“Forget Everything You Think You Know About Trading” …. To truly master a new way of doing something, it’s essential to set aside preconceived notions and biases. This is particularly crucial when learning a new trading strategy. It’s vital to start with a clean slate and let go of any previously tried methods and systems that have proven ineffective. This may require a conscious effort to “unlearn” certain trading methods and ideas that have been acquired throughout one’s trading career. Otherwise, there’s a risk of combining them with price action and creating a “hybrid” trading method, which is usually not advisable.
Consider the possibility that much of what you’ve learned about trading may be inaccurate. While knowledge can provide comfort, it’s essential to ensure that it’s the correct knowledge.
As Einstein famously said, “Insanity is doing the same thing over and over again and expecting a different result.” If your current trading methods are not working, it’s time to try something different. However, to make a commitment to a new approach, it’s necessary to release any previous notions about trading and embrace the new approach fully.
Stop attempting to combine several trading techniques
Is your trading approach starting to resemble a patchwork of diverse methods, systems, and forex indicators? Would a 7-year-old child be able to understand your trading approach if you tried to explain it to them using charts? Your trading approach for entering and exiting the market should be straightforward enough that even a non-trader or a child could comprehend it. If you’re combining several trading methods, it’s probable that you don’t understand what you’re seeking in the market. Without a clear trading strategy, it’s impossible to create a profitable trading edge.
Over-complicating the trading process is one of the primary reasons why many traders fail over the long run. We began our trading journey by trying to integrate various methods, believing that the more strategies we learned, the more successful we would be. However, we soon realized that creating a hybrid of different trading methods was doing more harm than good. This realization led us to start trading with a pure price action only chart, which was a pivotal turning point in our trading journey.
You might have to take a “leap of faith”…
Starting to learn a new trading method or system can be daunting, and it may require taking a leap of faith. However, if you decide to learn a new method, you need to trust it and not mix it with other techniques from other sources. It’s disrespectful to the teacher or mentor and unfair to you and the method to combine various techniques. It’s essential to remember that just because you understand a method, indicator, or system doesn’t mean it will work for you in real-world trading.
It’s crucial to commit to one strategy and avoid combining multiple methods. We receive emails from novice traders who attempt to merge astrological planet alignment, Gann lines, Elliot Wave with our price action strategies, and believe that this is a sound approach. It’s a ridiculous idea, to say the least. However, regrettably, most people make this mistake before realizing it isn’t working for them.
To become a successful price action trader, you must start with a clean slate and forget about other techniques such as fancy trend lines, Elliot Waves, Ichimoku Clouds, MACD’s, Stochastics, etc. If you try to use these techniques in combination with our methods, you’re not only doing yourself a disservice, but you’re also disrespecting us.
Admitting loss could be the first step towards triumph
In order to make progress in trading and in life, it’s important to be able to admit defeat and move on. If you’re learning a new trading method, it’s likely that the previous methods you’ve tried haven’t worked for you, so it’s time to start fresh.
It’s important to recognize that not all trading authors, mentors, or coaches know how to trade successfully, and it’s easy to get caught up in their hot air. That’s why it’s important to let go of what you know and seek out honest and simple instruction on how to trade with raw price action in the market.
While some may say that any knowledge is good knowledge, bad knowledge related to trading can be harmful both mentally and financially. So, if you’re ready to take the leap and learn a new trading method, seek out a reputable source that offers frank, honest, and simple instruction, like our price action trading course.