Mr. Charts
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I think the situation is a little more subtle.
At entry, I join the crowd, but early or before they move. Not later.
At exit, I abandon the crowd, but early or before they stop moving. Not later.
Two perfect examples of that were by posted by me on the "Trading the US........" this afternoon. If you look at what happened after my exits you will see I closed a few cents before they reversed direction.
If you ever trade with the trend, you are moving with the crowd. The key is early entry and exit when there are plenty of folk wanting to take the other side of the trade.
A trader's ego is the biggest single impediment to long term success. Amongst many other things it engenders a sense of being "different" to the crowd; an individual...........making her own way...........doing her own thing..........going against the crowd...........deriving satisfaction and ego-nourishment for being a contrarian. You are being controlled by ego...........inefficient and counter-productive.
True and free trading transcends all of that. You do what is effective and profitable, REGARDLESS of wanting to be a contrarian. In fact going against the crowd for the sake of so doing is irrelevant.
Richard
At entry, I join the crowd, but early or before they move. Not later.
At exit, I abandon the crowd, but early or before they stop moving. Not later.
Two perfect examples of that were by posted by me on the "Trading the US........" this afternoon. If you look at what happened after my exits you will see I closed a few cents before they reversed direction.
If you ever trade with the trend, you are moving with the crowd. The key is early entry and exit when there are plenty of folk wanting to take the other side of the trade.
A trader's ego is the biggest single impediment to long term success. Amongst many other things it engenders a sense of being "different" to the crowd; an individual...........making her own way...........doing her own thing..........going against the crowd...........deriving satisfaction and ego-nourishment for being a contrarian. You are being controlled by ego...........inefficient and counter-productive.
True and free trading transcends all of that. You do what is effective and profitable, REGARDLESS of wanting to be a contrarian. In fact going against the crowd for the sake of so doing is irrelevant.
Richard