We talk often about trying to get a leg up on outperforming the markets, and we look for different resources to find the keys. Yet the market will always provide the answers, you just need to look for the clues.
I often tell people that in my journey of trading I am a detective and a puzzle solver. I have to look for the clues and piece them together, creating a story for a trade scenario. That requires and understanding of patterns, signposts and previous experiences. Yet, many choose a different path. They will listen and pay attention to others’ opinions, tossing out the possibility of doing critical analysis.
As my friend Steve Burns once stated, ‘More time should be spent on your strategies and yourself instead of reading other peoples’ opinions about the markets‘. Indeed, so true!
Opinions are rampant in these volatile market days of uncertainty. We all want to time things perfectly – our entry and exit. But that cannot happen on a regular basis, tops and bottoms are a loser’s game.
The time-tested tools of technical analysis encompasses common sense – something we all have in our minds, and without any bias to direction we can make good choices in our trading. We can become great technicians, playing the odds and putting the pieces of the puzzle together – striving to win, be the best we can be. Not perfection, because as Vince Lombardi once said, ‘Perfection is not attainable, but if we chase perfection we can catch excellence‘.
