On being average

In many areas of life, average is just fine. You don’t have to be the best dentist or truck driver in the world to make a living in your chosen profession. Not in trading, though.

In trading, average doesn’t cut it. You have to excel in every aspect of the job. It’s just how it is, just think about it: our opponents are some of the smartest and best-funded professionals on the planet.

So you have to excel too. “Average” traders won’t last in this business. Which is why we have our Forum, for discussions on a variety of advanced topics, which perhaps some traders will skip, but then we’re back to where this post started.

So make sure you join us, and help others as well as be helped by others on your way to excellency. For starters, we have this fascinating user question, and a just as fascinating answer to it, right here, right now, on our Forum!

Open house study notes

A great session yesterday in our Open House. See below the concepts we discussed and a few links for further study.

1. The two phases of a trade: from identifying the opportunity to executing the trade.
   Further reading:
   https://www.remek.ca/blog/2023/12/28/from-opportunity-to-structured-trade
   https://www.remek.ca/blog/2024/4/15/the-anatomy-of-a-trade-revisited
   

2. Learning to read charts. Key concepts to master: Long Tail. Instant reversal. Failure test.
   - The past week or so, historic by any measure, has been gracious to provide us with many charts especially suited for study and trading purposes.
   - Daily chart reading and developing the ability to extract information from price action based on our crowd-movement-based methodology is the foundation of trading success …. but you know the story, so: get the gear, learn the craft.
   

3. The daily work: grab a coffee and spend 5 minutes on your Remek! charts each day for six months. Make notes, no typing, pen and paper (or something like this). Miracle is bound to happen: that 5 minutes will soon shrink to 5 seconds if you stick to it, and what it will do to your trading skills is, you’ll learn to forecast with a reasonable probability the likely movement of the crowd.
   

4. The next step is, of course, to learn what trades to put on, if any, based on your observations and forecasts. We call this structuring a trade (as in “designing a trade”). This involves:
   - defining the quantity based on pre-defined risk management rules (A little math will be necessary, but nothing close to rocket science.). Note: PRO STR BT (and BTX too) can adaptively automate this, a uniquely advanced feature in the NT8 universe or at this price class in general.
   - defining the entry, exit and trade management rules that will govern the trade from start to finish
   - the technology (manual/PRO STR/BT/BTX) with which the trade will be executed, including the level of automation
   - any other rule as defined in the trader’s trading plan.
   
   Further reading:
   https://www.remek.ca/blog/2019/9/20/three-ways-to-enter-a-pullback-trade
   https://www.remek.ca/blog/2024/2/10/the-method-the-tools

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Futures, foreign currency and options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.