Man I used to have the worse timing, I cringe just thinking about all the times I entered a trade only to realise moments later I timed it wrong - this goes for long and short term investments - timing a trade wrong makes you feel more useless than a bottle of sand in a desert.
But there are ways round it.
Not easy, but possible.
And it doesn't take a genius to benefit from them.
My favourite is the train surfer analogy;
Most traders (Bambi's I'm looking at you) think of timing a trade like waiting for a train at a train stop, this couldn't be further from the truth.
This is the equivalent of picking a top and bottom.
It's where the most volatility happens and where liquidity grabs, stop runs and general tom foolery takes place.
The trick is to wait for price to turn and short/long the bounces/pullbacks.
This can be likened to a train surfer.
The train surfer hides and waits for everyone to get on board, for the direction and departure to be clear and as the train is leaving they simply "hop on".
This is how to time a trade! And with each experience you'll get better at it thus giving you more confidence and enthusiasm to try it again.
Once the neuro pathway has been created it's easy sailing.
The next time you are looking to take a trade, "let it pass" - trust me they'll be plenty of time to "hop on".
Hope this helps Ninjas!
See you in the next episode.
Nick
But there are ways round it.
Not easy, but possible.
And it doesn't take a genius to benefit from them.
My favourite is the train surfer analogy;
Most traders (Bambi's I'm looking at you) think of timing a trade like waiting for a train at a train stop, this couldn't be further from the truth.
This is the equivalent of picking a top and bottom.
It's where the most volatility happens and where liquidity grabs, stop runs and general tom foolery takes place.
The trick is to wait for price to turn and short/long the bounces/pullbacks.
This can be likened to a train surfer.
The train surfer hides and waits for everyone to get on board, for the direction and departure to be clear and as the train is leaving they simply "hop on".
This is how to time a trade! And with each experience you'll get better at it thus giving you more confidence and enthusiasm to try it again.
Once the neuro pathway has been created it's easy sailing.
The next time you are looking to take a trade, "let it pass" - trust me they'll be plenty of time to "hop on".
Hope this helps Ninjas!
See you in the next episode.
Nick