With respect to Seneca Pilot I think the pit trader analogy is a flawed one (no pun intended). The advantage pit traders had over retail chart traders was their ability to bid the market up and down to each other. Retail don't have this luxury and can therefore only rely on price movement, which over time is referred to as price-action.
I agree with Seneca that historic PA is definitely not an indication that current price will turn there, however, historic PA definitely is an indication that current price may turn there, which is why the ability to read candles in context is so important.
Regarding losses, I go back to something I've said many times over. If one doesn't have a solid trading method taking losses will not make sense. And on that basis there's nothing worse. Once one has a solid trading method, however, taking structured losses is much more straightforward and psychologically easier to accept.
I agree with Seneca that historic PA is definitely not an indication that current price will turn there, however, historic PA definitely is an indication that current price may turn there, which is why the ability to read candles in context is so important.
Regarding losses, I go back to something I've said many times over. If one doesn't have a solid trading method taking losses will not make sense. And on that basis there's nothing worse. Once one has a solid trading method, however, taking structured losses is much more straightforward and psychologically easier to accept.
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