Moving the Goal Post
“If you fail to plan… you are planning to fail” — somebody important
Here is a little practice I like to do.. so when the situation arrives in “game time”… I’ll have minimized the chances of taking a decision based on emotions. So, take any chart and scroll back in time, then moving one candle at a time… then ask yourself “BUY, SELL or HOLD”, then annotate why. Then move the chart one more candle. You should be moving the chart fairly quickly and the decisions should come also fairly rapidly. If it doesn’t, you might need to add rules to your framework and make sure it is harden in your sub conscious. Sport Pros practice wayyy more than they play, why shouldn’t a trader?
What do you do now? Wait for Fully to tell you what to do? Toss a coin?
And now? greed has kicked in, you can’t sleep at night? Come on, lets buy some more!
You sold? what.. you stupid trader.. look it went up even more.. ahhh, you could of paid off the mortgage with that money!
Look at today? What’s next my fellow metals traders?
Great exercise Sir Patrick 🙂
Very tough / impossible to stick with the plan in futures ( with all that leverage)
Those wicked wicks would be a killer
BUT your point is excellent
If this were a stock
A disciplined trader would hold until the 12 Month average was taken out at the end of a month.
And would be holding here as well.
A disciplined trader would have NO Mortgage by now
🙂
I used to play this game back in the days… looks like they updated it quite some much https://chartgame.com/