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One of the things that most traders assume is that they can get rich quickly as a day trader. They come into this business with fantasy beliefs rather than looking at things realistically, so this lesson is going to give you the facts or the truth about day trading. If you think day trading is…...
Lately I am getting a lot of questions on when you can start taking trades in the opposite direction of the trend, or when is counter trend trading OK? First, counter trend trading is really never OK. There are some clear rules on following the current trend, but even after those rules or stipulations are…...
One of the things that many traders fail to clearly understand is that a market will test specific price areas, or make what I call price action tests or retests if you want to be specific about what is going on here. If the price location holds at these areas during the test and retest, prices…...
Occasionally I will get an email from someone that tells me that they heard me say something in a video or trading lesson in which they had never heard me say before, and that one sentence or comment causes a light to go off for them. They are certain that they have never heard me…...
I have done at least one previous article on candlesticks, but some of you have asked me to talk more about them, so Japanese Candlesticks will be our lesson topic for today. If you want some additional information on Japanese candlesticks outside of what I am about to cover in this lesson, you can go…...
While there are not a lot of difficult details to understanding a spike and channel, I am getting a lot of questions about them all the same, so today’s lesson will cover what a spike and channel is, why they likely form, along with how we will handle them when trading. The most important thing…...
One of the main reasons day traders lose money is that they do not trust their evaluation of the price action A lack of trust in your own ability to read a chart will lead to mental errors from actually over managing a trade. I have seen this more and more lately, and I am getting…...
I get a lot of questions about both second entries and failed second entries. I have done so many lessons and articles on second entries that there really is not much more I can add that will bring any additional value. If you are still struggling with second entries, then you just need to go…...
You will often hear me say that your trend lines do not have to be perfect, but rather they can be close and you can still come to the same conclusions about the overall price action, and this is very true or I would not keep saying it. However, if you are skilled at finding…...
Today we are going to talk about safety stops and the proper use of them. When using safety stops, it is important that we use the price structure itself to help ensure that we don’t get stopped out on noise alone. I often have traders contact me and tell me that they are following the…...