I really believe that if a trader concentrated on trading less often, just a few times per week, waited for key price levels and key price action signals, they could really make some serious cash. The issue with all the traders I meet, is that they want to trade every day.
My system is simple, and I am a patient person. Do you see pro real estate investors buying and selling every day? … no! They wait for the opportunity, and take action when it arives in front of them.
Hedge funds and traders are no different, in that we must wait for perfect “price action trading setups” , look for the core trend pressure, and trade according to what we see, not what we believe.
If your a losing trader, chances are, your gambling, or following some form of “casino stlye” gut feel rush.
Time to get real… this is no hobby, this is money here, not a game!.
The first step is to start completely log all trade analysis before you trade.
Write the trade setup dowm. tell yourself all the reasons why, and then find supportive evidence to back up your trade.
More often then not, I simply trade short term trend pressure, usign key price levels to enter on a retrace… it works very very well for me.
Yet so many try to search for some magical system or method…and it’s insane to watch the herds of traders follow these methods.
Want my advice… start to learn to read your chart, and learn how price reacts around key market levels.