A lot of new traders are too concerned about the end result of a trade, rather than the actual process.
This often leads to them being too scared to take action on a trade, even after they put in the time and effort for the correct analysis.
This video will provide you with an example of why it is important to always focus on the process, and let money be a byproduct of great trading.
Time Stamps
3:48 – ETC Previous COTW (DO NOT TRADE THIS)
- Pitchfork: bottom of wave 1, top of wave 1, the bottom of wave 2
- TARGET: middle line (80% chance of reaching the target)
- When wave 2 retraces heavily wave 4 generally does not retrace so heavily (sideways – .382)
25:00 – TRADING MINDSET
- FOCUS on charts, FOCUS on trades and money will come naturally
- Scared money does not make money
- Do NOT be greedy
- If you are scared to take a trade you cannot become consistent
- No feelings and emotions! (step back)
- Pros have a knack for knowing what is going to happen next
37:00 – TAKE RESPONSIBILITY FOR YOUR OWN TRADES
- Your decision, your trade
- Keep a trade journal!
- Analyse what went wrong, LEARN
40:40 – NEWS BASED PUMPS: XRP VS. LINK
54:27 – TREND WITHIN TREND
- A lower high is only made once you take the lows (H, L, LH)
56:13 – FOLLOW THE TREND YOU ARE TRADING
- Day trader follows 15MIN to 1H trend
- Position trader follows 1W trend