if you can't see blood
don't be a doctor.
if you can't see a temporary loss
don't be a trader!
minor corrections are part of a trade. that's the only way price moves. majority trades experience low blood pressure and abnormal pulse rate at the sight of an adverse price movement. those who are not sure of their trade and those who can't see temporary loss can't hang on.
(caution : don't lose more (blood) than is warranted)
1 comment:
JS - The thing to keep in mind for traders is the following - price is charted against time. So they are the most crucial elements of the trading per se.
Now there may be s/w avlthat let you know price every micro sec/ sec/ min/ hour/ day/ week/ month and so on... Your ability to trade these timeframes will depend on the fact that are you a day trader/ positional etc and what are your transaction costs...
Then finally - keep the larger trend in mind. eg - if weekly trend is up then corrections on daily will be very limited and vice versa. So trade according to the larger trend and then use the corrections in smaller trend t take positions according to the larger trend and then see the magic :)
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