The key principle of High Probability Trading Strategies is to identify conditions with a high probability outcome and acceptable capital exposure. You can never know the outcome. You can never control the outcome.
You do control what information you will use to make a trading decision, and you do control the activity of trading, to buy, sell or do nothing. To improve as a trader, only focus on what you can control. Learn to only focus on information that is relevant to your trading plan to make a trading decision. Focus on implementing your trading plan.
If you focus on the trade outcome, your attention will be on something that doesn’t exist and you cannot control. You will waste energy, attention and your results will suffer, regardless of how good your trading plan is.
Master what you can control.
GREAT advice and very timely especially as the S&P seems to want to trade down but cannot seem to get there. It will come, it is just a matter of wen.
Robert – your High Probability Trading Strategies book and Dynamic Trading Workshop have had a huge impact on me. I’ve already read HPTS twice and listened to the Dynamic Trading Workshop twice and am going to keep re-reading and re-listening until all the concepts become second nature.
In just the last couple of weeks since I started deeply digesting your material, I’ve noticed a marked improvement in my trading results. I wish I ran across your material 9 months ago when I first started getting into (Forex) trading. It would have saved me many months (and dollars) of false starts and chasing gurus and supposedly profitable systems that never panned out.
For the first time since I started trying to become a consistently profitable trader, I’m seeing promising results that reflect that vision.
Thank you for all your hard work in putting out such quality material – you are definitely miles ahead of all the trader educational material and systems I’ve been exposed to.
I hope to meet you one day and share more success stories in person.
Misha: Thanks for your supportive comments. I’m glad you have found the book and workshop helpful. I hope we can continue to be of service to you in the future. Regards, Robert
Trading philosophy,
For me, as has been said by Richard Dennis, the most important thing is consistency and discipline.
Its very difficult to be confident, to stick to the rules, when things are going bad. I got a lot of times a loss before get a big move to cover. The rules often do not seem to work, but due to me who could not and did not follow the rules.
It is much easier to do scalping which is seemed to win instantly, especially without a stop loss and just doing averaging down when the loss.
Wide is the gate, and broad is the way, that leadeth to destruction, and many there be which go in thereat, but strait is the gate and narrow is the way, that leadeth unto life, and few there be that find it.
For it is easier for a camel to go through a needle’s eye, than for a trader to follow the rules.
Most of traders (90%) can not success, except he be born again, let him deny himself, and take up his cross, and follow the rules.
So I must be confidence, consistent and dicipline! Be careful to do everything you taught me, never stop reading the book you gave me. Day and night I must think about what it says. Only If I obey it completely, I will be able to be successful.
Thanks Bob, you are like light to the world, let your light so shine before men, that they may see your good works.