Price Action - Without Hindsight - Trading Psychology Talk - Part 1 (UK Subtitles)

Good morning and a warm welcome to you. It is such an honor to be here. It is also a pleasure to once again be able to put on a pair of pants, after having been sitting in your underwear for two years. I was contacted by ETX Capital and asked, if I could make a speech on this thing, which most people think I am focused on, which of course is technical analysis.

My reply was – no, I am not interested in doing that. I basically no longer feel any desire to be on stage for 3-4 hours and only speak on technical analysis. Because I have done that so many times before. And I am not going to do that anymore. Then we started negotiating, and I was told that people would expect me to teach them TA, but then I said:

What if I prepared some written material on TA instead? What if I prepared 3-4 hours of material on TA to be handed out? Then, in return, I get to talk for 3-4 hours on whatever subject, I want to talk about? Now, that was a good compromise. Then I created a booklet, which has been very competently translated into Danish by my good friend, Peter Thurmann.

I call it: Price Action without hindsight. The reason for me doing so is because I know that most of us sit down at the screen on Monday morning and just start from scratch. The things we looked at on Sunday morning are long forgotten. Any of us can say, oh yeah, I bought here and here, and then I sold up here. Ain’t I the clever one?

Or I bought at this double bottom way down here and sold up there, from which I made x amount of dollars. But at the very moment we are exposed to one bar at a time, as in what would you do right now? Because that is the reality, isn’t it? That’s where you are at, every Monday morning.