I would like to know what someone else thinks
@Adamroweco what others think is irrelevant, it’s what the market thinks you should be interested in. I’ll post a Buy & Sell Pressure chart to see if you can work it out for yourself.
What’s trading all about
As traders we buy a position in the hope sometime in the future we will be able to offload our position to someone at a higher price than we brought it. Traders make money in the markets by exploiting changes in the prices. Most traders put all their effort into buying whereas successful traders put most of their effort into selling.
Trading with the trend
Trends exist in all markets and can be traded profitably, finding profitable repeatable patterns & timing when to enter is normally the primary concern of most technical traders. Technical traders spend an enormous amount of time on analysis, yet analysis is the easiest part of the trading process whereas our primary objective when conducting our analysis must be to limit our losses. Also, it pays to stay with the trend, but get out when it clearly ends.
Trading analysis
The reason most traders concentrate so much on analysis is based on the false premise that if the “right” stock is bought at the “right” time this is where the money will be made on the trade. While stock selection and timing of the entry are important when the trade is closed is far more important. Selling is where we make our money & it’s much more important than when we buy into the position.
Trading is much more than analysis.
Trading is a very emotional experience & emotions can sometimes sabotage the best of plans, even when trading is travelling nicely it’s difficult to follow the plan. Most losses are not the result of a poor plan, but of failure to follow it.
I’ll leave the last words to Bill Williams PhD
You will never go broke trading if you “want what the market wants” – you will do well to memorise this saying. If I could give you one small piece of advice it would be this: Anytime you think something is important or useful “write it down“
Skate.
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