- : November 4, 2021
- : B. Krishnakumar
If you are someone still struggling with your trading, here is a simple tip or Diwali gift to get you going. This is not something new and it may sound repetitive. But it is important to drive home this point.
If I were to ask you that we will give you a customised version of TradePoint software with just a well define entry / exit rule, what will you choose. List out those conditions and imagine as though you cannot use any other tool or condition or indicator.
Once you decide those conditions, then that essentially becomes the basic backbone of your trading system. Just ensure that you develop those conditions or rules based on the time frame and trading style you are comfortable.
When the trading rules and your requirements are in sync, then everything else would fall in place. You will not feel unsettled. You will not experience fear of missing out. And more importantly, you will not have the urge to break your rules.
Before I wind up, let me share my mindset. Hope this helps.
For instance, I do not believe in Fibonacci retracement and its properties to act as support or resistance. Just like many others, I did spend a lot of time studying them and then felt that the concept does not sound logically appealing to me. I am not saying that it does not work nor am I saying that one cannot make money using Fibonacci levels.
It is just that I am not convinced about it personally. So, if you give me a system based on Fibonacci levels, I will not trade them. I will either tweak them or consistently break the rules associated with system because the tool and my beliefs are not in sync.
This is precisely what I keep talking about. Find an approach that suits your belief system and your trading style. Until you hit that sweet spot, you are unlikely to make significant progress as a trader.