One of my close mentor taking about how to take the trading is it an Art of Science? Please listen to video carefully you will get the answer & what you think about this one please post below
Also for your reference below is the transcript of youtube video.
so recently in a TfL chat room sequence conversation I had with David T he asked
Rob yesterday you did to sell trades on the Euro Canadian dollar used the one minute chart you sold on reversal template cell red candle those are some indicators that I use on my charts breaking a trend line but without divergence which is a common indicator on my chart?
how do you decide what indicators will determine your entry is because it’s arranging pair like the Euro Canadian that you used reversal tabs
it feels like there’s more art to this than just indicators ?
so here’s my answer it’s really quick and I am the it’s pretty simple that
I described trading in a recent webinar as more a practice session with a musical instrument with a band backing you up then some kind of scientific experiment where you are combining. Imagine these two differences one is training is like going into practice a song with a band you practice that one song to you get it right and there’s there’s there’s of course specifics to it you go in there with your drums your guitar is your whatever and you play those according to the notes but writer’s style there’s how hard you play it how hard your beat the drums that the tempo the rhythm all other things and then you’ve and in the genre of music that lotta art to it but there’s also there’s also some science to it there’s tools that you bring to the table that you use and that everybody knows how to work with and there’s a tools now there’s a mistake that’s often made in trading the trading is more like not being a chemist where your trying to make mathamatics and you combined a certain amount of chemicals together in a very exact way otherwise it’s going to explode and it’s the same every time and it produces a similar result every time, Now I think that is incorrect assumption about the way trading in a discretionary chart will will girl that’s actually hugely problematic and definitely not in my opinion the way you wanna go and the reason for that is its it’s never the same it’s never the same every day to mark its gonna throw at you different economic reports in different expectations and different surprising economic reports and unscheduled announcements and order flow and options expiries and European session traders and holidays in one country but not holidays in another mean that the infinite variety of combinations make it very difficult to turn this into some kind of a scientific experiment
And the the robotic trading methods that i’ve seen work overtime that read more like science have either a giant stops in small profit targets where they have really really tight stops in giant profit targets and there’s almost its is almost zero correlation between the indicators that the use because all indicators are kinda lagging into the only thing you can bring to the table as risk and reward
which is not really a suitable way to treat a discrete discretionary account unless you want to end up hanging yourself by your garage door opener so
to answer the question again which wanna do is what I become really familiar with your tools you wanna look at yourself as a trader like you are a musician and as this musician you’re walking into the studio and you’re sitting down with your tools your drums could be your knoxville divergence in your drum sticks could be your reversal tabs and your foot pedals or whatever on a Gitar could be like your um grab candles the UK you want to have those specific tools and you’re not going to end up playing a different instrument every day you’re not doing that but every day you’re gonna walk in here my practice a different song and you walk in and you get the lay of the land you can see with the reason that the session is
is a trending on a long-term chart okay let’s trade with the trend is it ranging on short term charts can I just take a bunch a range bound trains and you decide that for the day your practice a style of music are you gonna practice a song where you’re going to get into the rhythm of the market now you might say will cotton how am I ever gonna do that the answer is time I mean what musician ever played in carnegie hall without practice I mean what the hell do you want right now David I’m not criticizing you of course but with the hold on a second and unless you wanna follow me
exactly in the chat room which I would recommend you do is gonna take you a long time to develop that rhythm and that that fit so that you understand what you’re gonna play for the day not today Wednesday March 4th I got the rythm all wrong I got it completely wrong at thirteen pips loss and 21 P plus I just stopped reading I’m not in rhythm today it’s not working for me today the I got it wrong now even musicians who are world famous for being actually had their days were practiced just didn’t go all right now didn’t keep them from practicing but they recognize that not every musician or banned has great live shows every time but when you’re in the lab and your making math you don’t have the option of having an explosion
Monday you gotta get it right getting it precisely right we’re doing surgery you have the option of dropping a junior men inside your patient you gotta get it exactly right and when I’m encouraging you to do is take your focus of love style love trading which is false precision where you’re trying to be more scientific than is reasonable to be and the answer is get into a rhythm get yourself situated decide what what kind of song you’re gonna practice for the day reversals ranging trending just make a decision about it don’t obsess about it don’t don’t sit around thinking that there’s a right and a wrong answer to that we’re not doing science we’re doing we’re doing art with a set of tools that we use all the time see what you wanna do is instead of getting married to a system you’re getting you wanna get intimately familiar with tools what your drum sticks to be your constant companion to Knoxville divergence indicator to be a constant in you wanna draw pictures I victory hand in your notebooks just thinking
about you want to grab handles iraqi horner where you want your your payment points these are the things that you might wanna have
as your constant companions your best friends and you become intimately familiar with MC few our drummer and you walk into a session with
a new band they say we’re playing we’re playing rock n roll you get out your drum sticks and you’re ready to play rocket rockers you know how to make the drumsticks and the drums playing rock n roll that’s what training is like and a discretionary basis especially from the short term chart
thanks David for your question.
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