Exercise: Where you would have wanted to trade
OK so for this excercise bring up a chart of what it is you want to trade and of that timeframe you want to trade. Then you are going to put some kind of markers for where you would have WANTED to sell or buy in the OPTIMUM and dont worry so much about the exits now. Pretty much nobody trades THAT well of course, but just try it out. So youre chart should look something like this and im using yesterdays E/U M5 chart. Im using red dots for sells and blue dots for buys.
So what is the point of this? Well, given enough pattern recognition skill, aproaching this is not impossible. It takes quite a long time and a lot of effort, but getting CLOSER to it is what all traders is trying to do. One of the best ways to do that is to trade on a demo account, that way you can ONLY GAIN, you gain skill and skill is what matters.
You can try counting the candles. On average how long are the moves on your chart? 3 candles, 7 candles? 9 candles?
The next step is to trade while having this chart in mind. Use the TPs i was talking about earlier.
EVERY euro i gain is mostly because of pattern recognition skill. Indies, MAs and what not dont mean much at all compared to this. To my knowledge, pattern recognition skill is mostly what makes a trader.
OK so for this excercise bring up a chart of what it is you want to trade and of that timeframe you want to trade. Then you are going to put some kind of markers for where you would have WANTED to sell or buy in the OPTIMUM and dont worry so much about the exits now. Pretty much nobody trades THAT well of course, but just try it out. So youre chart should look something like this and im using yesterdays E/U M5 chart. Im using red dots for sells and blue dots for buys.
So what is the point of this? Well, given enough pattern recognition skill, aproaching this is not impossible. It takes quite a long time and a lot of effort, but getting CLOSER to it is what all traders is trying to do. One of the best ways to do that is to trade on a demo account, that way you can ONLY GAIN, you gain skill and skill is what matters.
You can try counting the candles. On average how long are the moves on your chart? 3 candles, 7 candles? 9 candles?
The next step is to trade while having this chart in mind. Use the TPs i was talking about earlier.
EVERY euro i gain is mostly because of pattern recognition skill. Indies, MAs and what not dont mean much at all compared to this. To my knowledge, pattern recognition skill is mostly what makes a trader.
My signature is: "Classified".