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The harsh reality is that the vast majority of all traders lose. lose.
Sticking to any trading system for any length of time is nearly impossible without having confidence in it!
Confidence does not equal discipline!
Quietly destroying your confidence
Not treating trading seriously
“Half -Ass” studying charts
Consecutive losing trades
One step forward – winning trades & one step backwards – losing trades….f trades….feels eels like your your not making progress
anxiety
happiness
fear
guilt
gradual acceptance
moving forward
Can I
Yippee! Finally,
handle
it’s
this?
working!
A A B A
A A A A
DENIAL What’s the
impact here? How will this affect me?
A AC A
Uh-oh… this is more than I bargained A for!
AE A HAPPINESS ANXIETY
FEAR
Change? What change?
A AD A
And it’s so
rewarding! DISILLUSIONMENT
outta here! This is SO not for me!
I’m
What was I Athinking?
AF A
This can actually work!
Who am A I?
A A G A
I can see it now! My future, that is!
A AJ A
A AK A
MOVING FORWARD
GRADUAL ACCEPTANCE
H A A
THREAT GUILT
DEPRESSION HOSTILITY
A A M A
I will make this work even if I die trying!
The markets allow you to chose between
Self Fulfillment
Self-Fulfillment and Self-Destruction continuously.
Self Destruction
Trying to rationalize markets behavior without a paradigm
Lack of work ethic,
Trading without a trust worthy plan,
Low trading self-esteem
Existing personality traits – conflicting with being “open” to interpretation of the markets
Afraid of “lots of trades” or trading opportunities and experience
Most setups are perceived as “risky” – especially without the necessary understanding and skills.
All-In-At-Once methods
When should you jump “All-In-At-Once?”
Does that mean use your entire maximum position size?
How do you determine how many shares/contracts to use at entry?
Can I jump “All-In-At-Once” in on any setup?
Scaling In methods
When should you scale in?
How should the incremental position sizes be determined?
Where should you scale in at?
What setups should you consider scaling in afterwards?
Scaling In
Scaling Out
Scaling In
Scaling Out
All-InAtOnce
AllOut-AtOnce
All-InAtOnce
AllOut-AtOnce
Multiple entries and One Exit
Multiple Entries and Multiple Exits
Scaling In
Scaling Out
Scaling In
Scaling Out
All-InAtOnce
AllOut-AtOnce
All-InAtOnce
AllOut-AtOnce
One Entry and One Exit
One Entry and Multiple Exits
Traders should consider being psychologically prepared to trade
Prepare to accept financial risk for something (e.g., the market) over which you have no control
Trading is more a psychological issue than a methodological one
Without an understanding of trading psychology, the chances to overcome the fear, confusion, and despair that is inherent in trading are pretty much zero.
After a series of consecutive losses, method becomes replaced with a feeling (e.g., psychology) that it is impossible to do anything right. This is a perfect example of why psychology can be more critical than method.
So it goes, it is said that trading is 90% mental and 10% techniques.
This does not imply that regardless of trading tactics, a trader that has control over their emotional issues will be a profitable trader, or vice versa.
Trading techniques is the sole determinant of “high odds” through the ability to understand and maximize its strengths and minimize its weaknesses.
The root cause of the trading psychology problem …
Knowingly taking a “bad” (non-method/non setup) trade
Having to accept this action/behavior when there is a loss.
Keep in mind that a losing trade that is base on some method is NOT a bad trade
Because the risk of loss from 'some' percentage of previous trades has been accepted.
