Focused On My Work – QQQ, HTGM, CNIT

February 13, 2018-8:36 am traderscott What We're Trading 4

Almost everyone feels a need to ALWAYS have an opinion on the market. Anyone who does that, it will always lead to not ever getting this thing. Markets are not about predicting (opinions), they are about PROBABILITIES and RISK. Period.

A true professional approach is to not even trade markets, per se, it is actually to trade your work. Trade your work. Ponder that. It is literally how do this thing. But very, very few people will ever spend the time to learn, struggle, implement, struggle, lose, struggle, hone, struggle, and eventually really develop that excellent WORK (system – approach). Hardly anyone does this. It’s too hard, and it requires consistency and mental toughness. Why bother? It’s much easier to read so and so’s TOTALLY USELESS OPINION. And if so and so actually made money in markets, he/she wouldn’t always be talking about their opinion. Everyone makes their own choices. I’ve spent a lot of time trying to get people to understand this. Real drag at this point.

Below are three trade setups. Two of them I missed the trades, HTGM and CNIT, but great examples. CNIT had a 15% bounce off of the area I was trying to buy. HTGM was a runner for a good part of the day.

The QQQ put trade I held overnight. And my stop is at scratch at this point, held it long enough.

There is ALWAYS a BOUNCE.

All of the charts are marked up.

 

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About traderscott 1146 Articles
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.

4 Comments

  2. Regarding work, I recall how Jesse Livermore said that everyone is looking for a tip to try and get rich quick instead of doing the work themselves. Then when he did give a tip, people wouldn’t even follow it because it was contrary to what the popular prevailing idea was. Like you said a couple of days ago, hard work is free.

    Reply

    • Reminiscences, and anything he shared with us, truly awesome. When I meet folks out and about, and they find out about my trading, a real no-win situation. I’m not going to be disrespectful to people I meet, but yes they really just want that one symbol or market. Such a distorted perspective. And exactly, there is no one stopping us from working hard, except ourselves.

      Reply

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