June 1, 2017
Predicting the Future – Trader Psychology
New traders
often assume that to become successful they must learn to predict the future…but
the real job of the trader is to understand and capitalize on the present.
often assume that to become successful they must learn to predict the future…but
the real job of the trader is to understand and capitalize on the present.
New traders
study charts for long periods of time, focusing on long-term price movements
and targets…but they miss the many lucrative opportunities that occur along the
way.
study charts for long periods of time, focusing on long-term price movements
and targets…but they miss the many lucrative opportunities that occur along the
way.
Even worse…they
miss the opportunity to learn from the price-action on the chart, never growing
as a trader in the process.
miss the opportunity to learn from the price-action on the chart, never growing
as a trader in the process.
What good
comes from predicting the future if your account doesn’t grow, and you don’t build
additional skills in the process?
comes from predicting the future if your account doesn’t grow, and you don’t build
additional skills in the process?
Predicting the future is a fool’s
game… because the
trader cannot predict the changes in market objective and perception of value as
each candlestick develops.
game… because the
trader cannot predict the changes in market objective and perception of value as
each candlestick develops.
The most
important work of a trader is to understand (1) who controls price, (2) where
the current objective is, and (3) where the market is, in relationship to those
objectives.
important work of a trader is to understand (1) who controls price, (2) where
the current objective is, and (3) where the market is, in relationship to those
objectives.
In other
words… the most important work of a trader is to develop a strategy that will understand
the present, and exploit that information as new opportunities present
themselves.
words… the most important work of a trader is to develop a strategy that will understand
the present, and exploit that information as new opportunities present
themselves.
“Forget the Future… Learn to Understand, and Make
Profit on the NOW.” – Joseph James
Profit on the NOW.” – Joseph James
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