So, I wrote some notes too, paraphrased some stuff too, some of them might not even make as much sense without the context of the video, but whatever!
I watched all the videos in this post but the ones that stuck to me most this time around were: (in no particular order)
- 9 to 5 thinking kills traders
- Are Traders PREPROGRAMMED TO FAIL? Lesson 1
- Dumb traders make as much money as smart ones
- How do successful and profitable traders think?
- Trading systems with success with Market Wizards wisdom
- Why most people will never trade successfully
Emotional Control, Discipline, Attitude towards Losers, Patience; Those are the important qualities.
Trading Plan~ Is/Requires combining a personal trading method with specific money management and trade entry rules.
..........Where:
..........Personal Trading Method = System
..........Specific Money Management & Trade Entry Rules = The System tells us,
...............1)When to get in
...............2)Where to place our Stops
...............3)Where the targets are. [I know what my risk is on the trade, I know what my targets are on the trade.]
The absence of such is the root of all principal difficulties traders encounter in the market.
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You need the ability to trade your plan through the difficult times; this is facilitated by a belief in your trading plan.
When you understand and believe in your plan, you understand--> i)what you're going to trade, ii)how you're going to trade it, iii)when you're going to get in, when you're going to get out, iv)what your risk is on the trade, and, v)how your model behaves (i.e.)how and why your method fails/when and how your profits come.) You develop a core philosophy -a belief- deep in your mind, so you can follow your rules systematically, and allow them to lead you to opportunities to participate in the market profitably.
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I also watched this video that TRO posted somewhere, can't find the post, but I got the video link, and these are the things that stuck out to me:
Stick with the approach, keep the routine going.
Get into the game, don't worry about the result.
*An ability to be in the present moment, forget about the past trades, all that exists is this particular trade, and this particular trade is coming at me right now.
*The essence is the idea of learning to be comfortable being uncomfortable, and having a mental HQ to recoup & reset at for when things get crazy
*the need for mental preparation and structure
*recognize failure as an unavoidable part of the game, and don't dwell on it
*how to stay balanced after bad trades or bad days
*How to Mature ~Go through and Accept the rejection, and be willing to take the risk to grow instead of playing it safe all the time
*An attempt to make you think in a different or more clear way; controlling the controllable aspects of playing the game
*Do what you're doing when you're doing it, be the moment as it happens with no relation to past or future results
*having an easily accessible mental routine to regain your focus onto the only thing that is happening