BTCUSD: Trading STRATEGY Just as Important as ANALYTICS
Hi Everyone! This is simply a quick explanation of WHY it's so IMPORTANT to devise a Trading Strategy in order to be a "successful" trader/analyst.
There are some profitable "TRADERS" who have a good trading strategy (similar to what I mentioned in this video). Yet they are NOT as profitable (as they could be) because of their handicap with "ANALYTICS." They could be much more profitable if they improved upon their ANALYTICS.
There are some profitable "ANALYST" who have excellent analytical skills with proper knowledge of their indicators and experience with those indicators. Yet, they are NOT as profitable (as they could be) because of their handicap with "TRADING STRATEGY."
One can be profitable as an analyst without being a very good trader. One can be profitable as a trader without being a very good analyst. However, if one hopes to grow and become more successful in this profession, they must resolve to becoming a PROFESSIONAL as an ANALYST -AND- as a TRADER. Otherwise, your aspiration to be a successful PROFESSIONAL Analyst/Trader will be short-lived and very unlikely to be considered "successful." 10 to 20 percent of aspiring traders actually make a profit. However, only approximately 33% of aspiring traders who make a profit can actually do so on a CONSISTENT basis. Don’t become a statistic!
Happy Trading and Stay Awesome!
David
There are some profitable "TRADERS" who have a good trading strategy (similar to what I mentioned in this video). Yet they are NOT as profitable (as they could be) because of their handicap with "ANALYTICS." They could be much more profitable if they improved upon their ANALYTICS.
There are some profitable "ANALYST" who have excellent analytical skills with proper knowledge of their indicators and experience with those indicators. Yet, they are NOT as profitable (as they could be) because of their handicap with "TRADING STRATEGY."
One can be profitable as an analyst without being a very good trader. One can be profitable as a trader without being a very good analyst. However, if one hopes to grow and become more successful in this profession, they must resolve to becoming a PROFESSIONAL as an ANALYST -AND- as a TRADER. Otherwise, your aspiration to be a successful PROFESSIONAL Analyst/Trader will be short-lived and very unlikely to be considered "successful." 10 to 20 percent of aspiring traders actually make a profit. However, only approximately 33% of aspiring traders who make a profit can actually do so on a CONSISTENT basis. Don’t become a statistic!
Happy Trading and Stay Awesome!
David
Comment:
UPDATE:
Only doing one TYPE of trading is not necessarily a "losing strategy" PROVIDING you have excellent analytics with proper indicators. Could you be even more profitable by executing multiple types of trading? Sure... but some do not currently have the TIME to perform multiple TYPES of trading. Usually, the individual who is only performing one TYPE of trading is using the Mid Term Group of time frames as a compass to execute more precise entry/exits (longs/shorts) in the Near Term Group of time frames. The point is, the person doing that TYPE of trading should NOT beat themselves over the head for not selling at or near the top or buying at or near the bottom on a consistent basis. That's IMPOSSIBLE to do on a consistent basis without executing trades in lower groups of time frames on a much more micro level.
Only doing one TYPE of trading is not necessarily a "losing strategy" PROVIDING you have excellent analytics with proper indicators. Could you be even more profitable by executing multiple types of trading? Sure... but some do not currently have the TIME to perform multiple TYPES of trading. Usually, the individual who is only performing one TYPE of trading is using the Mid Term Group of time frames as a compass to execute more precise entry/exits (longs/shorts) in the Near Term Group of time frames. The point is, the person doing that TYPE of trading should NOT beat themselves over the head for not selling at or near the top or buying at or near the bottom on a consistent basis. That's IMPOSSIBLE to do on a consistent basis without executing trades in lower groups of time frames on a much more micro level.
I did not get into DETAILS how we would have known to open and/or close a margin short and/or long at specific times pointed out in this video. I did provide a few details in previous videos posted recently.