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Monthly

4th Quarter

Jesse Livermore

“What has happened in the past will happen again.

This is because Markets are driven by humans and human nature never changes.”

Mark Douglas

“If you can learn to create a state of mind that is not affected

by the market’s behavior,the struggle will cease to exist.

The consistency you seek is in your mind, not in the markets.

Remember, the best traders think in a number of unique ways.”

Violation

Wintry Chill

Quotes from Top Gun to think about 

“You Got Some Balls Stick Jockey.”

“It’s Time To Let Go.”

“It’s Not The Plane, It’s The Pilot.”

You think up there, you’re dead. Believe me. – Maverick

The end is inevitable Maverick. Your kind is destined for extinction. -Rear Admiral Cain
Maybe so, sir. But not today. – Maverick

Forget the book, trust your instincts. – Maverick

You said to create a team, Sir. There’s your team. – Maverick

This is a nice moment. Let’s not ruin it. – Maverick

Seek Excellence, Not Perfection

If we are afraid as a trader, everything we perceive will be risky. Seeking the best of the best opportunities so that we never lose leaves us standing aside and never taking a chance. All the stop lights on our journey do not have to be green before we leave the garage.

Balance

Achieving the optimal state of mind that recognizes the flow of opportunity in the market is our objective.

Differentiating between Essentials and Incidentals is a very important part of a trader’s mindset in my opinion.

We need to filter out “too much information” and act on the cues that we have found helpful in our past experiences.

Take Action and Manage Risk

Traders need to TAKE ACTION and MANAGE RISK. We need to stop the bleeding fast. If we truly trust ourselves to have the discipline to cut a loser short, the fear and the pain go away.

Violations

Please accept my Holiday gift to you.

I share with you basic ideas that are considered when I post my thoughts on where the market is going next. Not in weeks ahead, but right now, in the next hour or so.

Step by step is a powerful methodology.

I tossed out a question the other day regarding violations, and I was in the moment trying to share a lesson I thought would be helpful to traders.

Whether by indifference, fear of looking foolish, emarrassed to look ignorant, or for whatever other reason we can think of, my engagement was limited to only one or two traders. Paddywise stepped forward, and I focused on him to help as many other traders who avoided risk and chose to silently hide in the corners and observe the dialogue.

Kudos to Paddywise for embracing risk.

I continue to learn every day, as there is no limit to what we can learn. Sharing with others helps us learn our own lessons better.

Opportunity

The volatility surrounding News trading creates an opportunity for those who know what we are looking for. We get paid when price moves, not when its standing still.

Do you want to be a Top Gun?

Come fly with me.

E

Email: e@eminiwizard.com

Website: Marketwizardz.com