Experience is a major part of becoming a consistently profitable trader. Now experience isn't just gained by the amount of time that you spend in the markets, it has to be earned by doing the little things such as reviewing your trades on a daily basis & asking yourself what did I do good, what did I do bad & what could I have done better?
Something that I began to notice in my trading years back was that I wasn't being the smartest with my stop loss in certain situations and this was mainly due to having too much of a recency bias and not focusing enough on the past in comparison to the present.
Situations like the one on the chart would routinely take me out because although my stops were below the most recent level fo structure (making me feel safe), they were not below those sneaky past levels of structure causing me to be easy pickens for smart money hunting.
I now take this into account on every trading scenario I look at and although it has reduced the amount of trades that I take, it has increased my efficiency in the opportunities that I do take.
AKil, thanks. I review my trades only on weekends and I am full time trader. I think I might be lazy. It changes next week--- daily review. Challenge accepted.
Akil_Stokes
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@Tebatjom, Glad I could inspire, I see nothing wrong with choosing the weekend however, for me it gives a sort of peace since it's the only time where there is no concern about actually trading cinse the markets are closed to us.
vincenzomguidet
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Welcome back!
Akil_Stokes
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@vincenzomguidet, Thanks, not sure if I'll stay back, but was using this chart for an article and said, why not just post it since I'm already here
XiaoMinZhao
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hey,man,long time no see you
Akil_Stokes
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@XiaoMinZhao, Yup, it may be a long time again. I always say I'm going to come back and post, but then I don't follow through with everything else that's going on.
Abraham
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Nice to have you back !! Remember to survive here just need to be patient!!
Akil_Stokes
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@Abraham, Thanks, I doubt I'll be consistently posting but was using this chart for an article I was working on and said why not post since it's already here.
Abraham
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@Akil_tStokes, agree 100%
Akil_Stokes
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@Abraham, I appreciate you understanding, you'd be surprised at home many don't