Fibonacci Ratios with Pattern Recognition [PDF]

Summary
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Fibonacci Ratios with Pattern Recognition – Book

The second lesson is to keep your emotions out of your trading. Mathematics is clear, concise and logical. The pattern recognition and trend analysis in this book provides techniques to put the probabilities in your favor, but you must be in the proper frame of mind to use them profitably.

Outside concerns, especially personal or emotional ones, must be put aside (admittedly difficult to do), or you must not trade. To allow “things” to bother you when you are trying to trade is almost a guaranteed prescription for disaster. The value of having the wisdom and the discipline to see the difference and act on it properly cannot be over-calculated.

The money you DON’T lose because of poor judgment and emotionally driven decisions can be far greater and more important to you than the profits you do make by exercising proper trading techniques. The emotional price of making a bad decision based on emotion can be more costly and psychologically more damaging than the loss of money.

Money can be remade more easily than confidence and self-assurance can be restored. Fortunately in this case Larry caught himself going in a dangerous direction on that trade and was disciplined enough to cut his loss and move on.