Trading is Hard – There is No Real Secret Sauce!

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Avatar for rafaelken1989
1 year ago

Image credits of thebalancemoney.com

After some experience I gathered in trading the markets for three to four years now. I think there's really no secret sauce to be a profitable or successful trader because I believe, the ones that we can see in the YouTube are just too good to be true or for me fairy tales. But for me, also the real success for a profitable trader is the risk management part and I've been for a long time. I really believe that I've got decent or sufficient, at least for me, sufficient experiences with my trades. With my endless TAs (Technical Analyses).

I've been selecting, been trying or have tried a lot of strategies before and finally I was able to cut them down and focus for this and master this strategy that I'm going to use in the spot trading, crypto futures trading and the forex marginal trades.

One of the strategies are, we need to wait for the patterns and the Elliot waves to play out, we need to wait for the volatility because this, for me, is the best I need to say it in this way, we need to wait for the volatility because volatility is what the chances of making money, that is the chances that I have observed. Because if we cannot wait, we certainly buy the breakeven parts or the breakeven prices and chances are it's hard to make money in this way. So, we need to carefully locate the Fibs. Trade at all cost, trade near the Fib levels and we need to use the indicators. We do not rely the indicators, there's no guarantee but at least we need them, indicators as the confluences support what we can see, especially the volatility metrics. And we need to really wait for the patterns in the Elliott waves.

We need to focus on a time frame for our trade. For example, if we want to trade on the 4R, we need the 4R only. Although we need to see the patterns to play out first. Indicators, I repeat, are not to be relied on but we need to use them as confluences to support our risk management. Also we need to place the proper stop loss, we need to see the previous ranges, a lot of things, I'm trying to make this my strategy I'm using right now, very simple, but it cannot turn out to be a simple one as I expected.

So we need to at least follow the guidelines, at least we have guidelines to use. Okay. Also, we need to really check the long-term part, the weight of a trading instrument’s structures, the mid-term and the short-term and we need to be disciplined on the risk management part. We need to throw all the emotions away. We need to be really made up our minds. Once we take the trade, that trade then that's it.

So I guess I'm done discussing while using the strategies. I know while making trades, along the way there will be some changes, improvements that will help solidify the strategies that I'm using. So that's it for now. God bless.

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Avatar for rafaelken1989
1 year ago

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