RULE OF LIFE #2: no matter what your system for entering the market (fundamental, technical, blend) make sure it’s the HOLY GRAIL. In that, it let’s you know where you are wrong 100% of the time.
2/17/2016 – folks, I try to be as transparent as I can on this blog. Let me reiterate – the PATTERNS DO FAIL. Is PATTERN RECOGNITION using sacred geometry, music, square roots and other math the HOLY GRAIL? YES, because they let you know EXACTLY where you are wrong. NOT, because you are “right” but letting you know when you are wrong.
you have to ask yourself “why” did the KIWI bounce right at the level we were able to derive – 100% mathematically? I took this trade and have made some money. that’s great … but the key is 1) I traded the plan and 2) knew exactly where I was wrong.
it has taken me a very LONG TIME to “try” to devoid myself of thinking every trade will work. In the book Outliers, author Malcolm Gladwell says that it takes roughly ten thousand hours of practice to achieve mastery in a field. Guess what – hate to admit it – I have 10,000 hours “mastering” PATTERNS but a fraction of that – until recently – has been about training my mind. In the end, 10,000 hours of chart work is overkill …
Some advice – figure out 1 simple thing that works for you in trading. Fundamental, Technical, a blend of both and prove to your self it works at least 50% of the time. Once done, STOP and do nothing else.
Now spend 9,999 hours training your mind to live in the world of probability .. chase away and bury self doubt, self criticism, hope, etc. and live in a state of grace, harmony and joy. THEN tackle the gorilla’s juggling dynamite in the cage – the market.
If you read this far, remind me to tell you about the 3.5 billion dollar (yes) lunch in the NYC … as my dear friend and mentor Larry said as he handed me the Certificate of Deposit – “Bart, that’s a lot of zeroes.”
Also, one last, thanks to Larry P for all his work w/ me and the friendship and mentorship on this journey … trust me, it ain’t an outcome.
Additionally, thanks to Bill M, you have taught me more than you know. I’m glad we disagree on pretty much everything in business. But do agree about God, Family, our Country, the Code w/ regard to wives and tequila.
Anyway, here’s the chart.
Bart
yes, please.
the ONLY reason YES is because I know where I’m wrong and can manage risk.
I’m RIGHT 100% of the time because I know where the PATTERN fails ….
NICE …
Bart
PS — could completely fail.
PS — watch Cotton and Milk for intermarket confirmations
