From Chapter 6 - The Evil Spiders
How does a new trader become more accustomed to the ''metacommunications'' of the market? I know that I can memorize all the Japanese candlestick patterns I want, draw trendlines and supports and resistances, scan previous charts and databases, which all portray the ''communication'' of the market and what it is doing... but these patterns will mean nothing if I do not understand why and how people and the market are doing it. Would it just be time, repetition, and practice? As Tony Robbins states "repetition is the mother of all skill."
From Chapter 4 - Traders Out Of Their Minds
Also, what could a new trader do to discipline himself more to look at the charts objectively at all times? As you wrote in Chapter 4 and how traders have Mind #1 and Mind #2... "People lose money in the markets because the person who places the trade very often is not the same person who manages and closes the trade. Quite literally, another self has taken over - another mind."
When I am not in a trade, it is easy for me to identify the price action and what the stock might do next. However, when I am in a trade, my vision becomes clouded and I start to "root" for my stock to either go up or down. I am unable to see when the stock is going against me and to plan and trade accordingly. I know the importance of journaling and analyzing yourself so I'm looking into getting EdgeWonk for journaling my trading. Would identifying why I take each trade and writing it down help me to overcome this obstacle over time?
Thank you so much for your time!