On the market.

Well, it looks like it is going to challenge yearly resistance. The question is; are we going to break above resistance to new highs across the board and keep on going OR just reverse from here OR we challenge the resistance but don't break out OR we break out of the range but the break out fails. Have a plan for each scenario.

Losing discipline is not a trading problem; it is the common result of a number of trading-related problems.

Here are some common sources of loss of discipline I have learned about through my personal experiences.

10) Distractions and boredom cause a lack of focus

9) Fatigue and mental overload create a loss of concentration

8) Overconfidence follows a string of successes

7) Unwillingness to accept losses, leading to alterations of trade plans after the trade has gone into the red

6) Loss of confidence in one's trading plan/strategy because it has not been adequately tested and battle-tested

5) Personality traits that lead to impulsivity and low frustration tolerance in stressful situations

4) Situational performance pressures, such as trading slumps and increased personal expenses, that change how traders trade (putting P/L ahead of making good trades)

3) Trading positions that are excessive for the account size, created exaggerated P/L swings and emotional reactions

2) Not having a clearly defined trading plan/strategy in the first place

1) Trading a time frame, style, or market that does not match your talents, skills, risk tolerance, and personality

Reading charts.

I view charts from the perspective of people with positions (long or short) in the stock and those looking to get in or out.  What would compel them to act?  What can a big guy or crowd of HFTs do to pile on and get something started?  Who is trapped ? What is a possible surprise ? I'm always looking for that.

There is no one right answer -- but an endless number of right answers -- to most of trading problems.

Remember that money-making, like all business, is about getting the highest return for the lowest cost. If you compare money-making to flying a plane, trading is like flying an inherently unstable aerobatic plane and investing is like flying a relatively stable one. To fly the first you must be at the controls all the time or you’ll crash. To fly the second, you just check out the plane (and the pilots), point to your goal and (eventually) get there.

US Dollar watch.