Trader Mindset Let the Market Come to You for Greater Success
Sep 26, 2017
Mastering patience in trading is key. The podcast emphasizes using stop orders instead of chasing the market, allowing it to come to you. Emotions play a significant role, and it's crucial to trust your trading system. Risk management is highlighted, with protective stops being essential. Interestingly, the best trades may be the ones you don’t take. The discussion also touches on the unpredictability of the market, questioning the reliability of technical analysis and price targets.
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Episode notes
Use Stops to Enter and Exit
- Always use stop orders to enter and exit trades instead of market or limit orders.
- Let the market come to you to trade calmly and avoid impulsive decisions.
Trade by Flowing With Market
- The market's collective power far exceeds any individual trader's attempts to time entry precisely.
- It's better to flow with market forces than to fight against them for ideal prices.
Ignore Short Timeframes
- Avoid obsessing over small timeframes like 10 or 20-minute bars; they add no material value.
- Focus on the bigger picture and your overall system of mind and body to trade successfully.