Ahead of another new week, here is an great article to prepare myself.
Master the Four Fears of Trading
Merriam-Webster’s dictionary defines fear as “an unpleasant, often strong emotion caused by anticipation or awareness of danger, going on to explain that fear…implies anxiety and usually the loss of courage.” This definition of fear is useful in helping define the issues that traders face when coping with fear. The reality is that all traders feel fear at some level, but the key is how we prepare to address our concerns related to taking on risk as a trader. In this article I will review four major fears experienced by traders, and I’ll take it a step further by noting how the outcomes of these fears create undesirable trading behaviors. Basically, my aim is to have you walk away with an understanding of these dangers so you can and implement strategies that will address your fears and let you get on with your trading plan……..
Full article can be found at bigtrends.com
This is 15-min chart of MSCI Taiwan index Futures (TIMSCI). Nice downtrend setup and short entry. No trade for the rest of the day.
Though I was having two losing days in this week, I manage to close the day and the week in positive note.
TIMSCI short position of 263.8 is covered at 262.1 which was a planned target. In fact, a descending triangle was formed. and the calculated target for descending triangle was around 262 as well.
I might missed out bigger profit, however, I would prefer to take profit based on planned target level.
One trade closed with + 1.7 points (1.26R) gain.
Chart will be posted after market closed.
From 15-min chart, downtrend is established. MSCI Taiwan index futures (TIMSCI) is trading below 12-p, 21-p and 30-p EMA. I am only looking for SHORT position. Short position has been established at 263.8. I have removed all indicators but moving averages to keep myself clear and focus on price action and trend only. I do not expect this decision to deteriorate trading performance. Though I would say, I am still practising this approach. Intraday support area is found at area of 262.
I do not trade SIMSCI futures today, given first hour volume is only around 1,500 contracts traded.
Traders who know themselves, who have common sense, who are disciplined, and who have the ability to keep it simple will do just fine. Remember that many people in the market are either uneducated or uninformed. And most of the few who are educated and informed waste their time building “scenarios” and end up defeating themselves by trying to outsmart the market. ‘
Trading should be simple. Really, it should be.
