Does technical analysis really work in day to day trading?
TRADINGFEATURED
"You need discipline, you need patience. You need emotional control."
Technical analysis is the easiest part of trading.
Controlling your mind and conquering those self-defeating demons separates the amateurs from the professionals. You think you are missing a piece of knowledge. Nah. You already got it. It’s your mind.
Sure there is a lot of good information and knowledge in the trading industry. And there is also lots of bullshit information in this business.
But a huge error that beginner traders make is thinking that more knowledge or more technical analysis is the answer to their problem.
Always on the search for that next thing, that next shiny object.
I am saying that many of you need to emphasize improving your trading psychology more than looking for that next strategy or trading concept.
If you have a working trading strategy, that missing link to your trading that you are desperately searching for is your mind.
That’s right, you had it all along.
It is your mind.
I have already given multiple strategies to my students that work along with their back test reports of past years and most still would find a way to sabotage due to their inner demons.
You need trading rules, you need discipline, you need patience, you need emotional control and finally you need proper risk management.
That is what no one wants to work on.
That’s tough.
That’s what you avoid.
And that’s the answer to your problem.
Credit: Quora