Maine $treet Trader™: Aug 5 Chart -- rangebound.

Monday, August 5, 2013

Aug 5 Chart -- rangebound.

Tough day -

Big picture: market in uptrend
medium: extended

One chance today -- taking the TL break + small double p/b --

Stay long above 10 min OR.

/tf: bubble bull market continues - take the breaks

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"The first thing a new trader needs to do is recognize destructive behavior, and create a plan for protecting you from yourself." -M. Haleem

Too many traders think they can find answers in indicators or books, but its not an indicator you need. Its structure & a biz plan.

You don't need to know what's going to happen to make money.

Pay attention to your thoughts, because they become your words.
Pay attention to your words, because they become actions.
Pay attention to your actions, because they become habits.
Pay attention to your habits, because they become your character.
Pay attention to your character, because it is your fate.

Finding patterns is easy in any kind of data-rich environment; that’s what mediocre gamblers do. The key is in determining whether the patterns represent signal or noise.

The simply truth is that most people are risk-aversive in the realm of profits and risk-seeking in the realm of losses. - Dr. Van Tharp

The smarter you are, the dumber you are. The more you know, the worse it is for you. - Tom Baldwin

Your conviction about any trade should be tied to the actual price action not your personal beliefs.

Following a trade plan is so about doing the very thing you dont want to do.

When setups are structured as rules, it can be much more consistent. The inconsistent trader is the one with the loosest rules. -Steenbarger

When you start being afraid to lose, you're finished. - Brian Gelber

Maine $treet Trader™

Monday, August 5, 2013

Aug 5 Chart -- rangebound.

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