Trading Psychology Edge New Website Update

Website UpdateMany traders have stopped by our new website.  We’ve been getting lots of compliments on the new look and new functionality.  We are very glad you like it, and we thank everyone for their kind comments.

We are still experiencing minor bugs in the website.  We know that there are still some links not working and signup forms missing.  We are working to rectify these last few issues as quickly as we can..  We appreciate your patience and expect to have all the last bugs ironed out and the site operating at 100% shortly.


Welcome to the New Trading Psychology Edge Website!

Website almost doneThanks for stopping by.  We are in the process of replacing our old website with this new one.  Not only does it have a better look, but we are dramatically improving its functionality.  Also, we have a few new things on the site.  Check out the Free Tools, Newsletter, the Next Event and my new book due to be published and on the bookshelves around Thanksgiving.

We are excited about the new site, but we know there are things on the site that are “in progress.”  That means that some of the buttons may not be working (no matter how many times they are clicked), some of the links aren’t linking yet, and some of the content may not make much sense as it is being updated and in the process of being revised.

It is a lot of work to revamp the website, and we have been working on it all summer right into the fall.  We still have a ways to go, but we think that we are almost there.  So please be patient with us over the next week or two as we finalize the site.  We have an excellent web master and an outstanding site designer (how do you like this design?) working on the back end and Helen and I are working on all the content and product changes.  We’ll have it finished soon.

We don’t expect you will have any major difficulties accessing videos you bought or navigating around the site, but if you do please let us know.  We will do our best to get it resolved as soon as we can.  You can reach us best via the Contact Us page and by using the contact form provided (our email may be temporarily out as we transfer the site to a new hosting service).

In the meantime, let us know in the comments what you think of the new site.  How do you like the design and how do you think it compares to the previous site?

Last Chance for Chart Reading Mastery

CRM ExampleChart Reading Mastery starts this Tuesday, September 16. We haven’t held this highly acclaimed course in two years. It is suitable for everyone from traders working to become profitable to pros. This will be the only time it is offer this year. There are still a couple of slots left, if you are interested. You can learn more at: Chart Reading Mastery

Free Webinar – Chart Reading Mastery

After two+ years, we are once again teaching the highly acclaimed Chart Reading Mastery course in September.  To see what we will be teaching and to see how some of the principles apply in the current markets, check out our free webinar.  Register to the right for easy access to the webinar.

2014-07-08 Daily Chart 3The webinar runs about an hour.  I show how several Wyckoff principles taught in the course apply to Crude Oil (Daily), Crude Oil (intraday), the Dow futures (intraday) and the USD-Yen FX market (intraday).  In the FX market, I explain and show how we get intraday volume to read price and volume on a 10-minute chart along with several nice trades.

The Free webinar also details all the information you need about 8-week, Chart Reading Mastery course, including what is covered, dates, etc.  Do yourself a favor and see how Wyckoff works so well in the markets.  Register up at the right side of the website.

When Your Analysis is Wrong – A Lesson in Trading Psychology

Last night, I was looking for the market to react and begin to head lower today (see last post below).  That analysis turned out to be wrong. How do you salvage a trading day when your analysis turns our to be flawed?

In truth, there are many days that my nightly analysis turns out to be wrong, or, more correctly, the market doesn’t do what I anticipated the night before. It took me a while to learn this, but the fact that my analysis turns our to be wrong is okay. Marty Schwartz was instrumental in teaching me about wrong analysis. He had been a net losing trader for about a decade. When he turned the corner and became one of the most profitable commodities trader of the 1980s, he attributed his turn-around to accepting the times when he is wrong. He said,

“Before, admitting I was wrong was more upsetting than losing the money. I used to try to will things to happen. I figured it out, therefore it can’t be wrong. When I became a winner, I said, “I figured it out, but if I’m wrong I’m getting the hell out, because I want to save my money and go on to the next trade.” By living the philosophy that my winners are always in front of me, it is not so painful to take a loss. If I make a mistake, so what!”  — from Market Wizards

This is an excellent attitude and one I try to adopt.

2014-08-18 ES 9 & 3K TickSo, let’s see how to do this in the context of today’s trading. Clearly, the market rallied strongly in the Asian and European sessions breaking yesterday’s high on sizable volume. You can see this on the 9,000 Tick Chart. Look at the volume on the wave up at A. I circled it in blue. This was a big clue that the market was not going to be weak today. There is no sense in standing in front of a train.

So, we shift our gears. One of the great values of having a game plan coming into the market is that if the market is doing what you expected, it’s great. But if it isn’t, that’s great, too, because you also know what the market is doing. Think about that. This is the real value of a game plan.

The market drives up through yesterday’s high on strong demand. Shortly after the US session opens, the market is still holding gains, shows a lack of supply, and has a spring (3,000 Tick chart at green arrow).  That’s our cue to go long.  Nice trade.

The take-away message is to remain mentally flexible. If we have to be right, we wind up fighting the market on days like today. That’s no way to trade.