Before we continue any further, we need to cleans our mind from old beliefs, myths, existing ill mind conditioning. So that they do not interfere in the new learning.
Excited? Lets start!
What is the most basic thing a trader needs? He only needs to know when to buy and when to sell. And he needs to know it correctly, without any ambiguity. Right?
(1) Its often said that trading is both science as well as an art. Or more specifically TAs often say that TA is both science and an art. Why is it so?
It is said because the answer to most basic question "when to buy and when to sell" is NOT available in TA or other methodologies. The answer has to be digged out by the individual trader. And when the methodology does not provide an answer, the blame has to be shifted somewhere. That is exactly where comes the "art" part!
For me, there is no art part. System has to provide a clear cut, straight forward answer to the basic question. If system does not have that answer, it is the system or the methodology which is incomplete. And it needs to be improved.
(2) Right mind-set or psychology is needed to make money is another myth. Well we do need to be rational, objective, patient and disciplined in our approach, but if anything more is being asked for then again a scapegoat is being searched! "You need to control your fear and greed" , "You need to control your emotions!" Come on! Stop kidding me. Everyone who comes to trading is emotionally and psychologically healthy. Only a certified doctor has a right to say whether you are mentally sick. We all here have good enough IQ as well as EQ . If there is anything wrong, its wrong with the methodology which is not able to provide a clear cut answer to the most basic question above.
Contemplate over these two. Will share more later. Thanks!