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Many believe that long time discretionary traders have this massive plan consisting of if-then-else statements for every situation. No true, imo. It isn't an algorithm. Plans are simple and are built on a huge amount of time invested looking at charts & studying 1/2 #Futures
behavior patterns. I'm partial to stats myself. No patterns. The keys: 1. Have a plan & only trade when things line up, 2. Minimize amnt risked to discover the outcome, 3. Press good trades when you are in alignment, 4. Get good R-multiple. Do this a lot & stay calm #Futures
*no true=not true
A huge part of survivability has to do with how we behave in a drawdown (which is inevitable). Keep working your plan. Reduce size, if possible. Take only your most comfy setups, so be patient. Give the mind enough time without noise, and it will find a path, imo #Futures
After so much time backing pro traders and interacting with online traders, the greatest difference is not having enough capital & not enough live samples to really understand yourself & therefore understand the market. Most blow out too soon out of frustration #Futures
Many will go around looking for the next guy with the next setup which they will then invest in. Doing so on faith. Never objectively testing or breaking it down. Then when things don't work they move on. So never mastering & always starting over #Futures
Antidote: Your job is to master something that makes sense to YOU. Understand it, bend it, refire it, make it YOURS. Your plan, your trade, your product. Find your alignment, document the trades and be psycho about knowing it. For me, that's the auction #Futures
I have not changed my approach since the day I came online and posted live trades in real time even during FOMC which @StockTwits picked up. Those who have been following know that my take is extremely consistent. Can't go wrong understanding the auction as a core #Futures
So bottom line: research all you want, but decide what kind of hammer you want to master and then become the best person to swing that hammer it takes time. Grit. A quiet mind. Use time everyday to get better at some aspect of your execution. Good luck! #Futures
