Continuously traders are in search of system, indicators, knowledge and are glued to you tube videos and Instagram to get some magical indicator or system which can yield them huge profit consistently. They are attracted by tips, youtube live trading videos and fake telegram channels. I am not saying all are fake. Some are genuinely knowledgeable and they even try to share good knowledge regarding trading and strategies. But actually Knowledge from you tube just makes you informed traders but one cannot trade as they are not aware of structured system which nobody shares on internet.
And to rely on somebody for tips is the biggest mistake of trader. One can take the advisory but after they have complete knowledge and experience which helps them to choose between right and wrong trader.
One should have a perfect system which gives identification of major trend and multiple timeframe analysis. Always work in smaller time frame according to major trend on higher time frame.
Correct entry : For buying , stock should fall and then when it reverses, buy with small stoploss of low if your major trend is up and vice versa for selling.
Correct exit : Exit the trade if stock is no longer making new high
Follow the trade completely : Don’t square off the trade early. One should have some indicators which helps to identify reversal. Continue with trade till it shows reversal signal.
These are the basic things one should follow to become a successful trader.
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