Wait for the market to act before you react
From my experience trading for a while now, I have noticed that it is always better to wait for the market to give you a signal before you react by placing a trade. I feel if you react before the market gives you a signal, then you are just gambling because what if the signal doesnt come?
From my experience trading for a while now, I have noticed that it is always better to wait for the market to give you a signal before you react by placing a trade. I feel if you react before the market gives you a signal, then you are just gambling because what if the signal doesnt come?
Yes, I agree. it all comes down to following your strategy instead of using your discretion to trade. A good strategy will outline an objective entry signal which you must see before you enter the market. When the market acts you it will show you the signal then you react by taking the trade. For example if your strategy says take a buy when price closes above 1.1650 you need to wait for the close. if you decide to take the buy when price is nearing 1.1650 but has not closed, then you are gambling.
It all comes down to being patient. Back in the day when I started trading I was so impatient. Sometimes I would not even wait for a candle to finish forming and I would just assume it would closed a certain way and then I jump into the market. Goes without saying I paid dearly as I was always making losses. Sometimes I would see a bearish candle forming and I would just jump into the market assuming it will close bearish, only for it to close bullish.