23 Comments

  1. Helllo Mr McDonell, I think trader psychology is bigger than we are aware. I think well over half of my bad trades are wilfull, (as opposed to ignorant). For many bad psycological reasons, I throw out the trade plan. How to fix it? I think focus on the right skills and habits, rules and discipline. Maybe a weekly or monthly, or number of trades drip plan for us. Use your wisdom to lay out a step by step, the first and most important skill is?? Then next is… and so on. Maybe you could mr miyagi us. A few months in we would be like …WHYare we doing this? Then you would be like (Asian accent) you learn plenty …show me only 123, …past 120 months pivot bull and bear, result…now you have confidence=good psycology. (Or whatever .).. I dont think we even know what we dont know ..aka what we need to learn. But like a good drill Sargent, you do. Thanks.

  2. Also I've learned when I spot an entry point, I have to wait an hour or two. Price always, always moves against me, 20, 40 pips when I pull the trigger. Maybe the big traders need that hour to make up their minds before joining the trade.

  3. One of my (many) big problems is "strangling" my winning trades to death. I adjust the stops needlessly. I exit the trade wanting to enter after a retracement, only for price to skip ahead straight for the weekly target. I'm learning that in swing trading I have to take the misses along with the hits. Yes, I can see a profitable positition suddenly evaporate. But if I'm always defending 40 pips, I'm always going to miss the 100++ pip moves. And I need those 100+ pips because my stops are typically 100 pips.

  4. Hey wayne im glad u ask, my problem is i got everything plan out nicely but i cant follow untill the end, feeling and emotion kick in halfway and i follow how i feel instead of my original trade plan, by the way hv a great trip and looking foward to ur webminar

  5. Trader psychology is probably the most important skill. I have trouble when I take a trade, it goes 20-30 pips in my favor, then hits my 50 pip stop loss by less than the spread, then goes back my way after stopping me out. That really gets to me. It seems like my broker is just out to get me. Especially when the charts are obviously different than other brokers, who would not have hit my stop.

  6. My entries are near good S/R or pivot zones. But I tend to move my stop in to close and get kicked out before the trade gets going, Or when I set it further out …those seem to be the trades where it completely goes against me. Or it's well into profit and comes back to take me out at break even. So I guess stop/take profit management?

  7. Hey Wayne, I always find solid nuggets of knowledge from your vids and the webinars. One of the areas that I'm struggling with is committing to the execution of a trade plan that's based off of "the next day/week/month" predictive pivots.

  8. My greatest challenge had always been poor management until I got connected with Stephan Briggs. He not only grew up my account with weekly returns on my investments but with his tutorials has made me a better trader!

  9. Hi Wayne, I find it interesting that you are mentioning "Day trading" more in recent times whereas you always seemed to only or mostly been interested in swing trading. Also you are trading USDMXN earlier and not at month end? Would like to know why you have changed your trading style, unless I've been wrong for a long time regarding your trading style etc? I also think it would be beneficial for traders if you could do some "live trading" once a week or when there is an opportunity in the market to show how you use pivots in live trades (like the "old days", when you often traded live with us. Thank you!

  10. I think the better experience u have as a trader, the better confidence in executing plans and tactics. But i am still on demo so i don't know the full package of feelings. Thank you for the videos legend!

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