This article is for the retail trader who wants to be in the game for the long haul, save yourself some bucks and thank me later. You have probably heard it before, there’s not one sure way to trading success. Why is it then that people are willing to pay for signals hoping to increase their profitability? Why would you rely so much on somebody else to tell you where to make a buy or sell and put your stop? Do you not trust your analysis if you have one? Do you have a method and a strategy that has been tested over time? Clearly you don’t. This is why you are willing to pay someone else, short cut your way into trading and then later find someone to blame when things go south.
There’s a reason why on average 90% of traders fail. You’ve got to ask yourself why, what makes you different, what’s your edge? “But the average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think”. Jesse Livermore. If you truly want to be exceptional at trading, you have to treat it with respect. It’s a business, you are the one running the show. The more you continue giving away your power to someone else and relying on their decision on how you execute on your trading account, the sooner the depletion comes, and quite frankly, you have no one to blame but yourself.
“The indicators and measurements that technical analysts use to determine the trend are not crystal balls that perfectly predict the future. Under certain market conditions, these tools might not work”. Kirk Patrick. Why? Because trends change any time, the markets do whatever they want, anything can happen. It does not matter how many indicators you have on. If they don’t help to validate your strategy and confirm your edge, you have no business using them. What works for me might not necessarily work for you, which makes trading intriguing and fascinating all together. Take time to back test and narrow down to only those indicators that increase your odds of success and winning rate. This takes time. I hope this helps those of you trusting “gurus”. Do not give away your power to anyone.
Love this article! It’s probably what people don’t want to hear, but it must be said. There’s no shortcut to trading. And no one signal is the north star to riches. Unfortunately, people would do anything to get a quick solution to their problems. From exotic diets to newsletters and trading signals, people would pay almost any amount of money to avoid taking the less traveled longer road.
Glad you found it informative, Cheers!