Notes
- The probability of a strong move is lower when there’s no high or medium-impact news on a given day.
- Even on days when no trades are taken, watching price action helps reinforce decision-making skills.
- We can plan non-trading days based on the absence of high or medium-impact news.
- Trading requires patience, and most traders fail because they are impatient or reckless.
- Most online trading educators are not profitable traders, and many use market replay feature or manipulate results to mislead others.
- Journaling observations is crucial for long-term improvement.
- Key questions traders should ask before entering a trade:
- Should I be going long or short?
- What would justify a long or short trade?
- If I believe in one direction, what could prove me wrong?
- It is essential to avoid a gambling mentality. We must keep the analyst in control and remove emotional decision-making.
ES Trade Example - Hourly Chart
ES trade Example - Trade Entry And Exit
ES - Dealing Range
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