"Trade Like A Casino" (Trading Psychology)
What is the best way to make money on gambling? Own a casino.
- Casinos operate as a business.
- Casino have table limits to manege and their customers are likely to risk it all.
- Casinos have a mathematical edge, and gamblers are at a disadvantage.
- Casino has no ego or emotion, but gamblers do.
Now what give us a trading Edge:
.Trends
.Support and Resistance
.Moving Averages
.Divergence
.Fibonacci Levels
.Technical Indicators
.Candle Stick Patterns
.Harmonic Patterns
.Consolidation Patterns
.News Catalyst
-By them self, technical signals are not reliable enough! but in the right combination...they give you a statistical Edge, turns to a profitable system!!
If you are now talking to yourself, like man I use nearly all of that list but I keep losing money !? Lemme tell you why in the chart above!
All what you have to do is to find out which one is your missing circle, and start working on it !
please chick out my related idea about risk management, and why you should always be a process-oriented not a results-oriented
also if you can keep a trading journal, cuz it'll help you when things gets bad you'll get back to it and find out what you have done wrong
cause without information you can't make improvements to your trading plan.
P.s. if you want more about risk management and ways to limit your drawdowns in trading plz leave a comment !
Best of trading Forex brothas $$
- Casinos operate as a business.
- Casino have table limits to manege and their customers are likely to risk it all.
- Casinos have a mathematical edge, and gamblers are at a disadvantage.
- Casino has no ego or emotion, but gamblers do.
Now what give us a trading Edge:
.Trends
.Support and Resistance
.Moving Averages
.Divergence
.Fibonacci Levels
.Technical Indicators
.Candle Stick Patterns
.Harmonic Patterns
.Consolidation Patterns
.News Catalyst
-By them self, technical signals are not reliable enough! but in the right combination...they give you a statistical Edge, turns to a profitable system!!
If you are now talking to yourself, like man I use nearly all of that list but I keep losing money !? Lemme tell you why in the chart above!
All what you have to do is to find out which one is your missing circle, and start working on it !
please chick out my related idea about risk management, and why you should always be a process-oriented not a results-oriented
also if you can keep a trading journal, cuz it'll help you when things gets bad you'll get back to it and find out what you have done wrong
cause without information you can't make improvements to your trading plan.
P.s. if you want more about risk management and ways to limit your drawdowns in trading plz leave a comment !
Best of trading Forex brothas $$
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