Those who wait
for quality setups and do nothing in the meantime are the ones who succeed.
This gives you a greater selection to choose from, which will greatly increase your chances of
finding quality setups to trade.
So in any given week, there are approximately one or two
quality setups on the pairs I monitor.
If you are patient and
pick quality setups but you risk too much of your account all the time, you'll also lose money over time.
Keep bets small, focus on the process rather than the profits, and
let quality setups come to you.
That includes things like risk management, having the patience to wait
for quality setups and drawing accurate levels among other things.
Excellent article Nial, trading plan is very important to keep the trader accountable, to not overtrade, to only
take quality setups to not meddle with the trade once it's entered.
They then proceed to OVER-TRADE and take less than
quality setups because they now realize how long it will take them just to get back to break even if they only risk 1 % to 2 % per trade.
When operating on a sell signal, we cut back on trading activity (stay primarily in cash) and wait a few days for the dust to settle before getting back in to the market (provided there are
still quality setups to trade).
It's not surprising for an Android tablet camera to be an afterthought, it's still disappointing to see such a low -
quality setup used in a relatively high - tier gadget.
Instead of chasing setups throughout the week, they can just sit back and wait
for quality setups to materialize.
The challenge here is that it's going to be rare for a high quality narrator with
a quality setup to want to take on a royalty split gig, considering how much work goes into producing an audiobook.
no matter what money management one use, one is not going to make it unless one can identify and be disciplined enough trade only
quality setups...
The psychology behind this process revolves around the feeling of euphoria or over-confidence that often hits traders as they become more accurate in their trades, which is almost always a result of having patience long enough to wait for a string of high -
quality setups.
You need to have discipline and patience to excel at trading and this is built through waiting and only taking high -
quality setups and learning to ENJOY passing on low - quality trades or when there is no trading edge present.
Sure, if that's when
a quality setup materializes.
But the idea is the same — staying patient and only trading
the quality setups will get your profit curve moving in the right direction much faster than attempting to jump into every setup that comes along.
Those who have studied and implemented what I teach know for a fact that it's possible to find five to ten
quality setups each month.
That's because
quality setups take time to materialize.
You may only get five to ten
quality setups each month if trading the daily time frame.
As a trader for 7 years who has lost money due to wrong expectations, the advice to keep my bets small, wait for
quality setups and don't trade the news is very important.
Keep bets small and focus on
quality setups, rather than attempting to trade every day.
Keep your bets small, wait for
quality setups and don't trade the news.
Those who have the patience to wait for
quality setups and never take excessive risks get rewarded for their prudence.
Dedicating this much time to your hobby means that
a quality setup is a must.