I started my trading career at the age of merely 18. I was so passionate about it that I went looking for a proper trading education module that was not taught to me in school, college, and even in my MBA. I started taking training courses from different mentors. I learned all sorts of indicators, patterns, graphs, and candlesticks, and nothing worked out for me. I lost 10x to what I had earned. I was pushed to a point where I thought of quitting trading as my career. Until, one day at Vipassana when I was deeply ingrained in my thoughts, it struck me that if all the data required for an indicator, pattern, or candlestick to work is derived from Price, then why don’t I just refer to Price alone? That was it. The turning point in my trading journey. The moment I started trading on Price and started following market trends, my portfolio started glimmering.
Here are 4 reasons that will transform your mindset if you’re using anything other than Price to trade:
Indicators are second-hand data.
First of all, there are so many indicators in the market. Indicators and patterns are just a good package product that educators sell. They are dangerous if you are serious about trading as a business and you want to scale it to a 10X level. Indicators confuse you. They mislead you. By the time you get a clear signal from all the indicators, the price goes up so much that you don’t have the guts to buy. You miss out on a golden opportunity.
All Candlesticks patterns are reversal patterns.
Buying when the stock price is in a downtrend and short selling when the stock price is in an uptrend, is a very wrong way of looking at the market. Candlesticks patterns make you trade against the market trend. Why would you want to buy a stock which is showing a downtrend and is weak? You must always buy rising stocks because you want the price to go up. Isn’t that why you’re trading in the first place? Relying on candlesticks patterns would surely not help you make the kind of money you want from the stock market.
Graphs are subjective
Trading is based on logic and numbers. The only thing you must follow is objectivity. Graphs are highly subjective. Each graph gives you a different outcome. When there is no consistency in the graphs, there won’t be any consistency in your income.
Trade in just 15 minutes a day
This may sound too good to be true but this is 100% logical. How? I’ll tell you. First of all, my systems are ready-to-trade. Entry, exit, stop loss, quantity and where to book profit and loss are pre-defined. If everything is defined already, it shouldn’t take anyone more than 10-15 minutes to trade.
So, if you’re still trading on indicators, patterns, candlesticks, graphs, greeks, etc, stop it right away. Learn the right way to trade the markets and only then you can earn what you desire from it.