Saturday, March 19, 2011

Respect Ur Trade Rules

Many traders when first time get involved in trading only looking for indicators to develop trading system. Then they learn everything about indicators. However, in later stage they get confused with all the information they get from the indicators. They get trap with their own analysis paralysis. We want to trade the pullback in direction of trend. No Trend No Trade. No Pullback No Entry. So once you know the trend , support and resistance.We will open trade within support or resistance zone.

And price action offer 'identical' patterns either to identify trend, support and resistance in all time frames... that the reason i don't want my chart busy with indicators until i can't see 'what the price telling me'.

However, I always bear in mind, that there is no certainty in my trading analysis, only odds.  The main objective in trading is 'to preserve trading capital' from severe loss. Loss is part of trading games. Win or lose, i will gain something. If i win, my trading account capital increase. If i lose i will learn from that trade so that i don't repeat the same mistakes. Most of the times, the mistakes come from not follow 'trade rules'. Its my duty to implement all trade rules, money management and risk control. Then you are ready to pull the trigger. Go!

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