5 Things I have learned in 5 years of trading!
- Thread starter sebking1986
- Start date
Something I should have learned by now, but it seems I am still re-learning it, is that patience is key. I used to think that I should learn to read a chart well enough that I would know what a chart is doing at all times so that I could get in anywhere and anytime and be profitable. But just because I know a bottom is being put in doesn't mean it's the best time to go long....It may take an hour or two for the bottom to be put in. Just because there are rapidly moving bars doesn't mean I should jump in and try to trade them. Stalking a trend is something I know to do but find it very, very hard to wait patiently for.
Actually, today I plan to try to put a new alert system on my charts to go off just before a trend should start...but, as usual, I thought about it in my head last night as I was falling asleep and ideas for alerts, or sure-fire ways to always be profitable, always work better in my head than in real trading. Anyhow, hopefully this time this alert system will work, and if it does, then I will have to train myself to not take a trade except after the alert goes off. So much easier to imagine than to do!!!!
Good idea, hopefully this will work for you! Of course things always do seem easier when we plan them out, but not so easy when it comes to following through.
That is so true, best laid plans and all that...i do think having your plan and knowing what to do and when its just key to follow it through even when things dont seem to be working even though thats part of the plan
Couldn't agree more. I have fell victim to this in the past.
That's why stop loss and take profit levels (ie. a plan). is so important.
%%Something I should have learned by now, but it seems I am still re-learning it, is that patience is key. I used to think that I should learn to read a chart well enough that I would know what a chart is doing at all times so that I could get in anywhere and anytime and be profitable. But just because I know a bottom is being put in doesn't mean it's the best time to go long....It may take an hour or two for the bottom to be put in. Just because there are rapidly moving bars doesn't mean I should jump in and try to trade them. Stalking a trend is something I know to do but find it very, very hard to wait patiently for.
Good points. especially since a bear bottom area can easy take 2 months to form.
SPY benchmark for example
scalping these days has become nightmarish.
the flips are on a micro second scale
the flips are on a micro second scale
Trading is a skill that takes time to master, but once aced, it can be a brilliant way to profit. It is a game of probabilities - if you do not have a technical edge you will produce inconsistent results.
They are so key, price levels and liquidity are the pillars of trading before any indicators or strategies are used