There were several opportunities to get long today, I got in on the first move up and then passed on the rest of the signals. The signals after winning trade did not provide much of anything until the last 10 minutes of the NYMEX floor session.
Does that mean I was smart not to take them?
No.
The fear and greed complex in trading is always at work, even when a trader has a nice profit. Instead of using the greed side and trading all the signals as I should of, I let the fear side enter in and say "no more trades".
With money in the bank you can justify this position, but, when the signals are not working and the losers start to stack up guess what happens?
The greed factor kicks in and says "keep trading, you'll get it back".
Wrong.
This is when you need the fear factor to make you stop. No more losers.
That is the rational for the trader needing to reverse the human fear and greed instincts in order to have any success in this business.
The inability to do so is the key theme for trading failure.
Trading is not about systems, it is not about indicators, it is all about money management and the battle inside your head.
Don't enter the war until you have properly equipped the army.
34 Tick Range Bar Chart (click on chart to view)
13 Tick Range Bar Chart
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