Contrary to popular belief - " Leave your comfort zone , Push yourselves hard to gain success " I would say better stay at comfort, Apparently I disagree with that line. That may help your career as per corporate motivational Guru's.But when it comes to trading , Doing what is comfortable & staying in that comfortable zone, makes you winner.
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 trading psychology. 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 Pivots to something else then elliotts, Gann ,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.
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Expecting our Targets by Friday (18 May), I lost touch with time analysis, so being Rookie with Time :)
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Guys, 2mrw small profit booking can happen around the 9550;s zone but there are 2 scenarios for that profit booking either with gap up n down side (small move) Or Normal open with upside then profit booking small retracement will see those in detail 2mrw :)
Looks like you have tried all techniques,tools. I agree to make it simple but sanctification of mind comes with experience and practice.
InsiderB
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@raoadnan84, Except Astrology Trading & few other things, still waiting to learn those :)
raoadnan84
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@InsiderB, Astrology looks like black magic type of thing to me, So can you share your experience which things you prefer to focus. which have fair success rate if we do practice .
InsiderB
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@raoadnan84, Ha ha black magic, whatever buddy but when people trade with Moon cycles, I just get that curiosity..How ? How ?! No offence to anyone, bcos people claim success in those things also.