We have a higher pivot low,we wait for a higher pivot high.....we assess if we are in an uptrend.We have an uptrend on the 5min,and a limp rally within a dntrend on the 60min........we stay out(unless you are adept at a quick sniper attack in and out).Or if everything is in line,we jump in.Therefore,it's our Plan not to anticipate a move,we wait for signs to tell us that we are in an uptrend.It's our Plan to also look at other time frames and see if they are all in line for an entry.
We could be wrong..........but if all our various criteria all line up for a full systems-go,then we are in that trade.It is imperative to follow our Plan to the hilt.There is no such thing as "But I don't feel it'll move up"or " I think the govt is gonna do this or that",or "All my criteria says Short,but Udayan M. says that it's not the rt time to short."
Point being,we have our plan of attack,but it is important that when we are given our green signal,we execute it each and every time.....not sometimes,not most of the times,but each and every time.If our criteria or reasons to get in the trade are all in line,we get in.We have our stops.We do not mind getting stopped out.We are ever ready to flip ,accept our mistake and go the reverse direction.
Importantly,however discretionary our trading style may be,we have to mechanical-ise(not necessarily mechanise) our trading........... fixed entry ,exit,stops, position sizes,adds,where 2 take profits,etc.Where we would stay out,where you jump in frothing at your lips.......And one of the very important things to do is to take that entry signal each and every time..........sometimes at the risk of getting stopped out.Then there are no conflicting thoughts,no dilemmas,no decisions to be made.Trading then becomes associated with fun,and ceases to be a chore.
Therefore,for the beginner,first the Trading Plan....
All the best!
Saint
