Stock Trading Wisdom: ARTICLE 1
Are You Consistent?
Traders often get frustrated when they see the market doing the “unexpected.”
This occurs because they have a pre-conceived idea of what the market “should do.” And when it doesn’t behave according to their Wave Count, or their Gann calculations or their Fibonacci cluster or their indicators’ clear signals … well, they just get frustrated.
This comes from a belief that the market has a pattern that is knowable and it should follow consistently.
People much smarter than us have been studying the markets for many, many years. Yet the debate is alive and well as to whether or not the market is simply a “random walk.”
The fact the subject has not been settled among the greatest thinkers is significant.
My belief is … yes, it mostly is chaotic.
It is completely unpredictable.
It is impossible to forecast.
But there are times … and it isn’t most of the time… but there are times when certain patterns occur that put the PROBABILITIES of a certain action occurring.
Note that this is not predicting or forecasting.
The truth is, the market can do ANYTHING AT ANY TIME.
You should never be surprised, confused or frustrated, because that indicates you had some expectation of the future.
Let me clarify …
You should never be surprised, confused or frustrated about what the MARKET does.
You should only be surprised, confused or frustrated about what YOU do.
And then the course to Mastery is to even eliminate that, so you become consistent … only trading when probabilities are clearly on your side, as evidenced from thorough testing that you yourself have conducted to your own satisfaction.
As they say: “The consistency you need is in your mind, not in the market.”
– Dr. Barry Burns
https://www.topdogtrading.com
barry@topdogtrading.com
(c) 2007
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