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8-figure day trader Umar Ashraf sat down live with 15 unprofitable traders — and uncovered a truth most traders don’t want to face. One trader had a plan. A solid one. 5 trade max per week. 1–2 trades per day. Size staying consistent. But he was still losing. "My...

19,760 Aufrufe • vor 2 Monaten •via X (Twitter)

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He's right, I do have it in my notes because he did say it! 😆 On multiple instances, but here's him saying it on Trader Round Up: Timestamp 1:00:00 “They have to have the last two Mondays and the last two Fridays always, because they are the beginning and the end of the week.” ---- Timestamp 59:53 "In fact, every Monday, you should have two Mondays and two Fridays. In my opinion, if you’re going to ask me, like I teach my sons, they have to have the last two Mondays and the last two Fridays always because they’re at the beginning and the end of the week. So that’s what Cameron made money with today. He used information that is gleaned from that range, where we’re at in price action, and using the higher timeframe expectancy that we saw, that rejection when it went up to take that short term high." ---- Timestamp 1:00:46 "But every one of you listening, if you were my kid, if you were sitting with me, you would be hearing me tell you: Do you have two Mondays worth? Do you have both Fridays? Present today’s Friday and then last Friday’s Opening Range high, low and close, and the gradient levels on it? And then where are we in relation to that? Are we significantly above it, significantly below it, are we in close proximity to it? Because Monday’s Opening Range gap and Friday’s Opening Range gap are like a big huge draw on liquidity. It'll act like a big magnet. Not all the time, it’s not a panacea, but if we’ve traveled a lot one way, those Opening Ranges tend to be a factor on the close of the week and the beginning of the week. So Monday’s trading and Friday’s trading, using that framework that includes two weeks worth of Monday and Friday, have them in there. Even if you don’t want to carry Tuesday, Wednesday, and Thursday, the week prior to last week at least have that previous Monday in there, because that way you’ll gonna have a full range of opportunity that the algorithm will refer back to."

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8 years back, I spoke to jack schwager, the man behind the Market Wizards series. Sandeep Rao - SEBI Reg. RA🖖 spoke to him again recently on In The Money, and it was an interesting conversation. Market Wizards is probably the only book I've read multiple times when I was trading actively. The one thing that stood out to me from the video was the debate between systematic vs. discretionary trading. There's a common assumption that the best traders are rules-based, meaning they follow a fixed set of rules. The logic is that this helps them keep their emotions in check so they can follow the signals dispassionately. But what Jack found among the traders he interviewed was that almost all of them were discretionary traders. They had rules, but they knew when not to follow them. Meaning, they knew when their approach wasn't working and when they had to change the "rules" they were following. The one purely systematic trader he ever profiled kept changing his systems. He once showed Jack the equity curve of the original system he made his first money on. It went straight up while he traded it, and straight down after he abandoned it. If he had stuck to it with blind discipline, he would have been wiped out. At the very least, what this shows is that there isn't just one way to make money. There are numerous approaches that work, and you ultimately have to figure out what works for you and stick with that approach until it stops working, because nothing works all the time. People change, the markets change, and so do the strategies. Full episode link in comments.

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