“Trading success depends on your system, your relationship with yourself and your relationships with others. Your feelings drive all of these components. When I first started, I thought it was all about the system. How silly and naïve I was in those days.” – Mike Melissinos
What do you think is the answer to the questions that makes the topic above? There’s no general answer, for it depends on your trading style and approaches. Let’s take some examples.
A scalper looks for opportunity to enter the market in the short-term, and when the opportunity presents itself, the scalper enters the market immediately, taking advantage of short-term market movements. Some swing traders or positions traders have various entry criteria for opening and closing positions. Some enter immediately the entry criteria are met, while some would wait for the market to close or the following day before they enter.
Some traders use pending orders to take advantage of certain price actions and once a pending order is filled, trading begins. Some speculators use fundamental events to enter the market as soon as the entry requirements are met and some use fundamental events to project long-term movements.
As you can see, the right time to trade really depends on your trading style and approaches. Once you enter the market by whatever means or criteria you choose, just make sure that you stick to your trade management rules – plus entry and exit rules. Irrational emotions tempt speculators to go against their rules. While it is difficult to control one’s temper while driving on a busy road, some have learned to control their temper while driving. You can control your emotions while trading and therefore, avoid taking actions that you’ll later regret.
This piece is ended with the quote below:
“Trading success comes from developing for yourself a good, well thought-out trading plan. That’s a plan which is based on your personal needs, strengths, interests, and all of that.” - John Forman
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