{"id":1606,"date":"2009-08-18T13:35:31","date_gmt":"2009-08-18T17:35:31","guid":{"rendered":"http:\/\/club.ino.com:80\/trading\/?p=1606"},"modified":"2009-08-18T14:26:25","modified_gmt":"2009-08-18T18:26:25","slug":"the-perfect-storm-the-movieof-trading","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2009\/08\/the-perfect-storm-the-movieof-trading\/","title":{"rendered":"The Perfect Storm the movie...of trading?"},"content":{"rendered":"<p>Is there really such a thing as \"The Perfect Storm\" of trading? At first I wasn't sure. But after talking to Shane Daly, coach at Netpicks and writer for \"<a href=\"http:\/\/broadcast.ino.com\/redirect\/?linkid=1061\" target=\"_blank\">Evil Genius Cheats<\/a>\" newsletter, my mind was changed. We spoke for a while and that's when I asked him to write a blog post so I could get the pulse and opinions of the Trader's Blog readers! So he got to writing and put together the article below. I'd like to get your thoughts and opinions as Shane will be reading and answering questions and comments. If you also find the article useful then I recommend you check out the newsletter \"<a href=\"http:\/\/broadcast.ino.com\/redirect\/?linkid=1061\" target=\"_blank\">Evil Genius Cheats<\/a>\" that's put together just for<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" style=\"float: right;\" src=\"\/img\/sites\/ino\/email\/2189.jpg\" alt=\"The Perfect Storm\" width=\"263\" height=\"193\" \/><\/p>\n<p><a href=\"http:\/\/broadcast.ino.com\/redirect\/?linkid=1061\" target=\"_blank\">Trader's Blog <\/a><a href=\"http:\/\/broadcast.ino.com\/redirect\/?linkid=1060\" target=\"_blank\">readers<\/a>.<\/p>\n<p>=========================================<\/p>\n<p>Back in 1991, several conditions occurred that created an unusual storm that not only took some lives, but\u00a0also had caused over $200 million in damages.\u00a0 Most famous, are the 6 lives that were lost and highlighted in the movie \u201cThe Perfect Storm\u201d.<\/p>\n<p>The act of trading also adds in some conditions that, if not prepared for, will not only cause you loss of money but also perhaps life as you know it.\u00a0 Trading is also \u201cA Perfect Storm\u201d...<\/p>\n<p><!--more--><\/p>\n<p>It is a storm that brings up two of the largest fears that people have:<br \/>\n1. Losing money<br \/>\n2. Being wrong.<\/p>\n<p>I want to cover \u201cBeing wrong\u201d in this article simply because each and every one of us has an ego.\u00a0 You have done your homework.\u00a0 You have scanned the news.\u00a0 You have used a handful of technical indicators to pinpoint when you are going to enter the trade.\u00a0 Soon enough, your trade gets triggered, teases you a little with some profits and then turns 180 and takes you out.\u00a0 It was a small loss but it appears all your efforts to put on the perfect traded didn\u2019t make a difference.<\/p>\n<p>No problem you say.\u00a0 Next time when you see the profits, you are going to click out and that is what you do.\u00a0 You were in a long position, a red candle shows up and you click out.\u00a0 Whoops.\u00a0 The market continues in your direction.\u00a0 You stand there with 15 pips and now the market is up 60.<\/p>\n<p>Frustrated, you decide you are going to either let the trade play out to your profit target or let your stop get triggered.\u00a0 You do your homework.\u00a0 You enter the trade.\u00a0\u00a0 Boom.\u00a0 Stopped out.\u00a0 Bruised, battered and deflated.<\/p>\n<p>Now for the next trade, you see price action at a strong support level.\u00a0 You just KNOW it is going to bounce because that is what people said it would do on those levels.\u00a0 You buy.\u00a0 It breaks.\u00a0 You lose.<\/p>\n<p>You go back to the drawing board thinking that if you just learn more, you would win your trades.\u00a0 You now decide that you are going to make sure several factors are in line with your trade.\u00a0 Now, a trade sets up. You check the higher time frames.\u00a0 You check oversold\/overbought.\u00a0 You check the news.\u00a0 You check retracement levels and stochastic hooks.\u00a0 You phone a friend.\u00a0 Too late.\u00a0 The trade is triggered and gone to target.\u00a0 Frustrated at not getting it right, you either pack it in or spend money looking for a new system.<\/p>\n<p>It isn\u2019t the system.\u00a0 It is you.\u00a0 If each of us has the same system, why is it that many still struggle while others are doing well?\u00a0 It is because the ones that are doing well understand, through back testing and live trading, that they have an \u201cedge\u201d.\u00a0 They know that on a larger scale that, much like Vegas, they will end up on the winning side.\u00a0 They know that it is not about being wrong or right, it is about winning.\u00a0 They understand that on a micro level, on an individual trade level, that the outcome is random.\u00a0 That each moment in the market is unique and all the \u201cconfirmation\u201d will never change that.\u00a0 They understand they have a trading edge and do not micro manage that edge.\u00a0 When their edge shows that the variables that make up that edge are present, they take the trade.\u00a0 Consistently.\u00a0 End of story.\u00a0 Those that lose, do not.<\/p>\n<p>When successful traders put on a trade, they do it with a \u201clet\u2019s see\u201d attitude.\u00a0 They have fully accepted the risk that this trade may not work.\u00a0 Or the next one.\u00a0 Or the next.\u00a0 They don\u2019t look at it as \u201cbeing wrong\u201d.\u00a0 They are not handcuffed by the fear nor are they ready to celebrate if the trade wins.\u00a0 It is business as usual.\u00a0 Their success on the micro level is if they followed their plan..win or lose.<\/p>\n<p>Losing\u2026being wrong\u2026and doing it properly is a skill that must be ingrained in every trader.\u00a0 You will have the losses.\u00a0 A multiple of times.\u00a0 How you deal with that shows your maturity as a trader.\u00a0 You have nothing to prove.\u00a0 Commit to trading the next 20 trades as your trade plan states.\u00a0 Do not add anything nor subtract.\u00a0 Don\u2019t go on gut feel.\u00a0 Celebrate each win or loss the same way.\u00a0 The only thing you will ever control is 1.\u00a0 if you trade and 2.\u00a0 how you deal with the outcome.\u00a0 Make the word \u201cnext\u201d part of your trading vocabulary.<\/p>\n<p>By Shane Daly<br \/>\n<a href=\"http:\/\/broadcast.ino.com\/redirect\/?linkid=1061\" target=\"_blank\">NetPicks Coach for the High Velocity Market Master System<\/a><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Is there really such a thing as \"The Perfect Storm\" of trading? At first I wasn't sure. But after talking to Shane Daly, coach at Netpicks and writer for \"Evil Genius Cheats\" newsletter, my mind was changed. We spoke for a while and that's when I asked him to write a blog post so I [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2348,2347,2345,2346],"class_list":["post-1606","post","type-post","status-publish","format-standard","hentry","category-general","tag-high-velocity-market-master-system","tag-netpicks","tag-perfect-storm-of-trading","tag-shane-daly"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Perfect Storm the movie...of trading? - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wwwtest.ino.com\/blog\/2009\/08\/the-perfect-storm-the-movieof-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Perfect Storm the movie...of trading? - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"Is there really such a thing as &quot;The Perfect Storm&quot; of trading? At first I wasn&#039;t sure. But after talking to Shane Daly, coach at Netpicks and writer for &quot;Evil Genius Cheats&quot; newsletter, my mind was changed. 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