The Wednesday market slaughter
Posted on 11. Aug, 2010 by Mohan in Boomerang Scalp Trader
Good evening Boomerang Traders.
Well, the market got slaughtered to the downside today. Boomerang caught all the short scalps with permissioning to trade only the sell side from the Trade Bias Selector.
Mohan’s Daily Directional Forecast had been giving underlying Bearish readings over the last 4-5 sessions as the market just kept trying to push higher. Today the market came home to roost as they say, getting hammered to the downside.
As you can see on the chart below, the Trade Bias Selector was only permissioning trades on the short side and there were 6 of them. Each scalp offered up to 3.00 pts or more and I hope you caught some or all of them.
The market requires hard trained military like discipline to succeed. A trader has to have very mature responsibility traits to succeed.
Because trading will be so fast, precision and punishing to the ego when there are losses it is absolutely madatory that a trader learns to accept responsibility for ALL of their actions in the market.
You can never, ever blame the markets, the indicators, the brokers, or anything but one self for mistakes or wrong action resulting in losses taken in the markets. This is an adult game and “child like adults” will only suffer in this business.
That means taking total responsibility for that last entry, the trade management and the action we took 10 seconds ago when we either entered a trade according to our rules or guessed/fudged on the entry. Taking responsibility in full is a constant necessity of the pro trader. It is the Oil for the Machine which is the market, charts, indicators, and electronic systems. You are the guarantee of success with your hard work, research, relentless practice on the simulator and correct, responsible action in the live trade.
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