Great video from @Trade_Dante. Especially the part about the plan. This is something which helped me personally a lot. Why? Because my big weakness is impulsivness. In the past I used to just mark down the levels, put some alerts on and went onto some other charts. Once the alert beeped I many times impulsively just took any trade that looked kinda like my pattern. Although I have had the written description about what my PLAY looks like, it had so many variances that I took almost anything what reminded me of this pattern. Results? Loss after loss after loss. Tip from me, get rid of the variances of your PLAYS or make them as mechanical as possible. Then know what to look for once the price gets to the levels where you “want to do the business at“.
Here are Dante’s tips from the video above:
- Know WHAT you are looking for.
- Know WHERE you are looking for it.
- WRITE it down. So you can learn from it.
- Do not be afraid to MISS anything. Usually there will be a better setup.
- The best trades are usually the ones that are the least comfortable to take.