Wednesday 5 May 2010

Letting the Market Come to You!

I've been away from my PC for a few days now and not been scanning the charts for another trade as such. However its easy to look back through your charts and see loads of great setups that would have made you money had you been available at that particular time to take advantage of the move.

I'm guilty of seeing great setups and planning them out on paper, but not actually taking the trade, due to the fear factor. My trading physcology still isn't where it should be, to be truly successful at this game, It needs a lot of work, both on the discipline factor and the fear factor. Sometimes I get bored looking for trading opportunity's and just don't bother scanning the charts and giving them enough attention, only to see great setups appear that same day, or within a few hours.

That's trading in a nutshell, its not glamorous at all, but pretty boring most of the time until the right conditions appear, until then its a waiting game (discipline). I guess that's part of the secret to being successful, patience.

Let the market come to you, tick all of your entry boxes and then and only then enter your trade with good solid money management + risk reward. These are the real secrets to the "holy grail'.

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