Trader Tips (or expensive lessons I have learned over the years)
Learn to Observe First and Trade Second
A good trader must be confident and act decisively. We all have a tendency to feel as though if we don't hit the button immediately, we will lose a perfect opportunity. While this is certainly the case some of the time, it is not the rule. Acting decisively and quickly are two very differnet concepts. When trading price distribution areas or levels, it is better to observe first and trade second in my opinion. As the market builds value near a level, it will often re-visit this area more than once. In other words, the market will give you the opportunity to establish a position. Keep in mind that the levels here are presented on a monthly chart. Although, the levels are computed every 30 minutes they do not change unless price action is extremely violatile and ranges are large. Let the market come to you and then set your position. Now you can observe again.
Learn to Observe First and Trade Second
A good trader must be confident and act decisively. We all have a tendency to feel as though if we don't hit the button immediately, we will lose a perfect opportunity. While this is certainly the case some of the time, it is not the rule. Acting decisively and quickly are two very differnet concepts. When trading price distribution areas or levels, it is better to observe first and trade second in my opinion. As the market builds value near a level, it will often re-visit this area more than once. In other words, the market will give you the opportunity to establish a position. Keep in mind that the levels here are presented on a monthly chart. Although, the levels are computed every 30 minutes they do not change unless price action is extremely violatile and ranges are large. Let the market come to you and then set your position. Now you can observe again.