👇 What about you? Do you take all the trading setup opportunities available to you? Tell us in the comments below! 👉 We are seeking more contributors who can produce great video educational content about trading for our channel. If you think you have what it takes please get in touch by sending a message to traderATfinancial-spread-betting.com (remove the AT and substitute by @). 👉 It seems a lot of our viewers are non-subscribers. Make sure to subscribe to our youtube channel as we upload regular videos! If you hit the “Bell” icon (🔔) you will receive a notification on youtube every time that we upload a video on our channel. Bell icon hitters are super fans of our channel 🥰
For me patience is a traders best weapon. I was very trigger happy when I started, later I learned to be much more picky, I want a perfect setup or I’m not interested. And there are plenty of perfect setups. It’s just about having a little patience.
Thanks Mark for delineating between a chart pattern and an actual setup. Candlesticks, moving averages, Double bots/tops, pullbacks, flags, wedges, triangles, fibs, etc, by themselves, are not "setups". You need other criteria. Most importantly volume. Market makers also know every "pattern" you are looking for, if you don't pay attention to which moves are valid, and which are divergent, you will get crushed taking chart patterns. This is where context and confluence come into play. Also an A+ Setup as a definition is overused. Depending on your time horizon trading, they are like trading unicorns. A trade that that has a win rate of > 70% that only shows up < 30% the time. If your specific trade pattern along with context and criteria does come into play, however, giving you your A+ setup, then yes, you should be taking every single one of these trades regardless of how you feel about it. You will not know whether or not it is an edge if it is not systematic and mechanical. Your trading journal and data is a huge asset, your gut is not. If you have a certain "feeling" about a trade, you should know how to quantify it, why you have that feeling. eg. "I don't like the volume here rejecting this daily level". If you cannot objectively identify why you have said feeling, those feelings are just noise that will prevent you from becoming consistently profitable.
Learnt very early that filters are extremely important. I only trade London sessions, to me that's a filter, also there is a particular volume i'm expecting in the market at least. Then there are indicators i use also (mostly moving averages). When all this is passed then i look for triggers. If my setup passesthe filters and trigeers at a time that is not the London session, i dont take it (Its core to my filter). Nice cotent, you have always been helpful to me.
I struggled with this for a long time, obsessively taking trades based on my setup when I probably shouldn't. It comes down to your system expectancy, if it mandates taking every single trade then you have to do it - or the probabilities don't work. As soon as you second guess and stop taking qualifying trades then you have no metric to judge your expectancy. Saying that, I do 'skip' valid trades based on gut instinct sometimes, not trading is not a losing trade.
After trading stock indices for 10 + years i dont longer consider "all chart patterns to be equal". In stock markets those patterns are not enough to get an edge. Combined with fundamentals you might have a chance. But trading is not for everyone.
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👇 What about you? Do you take all the trading setup opportunities available to you? Tell us in the comments below!
👉 We are seeking more contributors who can produce great video educational content about trading for our channel. If you think you have what it takes please get in touch by sending a message to traderATfinancial-spread-betting.com (remove the AT and substitute by @).
👉 It seems a lot of our viewers are non-subscribers. Make sure to subscribe to our youtube channel as we upload regular videos! If you hit the “Bell” icon (🔔) you will receive a notification on youtube every time that we upload a video on our channel. Bell icon hitters are super fans of our channel 🥰
For me patience is a traders best weapon. I was very trigger happy when I started, later I learned to be much more picky, I want a perfect setup or I’m not interested. And there are plenty of perfect setups. It’s just about having a little patience.
This is by far one of my favorite Chanels on RUclips, thank you so much for the content 🙏🏽
Thanks Mark for delineating between a chart pattern and an actual setup. Candlesticks, moving averages, Double bots/tops, pullbacks, flags, wedges, triangles, fibs, etc, by themselves, are not "setups". You need other criteria. Most importantly volume. Market makers also know every "pattern" you are looking for, if you don't pay attention to which moves are valid, and which are divergent, you will get crushed taking chart patterns. This is where context and confluence come into play. Also an A+ Setup as a definition is overused. Depending on your time horizon trading, they are like trading unicorns. A trade that that has a win rate of > 70% that only shows up < 30% the time. If your specific trade pattern along with context and criteria does come into play, however, giving you your A+ setup, then yes, you should be taking every single one of these trades regardless of how you feel about it. You will not know whether or not it is an edge if it is not systematic and mechanical. Your trading journal and data is a huge asset, your gut is not. If you have a certain "feeling" about a trade, you should know how to quantify it, why you have that feeling. eg. "I don't like the volume here rejecting this daily level". If you cannot objectively identify why you have said feeling, those feelings are just noise that will prevent you from becoming consistently profitable.
Learnt very early that filters are extremely important. I only trade London sessions, to me that's a filter, also there is a particular volume i'm expecting in the market at least. Then there are indicators i use also (mostly moving averages). When all this is passed then i look for triggers. If my setup passesthe filters and trigeers at a time that is not the London session, i dont take it (Its core to my filter). Nice cotent, you have always been helpful to me.
I struggled with this for a long time, obsessively taking trades based on my setup when I probably shouldn't. It comes down to your system expectancy, if it mandates taking every single trade then you have to do it - or the probabilities don't work. As soon as you second guess and stop taking qualifying trades then you have no metric to judge your expectancy.
Saying that, I do 'skip' valid trades based on gut instinct sometimes, not trading is not a losing trade.
After trading stock indices for 10 + years i dont longer consider "all chart patterns to be equal". In stock markets those patterns are not enough to get an edge. Combined with fundamentals you might have a chance. But trading is not for everyone.
And realistic targets!
A setup is more than a price pattern.
Very important comment.
outstanding \o/