For many traders, one of the most difficult parts of investing is "Pulling The Trigger." They see the trade, lots of confirmations, everything is all set, and boom, they just can't enter. Their hands become frozen. "It's real cash, I just can't take the chance." The trade passes them by and they sit back and watch all the money they could have made if they had just pulled the trigger.
What is it that stops some traders from entering positions? There are those traders who have no problem whatsoever clicking enter and starting up a new trade. They are familiar with their trading alerts and watching the charts. When they see a hot opportunity, it is theirs. But there are other traders who simply can't move forward. Do these investors have a mental block against buying and selling? Should they not be trading at all?
One of the biggest problems for traders who cannot pull the trigger is that bottom line, they do not trust their chart technical indicators. So many traders, especially novices, run out and buy this computerized trading widget and that computerized trading widget, loading up their charts with conflicting signals until they don't know if they should go long, go short, or sit on the sidelines. One signal says this is a hot entry, the next signal says this is a medium entry and the third signal says this isn't an entry at all. In the world of trading alerts, more is not more. It is less. The fewer computer generated signals you have on your charts the better. You want to know before you go. Everyone wants assurances, certainty that this will get them where they want to go. In the world of trading, there are no guarantees. But if you never enter the trade, if you can't pull the trigger, yes you won't lose any money but you won't make any either!
What is the solution to these types of traders? One solution that seems to work well is to install a real time simulator on your computer. Then trade until you can't trade any longer. Pull the trigger on everything, every change of direction, every whipsaw, etc. Trade and trade and trade. Try every computer generated signal, over and over and over. Do this for a couple of weeks. Pretty soon, you will see what you can and cannot get away with. You'll start weeding out the signals you know don't work. And you'll soon see which signals can really work for you. It is not an overnight process. Trading is definitely not an ATM machine. But in time, a few weeks, you'll be where you wanted to be in the first place. And probably with far fewer signals than you started with.
For trading professionally, it is always better to have fewer computer generated signals. The key to trading is understanding how the Market works, what the market does at different times of the day, different days of the week. You want to trade at the same time every day. Why? Because chances are you will be buying and selling with the same set of traders, who themselves do they same things over and over.
Look, you can't lick the market, so you might as well join it. By learning what you can and can't get away with, soon you'll have your own trading style, your "bread and butter" business. Then the fear of pulling the trigger, well you won't even be afraid of Gary Cooper at the OK Corral.
What is it that stops some traders from entering positions? There are those traders who have no problem whatsoever clicking enter and starting up a new trade. They are familiar with their trading alerts and watching the charts. When they see a hot opportunity, it is theirs. But there are other traders who simply can't move forward. Do these investors have a mental block against buying and selling? Should they not be trading at all?
One of the biggest problems for traders who cannot pull the trigger is that bottom line, they do not trust their chart technical indicators. So many traders, especially novices, run out and buy this computerized trading widget and that computerized trading widget, loading up their charts with conflicting signals until they don't know if they should go long, go short, or sit on the sidelines. One signal says this is a hot entry, the next signal says this is a medium entry and the third signal says this isn't an entry at all. In the world of trading alerts, more is not more. It is less. The fewer computer generated signals you have on your charts the better. You want to know before you go. Everyone wants assurances, certainty that this will get them where they want to go. In the world of trading, there are no guarantees. But if you never enter the trade, if you can't pull the trigger, yes you won't lose any money but you won't make any either!
What is the solution to these types of traders? One solution that seems to work well is to install a real time simulator on your computer. Then trade until you can't trade any longer. Pull the trigger on everything, every change of direction, every whipsaw, etc. Trade and trade and trade. Try every computer generated signal, over and over and over. Do this for a couple of weeks. Pretty soon, you will see what you can and cannot get away with. You'll start weeding out the signals you know don't work. And you'll soon see which signals can really work for you. It is not an overnight process. Trading is definitely not an ATM machine. But in time, a few weeks, you'll be where you wanted to be in the first place. And probably with far fewer signals than you started with.
For trading professionally, it is always better to have fewer computer generated signals. The key to trading is understanding how the Market works, what the market does at different times of the day, different days of the week. You want to trade at the same time every day. Why? Because chances are you will be buying and selling with the same set of traders, who themselves do they same things over and over.
Look, you can't lick the market, so you might as well join it. By learning what you can and can't get away with, soon you'll have your own trading style, your "bread and butter" business. Then the fear of pulling the trigger, well you won't even be afraid of Gary Cooper at the OK Corral.
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