Something To Consider On Your Trading Journey

 MartialChartsFX 


  

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CategoryTrade Theory

PublishedJan 2, 2023, 2:07 AM EST

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Something To Consider On Your Trading Journey



There are many ways to extract money from the market. No method is better than another. Some methods present themselves more often or have a higher win rate but they are not better, they are just different tools. The difference is made within the trader since the trader uses the tool in a manner that is either effective or ineffective.

If I gave a bad carpenter the best saw, the cuts would be messed up and uneven, not because the tool is bad but because the carpenter doesn't have the skill to get the best out of the tool. I can give a low quality saw to a talented carpenter and they will make a work of art because they have the skill to get the most out of tool no matter the quality of the tool.

If you are not improving yourself as a trader, it doesn't matter which strategies you learn or what additional tools that you add to your toolbox, especially if you don't have the skill to get the most out of the tools.

It's better to get 1 decent tool (strategy) and master how to use it.

The goal is to make money not to impress with knowledge. When you have too much knowledge it draws your attention to every area of the chart that is familiar to you. When you focus your knowledge on a single strategy, that is where your visual focus will be on the charts. This is when your setups will seem to jump off the screen for you. You will be so focused that you will start seeing the finer details that separate low quality setups from high probability setups.

So don't try to learn everything. Just learn something that is probable, repeatable, and that you can do easily once you master it.

Every strategy boils down to 2 methods:
1. Trading from an area of value or
2. Trading a breakout

There is nothing new under the sun. These are the only 2 ways of trading, they are just told in different ways by the 'experts'.

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