System vs Random (Charting - Tips)
Whether it be following a system to trade or draw trendlines, If there is no systematic approach, your chart / trade will be a mess. Avoid as much mess as humanly possible.
The Chart on the left side shows the trend lines violated but no trend reversal in dots. The Counter trend traders were royally burnt.
Similarly, when you have 4 strategies, don't use them all together. For example, John Bollinger Band strategy and Squeeze breakout (Contradicting ideas), Why? - When the Squeeze breakouts, this will hit Bollinger Band Extremes.
Contradicting information on the Multi Time frames - IGNORE if you cannot manage.
A trading system is complete IMO - Do not follow any strategy that does not give you these.............. This will save valuable time and most valuable buying power.
1. Clearly state Trend {trend following / counter trend}
2. Clearly Identify Setups - No Assumptions or adjustment to variables in finding setups.
3. Good R/R Entry
4. Good Plan to manage
5. Stop loss
6. Targets
The Chart on the left side shows the trend lines violated but no trend reversal in dots. The Counter trend traders were royally burnt.
Similarly, when you have 4 strategies, don't use them all together. For example, John Bollinger Band strategy and Squeeze breakout (Contradicting ideas), Why? - When the Squeeze breakouts, this will hit Bollinger Band Extremes.
Contradicting information on the Multi Time frames - IGNORE if you cannot manage.
A trading system is complete IMO - Do not follow any strategy that does not give you these.............. This will save valuable time and most valuable buying power.
1. Clearly state Trend {trend following / counter trend}
2. Clearly Identify Setups - No Assumptions or adjustment to variables in finding setups.
3. Good R/R Entry
4. Good Plan to manage
5. Stop loss
6. Targets
Uday C Santhakumar