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Nial Fuller - To Trade or Not To Trade, That Is The Question
Nial Fuller - To Trade or Not To Trade, That Is The Question
The most difficult emotion you will have to deal with is PATIENCE.
It is about curtailing the urge to go in UNLESS when a set-up
meets all your criteria and is in-line with your trader's
Constitution. If selling just above a strong level of resistance,
however tempting for a few pips that trade might be, is not part of
your trader's Constitution, then you cannot allow yourself to take
it. If you do, and the trade comes off, all you are doing is
reinforcing a bad habit. And bad habits will kill you in the end. It is
not about being in the market at all costs, entertaining the mindset
that you cannot make money unless you are in a trade. The truth
is, you can't lose it either.
Finally, to utilize their time and money in the most optimal way,
traders have to realize that certain times of day are more suitable
for trading than others. In order to devise an effective and time-
efficient trading strategy, it is important to be aware of how much
market activity occurs during different times in order to maximize
the number of trading opportunities and entry signals during
those market hours.
Some days are quieter than others, such as when one important
market is on holiday or during the summer months when volume
is low. Markets trend 30% of the time so waiting for that beautiful
trend that honours key horizontal levels and trend-lines provides
the safest trading. Unless you are skilled in trading consolidation,
keep out of it. Not without reason is it referred to as the 'barbed
wire'. You don't unwarily sprint across the street in between fast-
moving traffic unless you see a favourable opening. So curb any
impetuosity in your mindset, that all-pernicious emotion affecting
trader’s ability to make optimal trading decisions, and wait for a
market environment that will amplify your wealth, not mow you
down and flatten your capital.
Article By Nial Fuller and Jody Martens