I don't compare myself to other traders/investors. My own enemy is myself. My own friend is myself. My success depends on how confident I am at my own skill set. 20. I surround myself with like-minded individuals who help me grow as a person and as a trader. I steer clear from negative people - those people are hopeless. Ever since Draghi's snafu last week, the stock markets haven't gone anywhere at all. Except for the Euro Indices, the S&P 500 is the only index out there that's desperately holding on to its gains. We've been bouncing around 2100 and 2050 for weeks now with no catalyst to propel us higher and lower.
The dip buyers may be rewarded if they buy at the right levels. The sellers would also be happy if they sold at the right levels. However, every day the S&P 500 just goes back to VWAP or remains mostly stagnant. It leaves a lot of stock traders confused on whether to put some size in their longs or shorts at this point. Then, we widely await for granny Yellen's golden meeting next week. With the world locked in a currency war, the Yuan continuously devalued, commodity prices imploding and global trade slumping - do you really think the FED would try to cause more damage by raising rates? The market is seriously convinced that a rate hike is coming. I may very well be wrong thinking the FED won't raise rates but they have continuously been lying to us since 2012. This would be a prediction I'd be glad to be wrong on. However, think of the overall impact of this if you are a normal person with loans. Just hope you renewed your mortgage before next week. Good luck! -G |
Multiple AuthorsTraders from Equity Sense will be writing on this blog on positions and other market-related things. Archives
May 2018
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