Short Entry Down trend Lower Highs & Lower Lows • •
Price Action
TARGET
STOP
(1R) RISK
Profit from entry
(multiple R)
1 st
ENTRY
REWARD
Profit from 1st entry
ENTRY
REWARD
(multiple R) RISK
(1R) STOP
TARGET
TARGET
Price Action
(multiple R)
RISK
STOP
REWARD
RISK REWARD STOP
(multiple R) TARGET
Reference: Scaling In vs. All-In-At-Once
Transition Among Phases 3. Sideways Topping Action
1. Sideways Bottoming Action
1. Sideways Bottoming Action
Indicator provides signal
Buy
SOH
Short
SOH
Typically built to assist with determining directional/trending Price Action
Up Trend with Higher Highs (HH) and Higher Lows (HL)
Down Trend with Lower Highs (LH) and Lower Lows (LL)
Oscillators typically used to gauge “extended” Price Action
Markets spending significant time in non-trending direction
Consolidation
Congestion
Range-Bound
Usually NOT designed to provide multiple entries as price action is going in your favor…”Scaling In”
Should be obvious that most designed for a “All-In-At-Once” strategy
Indicators and “All-In-At-Once” usually lead to very high likelihood of “big losses”
Additional efforts required to get multiple signals for entries using indicators
There are huge perceptions about Scaling In vs. All-In-At-Once as two diverse trading approaches
Traders believe they are better than there performance demonstrates
Traders gravitate towards “instant gratification” and “bigger profits”
Traders have little “endurance” and patience for “learning to trade” without generating profits in the short-term
The focus is usually on the “big reward” of a trade with a big position and not the “big lose” if the trade moves in the wrong direction and against you.
Trading psychology is distorted …
I can’t making any money by scaling in
My setups are “really good” so I can always just exit and cut the lose
Most traders cannot stick to a single trading system for extended period of time
As a trader…you’re going to lose your confidence at some point!
As a trader…you’re going to “screw up” and not have any discipline
After a series of consecutive losses…
You replace logic with feelings/emotions (e.g., psychology)
Then markets constantly test your “will to succeed”
As an active trader, you will get tired…it’s natural and human nature
As a trader you will knowingly take “bad” (non -method/non setup) trades
Adopt a Three-Prong-Approach
Minimize loses in each and every trade as much as possible
Maximize profits in winning trades
Manage and reduce the amount of “paper” profits given back from winning trades
So which method addresses the objectives of creating the “best” trading psychology mindset?
Simple techniques usually are the most effective in trading
Typically you don’t know it’s trending price action until you get “confirmation” with either
Higher Highs and Higher Lows, or Lower Highs and Lower Lows
More profits since price action is directional
Trending price action comes with natural retracements
Potential to give back some of profits with price action fluctuations
Preserving your trading capital should suggest to you to scale in to trades first
Look for confirmation that the setup is correct and price action is moving in your favor
You minimize the potential lose of trading capital with scaling in
Not a lot of profit opportunity available in non trending price action moves
Non trending price action typical comes with overlapping candlesticks
Scale In at support or resistance
Use previous trend as a reference
Only use “All-In-At-Once” with “tight and adequate stops” for minimal risk of loses
All-In-At-Once comes with “big” profits…also comes with the unfortunate quality of “big” loses
Scaling In protects you by limiting the initial risk and lose at entry
Scaling In allows you to naturally build confidence in “adding” to winning trades
All-In-At-Once guarantees the potential for the biggest lost at entry
Scaling In provides less profits as price action goes in your favor
All-In-At-Once guarantees maximum profit when price action moves in your favor
Not the best characteristics to use to describes your trade execution demeanor
Low % of winning trades (Wrong more often)
High % of winning trades (Right more often)
Better Question: “Does the trade initially go in your favor?”
Usually traders switch to a money management mindset after their entry
Initi al Trade Setup
As price action moves in the right direction, you have to have a balanced mindset of
Target # 1
“Scaling In” more in trending price action & money management
Hence, some traders adopt easy way out
Typically money management focus
“All-In-At-Once” method
Not really focusing on whether price action is trending or non-trending
Must have balanced “Plan of Attack”
Scaling In
All-In-At-Once
Before you trade! ENTRY
If you are consistently losing money in trading, then “All -In-At-Once” should NOT be an option for ANY of your trading setups
If you are a breakeven trader then there should be select setups where you scale-in and others where you can “jump” All-In-At-Once
If you are generating some profits and want to generate more, then be very clear about only using “All-In-At-Once” when price action is trending!
