TheRumpledOne wrote:""Wish me luck fellers I know I can do this!"
Luck will have nothing to do with it. You are properly engaging in a process whereby opportunity collides with PREPARATION. Don't allow anybody tell you otherwise. YOU create your own "luck" by training yourself not to merely be in the right place at the right time, but in the right place at the right time AND with the right mental framework."
Every time you win, it is LUCK - EVERY TIME!
If you can NOT control the outcome and the outcome is favorable, then it is luck.
No one can say with 100% certainty if their next trade is going to be a winner. If they could, the market would cease to exist.
My buddy would always ask questions beginning with "MO, how did you know that price would..." and I would tell him:
-You and I are gambling on a coin toss and you are up $10.
-If I guarantee that you will never be down by $10, how long would you continue to gamble with me?
He paused for a moment and responded by saying that he would continue to gamble FOREVER
-If you are not going to lose any of your money then see how much of my money you can get your hands on.
-Your average entry is the line that says that you are not going to lose $10, at least I treat it that way & that is how I don't know enough to not get paid
-Price is going to move up or down from a daily+ extreme.
-The range is going to expand from an extreme based on the ranges of the period that that extreme represents.
-There will be many higher highs or lower lows but only one highest and lowest price in any given period.
-Trade that Mr. L...trade that.
With that he went and pondered to himself the profit potential of Que Sera, Sera.