In this Group Therapy session, we'll discuss the concept of 'confirmation' - or the point at which you are now confident a move is 'true' or that your position will be profitable. If you enter a position and feel happy/sad with each tick/up down in the early part of the trade - you are going to be very easily shaken out.
So how do you get the confidence to assess the difference between "nothings happened yet", "This is the type of move I expected" and "This is a loser"?
On the other hand, if you know exactly what you want to see to confirm the trade, then the wiggle wont' have you second guessing yourself.
- The difference in probabilities between being "right" and being "right now".
- Why it's easier to tell if a position you are in will work out Vs whether you should get into a position.
- The 'base' from which your position is building - positions/news/technicals.
- Absorption vs Fades as an entry signal - and differing post entry confirmation.
- The ability to rate trade entries for the same setup - is it possible that sometimes "you just know"?
- Time-outs on the trade.
The idea is for you to have more than a "stop loss" that's telling you a trade isn't working - and also to have more than "it's moving my way" to tell you it IS working. We also want to extend that to gaining a better understanding for how intuition as to how good any one instance of a setup is can help improve your performance.