{"id":18010,"date":"2022-09-30T12:13:56","date_gmt":"2022-09-30T20:13:56","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=18010"},"modified":"2022-09-30T12:13:56","modified_gmt":"2022-09-30T20:13:56","slug":"weekly-newsletter-1117-day-trading-mind-traps-levels-for-october-3-2022-week-ahead","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/weekly-newsletter-1117-day-trading-mind-traps-levels-for-october-3-2022-week-ahead\/","title":{"rendered":"Weekly Newsletter 1117: Day Trading Mind Traps+ Levels for October 3, 2022 + Week Ahead"},"content":{"rendered":"

Cannon Futures Weekly Newsletter Issue # 1117<\/strong><\/h3>\n

Dear Traders,<\/p>\n

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Day Trading Mind Traps<\/h3>\n
“One way our brain helps keep us safe is to protect us from an awareness of our weaknesses. The brain believes that it is better to be falsely confident than recognize the real risks. This protective mechanism tends to work against us in trading.” Kenneth Reid, Ph.D<\/div>\n
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MINDING THE MIND<\/div>\n
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The mind can play tricks on us. Intuitive Trading is an attempt to mind read the market, which makes us susceptible to whipsaws. Hindsight Bias causes traders to underestimate the difficulty of trading, while Competency Bias causes us to over-estimate our abilities. These are mental banana peels that set us up for a fall.<\/div>\n
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INTUITIVE TRADING<\/div>\n
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Intuitive trading is a natural response to excessive randomness and non-linearity in the market. But making informed guesses is not the same as formulating a rule-based pattern-recognition system that gives a trader a true edge. Without a rule-based plan, intuitive traders expend a great deal of energy mindreading the market, which will not improve your odds of success. In fact, professional traders make a good living exploiting the emotionally-driven behavior of intuitive amateurs.<\/div>\n
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….Read More by clicking here<\/a><\/div>\n
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Feel free to reach out to your\u00a0current Cannon broker or contact person<\/a>\u00a0if you like to expand on the topic.<\/div>\n<\/div>\n
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Futures Trading Videos:<\/div>\n
1. Identifying Support And Resistance Using A Line Chart.<\/div>\n
2. Finding Levels of Support Resistance<\/div>\n
3. Day Trading crude oil futures<\/a> using fear and greed….<\/div>\n