Trading your system only and only trading your system. Very simple. If you reach your daily/weekly profit or loss target, close the terminal and forget about the market. Make sure that your system is working and profitable first. Lastly and most important manage your lot size and acceptable loss.
I am not really sure if a trader can succeed using technical analysis only. It is too risky. Fundamental analysis affects technical analysis most of the time. So, in order to succeed with technical analysis, you must pay attention to fundamental analysis as well. The fact that you are able to find a good indicator or a chart does not mean things will go as planned. News and related factors can alter the price of a currency. This is why it is good to pay attention to the fundamentals before opening a position using technical analysis.
I have observed that all indicators are somewhat reliable trading tools. Some are more so than others.They can be used to discover patterns of price action, they create patterns themselves. Depending upon what you see, and do not see will make the difference in your trades.
It’s like looking at an abstract, some see one image, while others see something different.
Traders react to what they know, read, hear, see, follow, feel, and think. Everyone is different. I studied the way the market moves, its cycles, trends, ect. The patterns they create, and I look for other markets that move in similar fashion, but I want one that moves ahead of my target, a benchmark of sort. It provides a dependable signal to enter and exit the trades. The best you can do is enter the market at the opportune time, so you are “in the money” from the start with no retraction at all, and then you exit when trend appears to be reversing. I follow price action in my trade with a trailing stop loss, and I move it very quickly to a breakeven point, if I am not sure of my target. But I have come to the point that I am very sure, and so there is no fear. I replaced fear with confidence because I find my signal. There are signals in every chart. I have yet to read about anyone who has written about them. The ones I have observed anyway. I find, most tools and indicators when overlaid on the chart can be more confusing than helpful. I can trade with only the chart, Line, or Candle, does not matter. No indicators at all. Most styles I have read about, even of the pro traders are merely guessing. They do not really know. I spoke with a money manager. I gave my take on Apple, the high and low and it hit right on. The manager manages a very large fund and was amazed. I said, it will go here, He said “I hope so”. By saying that, he told me he did not really know. I find that is the case with many Professional Money Managers. They spend millions on research and trading equipment, only to lose money. They do not really know. How can you know? That is a good question to find the answer to. How bad do you want to find it? Think about how you can know, and what you would do to find out. See yourself, researching and discovering, it will come to you. You will find what you seek. If you indeed seek. I know…A little philosophical plug.