Usually we are running around searching for the complex trade setups & trying to learn them, even if we have simple setups at hand, we tend to ignore that, reasoning out as
" Naah...it wont work " & jumping from one to other. In trading, keeping things simple, quick to understand will give you the psychological comfort to trade that setup quite efficiently, even if that's 50-50 or lesser winning setup.
Most frequent questions in aspiring traders mind - " How to choose stocks for the day ? there are 1000's available ". Kindly read My older post " Kid in Candy shop ", you will realize whats going wrong in .
The next one frequently bothering our mind - " Which trade setup works ? "
Actually people spend more time on looking for various strategies to trade than real trading or practice. People tend to jump from simple moving averages to to something else then elliotts, ,Harmonics, Quants, the list goes on & on making it more complex. But wait, lets stop our thought train for a moment & take a step back, Who said lagging indicators won't work ?! With properly chosen indicators & efficient implementation Moving average setups make money over time. Please realize that :)
Realize the peace of mind you get if your strategy is simple. What is simple for someone will be hard for other, Some like Roti some like Biryani, Trading strategies also as simple as that. Choose what you are comfortable with, "So Better Don't Leave your comfort zone."
Note : Just realized , I didn't explain about the charts, I got carried away :) We are looking for 2 things, A bull run till 9560's with partial profit booking & Next at 9700-9750's. This is one of the oldest setups I used to analyze, not using these days. As it flashed & related to the topic, I thought of explaining with My own trade setup itself (i.e) though I know, I don't use this frequently. That's what - " Never Leave your Comfort zone" & that doesn't mean you shouldn't learn new things or use them to analyze but when it comes to trading, Stay comfortable.