I like this post, and would like to challenge some of your points please
Crowd? May I please ask where you’re obtaining crowd confirmation? If your strategy which you’ve proven profitable is saying go long, but your “crowd” analysis is reading short, are you abandoning the trade?
In my opinion, this is a dangerous line of thought. Trading is not about perfection. Trading is about probabilities and mathematically maintaining an edge. Do professional poker players only play pocket Aces? Or, are they able to make money off weaker strength hands? Many newer traders get so hooked on waiting for “A+” setups (Personally, I dislike this term very much) that they miss all the B-, C+ and B trades which could have added some equity to their account.
Market conditions can change violently- I’ve had many trades where I thought I’d be scalping, only to see the position turn into a runner for a 7+ days. If you were able to secure a good price, and the analysis supports a longer timeframe hold due to shifting market conditions,why would you book profit early?
To me, trend identification is subjective (for the most part). The majority of my trades are what would be classified as “counter-trend”. To me, reversals are easier to spot than continuations - just my personal style though :).
Strategies can be built around gap trading solely. I once saw a statistic that read something along the lines of 70% of all gaps being filled…I’d have to dig to find it. I’ll trade any second of any minute of any day if my strategy gives me a signal…100% of the time.
This conflicts w/ point 2 - doesn’t it?
I’d argue the vast majority of professionals do just the opposite of this (if you’re talking about confirmation). Professionals are not awaiting signals, they are getting in @ levels - in most cases 20, 30, 50, 60 pips before a candlestick signal or MA crossover ever forms.
If you’re claiming that you need to be patient- then yes I agree. Can’t force a trade!
Agreed- never should anyone trade if they are feeling the slightest bit of confusion about a position. Again, with the “crowd” thing conflicting lol…
Conflicts w/ point 5.
Looking forward to responses,