Trading during consolidation can get you in massive drawdown. Trying to pick tops and bottoms can become an expensive game. Sometimes, the sidelines are the most profitable place to be šø
As trend traders, we wait patiently on the sidelines for confirmation. Impatient noob retail traders lose money by trying to pick exact bottoms and tops instead of trading with the trend after confirmation. Don’t try to time the market – let the market show you its hands first. š¤
Either you get confirmation of a breakout or a breakdown OR you stay out of the trade. š¤·āāļø There is no need to be CONSTANTLY in a trade. Never fight the market. The market is always right.
Finding the bottom is never going to be perfect. You might get in only when price is already in the green, but at least you’ll have a clear confirmation that the bottom has been posted. Then with probabilities and the competitive edge on your side YOU CAN JUMP IN with expectation of profit. š¢š“
This means you won’t catch every single pump or get in at the bottom of every move. But calling exact bottoms and tops was never the name of the game, being consistently profitable IS. The market rewards the patient with profits.
Here is some wisdom to write on a sticky and post on your monitor: šyou don’t know it’s a bottom until price reverses and never comes backš š§ š
Ouuufff! How you like dat???? Did you get some golden nuggets out of this post? Let me know in the comments š
