Michael B. made this comment on the last post, and I thought it was worth sharing:
"Interesting conversation, and I feel compelled to chime in because my shift to profitability finally happened in 2010 after I came to terms with what you guys are discussing. You talk about failed "Trader-X" setups, but when you reference them there is always something lacking, such as no support from moving averages, not a valid candle signal, or in the case of the 15-min chart you posted Grove, I would not even have considered that because of the long upper tail on the first bar. What I am saying is you can't call them failed Trader-X setups if they don't fit the criteria to begin with. Grasping this concept turned me profitable. In the past, I made 5-10 trades a day. Once I finally forced myself to get selective, I started making 5-10 trades a week. And 10 in very rare. Most weeks I average 5-8. And guess what? My winning percentage is well above 80% for over 10 months now. Being selective and not trading as much is the key. But it is hard to do when you are conditioned to making alot of trades. Can you go a day without making a trade? It was darn near impossible for me a year ago, and forcing myself to do that some days was the hardest thing I have had to do in my trading career. But once you overcome that obstable, that mental block, the success is there."
Michael B. follows up his comment with a few setups from Thursday's trading.
There are several dozen comments over the past few posts, including charts, analysis, and discussion. Make sure you are reading them.
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