adaseb wrote:Another thing to consider is this.
In trading there are endless amount of opportunities to trade however only a limited few are worth taking.
For example. I have about 3 or 4 opportunities every month where I get REALLY aggressive on my positions. These type of trades are ultra rare however have a fair winning percentage and unbelievable 1 in 15 risk/reward.
Daily there are more opportunities however sometimes they take hours to appear. And its very important to stare at the charts constantly because there were a few times where I was taking a s**t and an opportunity popped up that I missed. I consider that a loss in my books (unless the missed trade was a loser). Why? because if I did take the trade and my next trade was a loss, I should be at break even, however after missing that winner, I am at a loss. Make sense?
Too many new traders, just can't wait to trade and somehow manage to find a trade every minute. Many new traders just want to turn on the computer, find a trade immediately and take a profit of 20 pips immediately and call it a day, it doesn't work like it.
There are many many good opportunities in the day, but you just have to wait for them, and that's where patience plays an important role in trading.
If you been waiting all day and nothing comes up, what do you do? Trade anyways or keep waiting? If your the latter, you will succeed in trading if your the former you will join the endless list of unprofitable traders.
That's why if you have a day job and a busy lifestyle and are available to the markets during certain hours, you're at a disadvantage and are better off trading the daily/weekly charts. Because your emotions are going to make you jump into trades that you shouldn't be in.
Hope this makes sense.