I have been wondering lately, what the more experienced traders have to say, and that is, does it really matter WHEN you buy/sell, do you think there is a more than 50% chance of being right or do you think its all just a 50/50 opportunity that boils down to how you manage the trade, position sizing, MM etc?
The more I fiddle around with my practise account, the more it feels to me like all the indicators, strategies etc are a waste of time and that what is most important is the stuff that gets skipped over when you start reading the many many books in the beginning, the money management, phsychology and position sizing, even though I am still very new, it has come to the stage where I just watch price, no indicators, nothing.
I have been far more successful using this method and concentrating on the more important side of things than I have when I was hunting around for the "get me rich" method, thinking the more technical it was the more richer it was going to make me right??! No. All it did for me was confuse me and got to the point where I had that many different ways of trading and looking at it that I really didn't know what to do, so I made decisions based off lagging indicators.
Interested to hear what your thoughts are, do you believe that all the fancy methods are of any use or does it just come down to have good MM, psychology, Risk management, position sizing etc?
It is funny, when I first starting getting interested in all this, bear in mind I am still very much a learner, just venting my thoughts thus far, but when I was first beginning, the entry was everything, how am I going to get into the trade, what signals should I look for, the exit was something I worried about after right??? Now its the other way around, the exit, managing the loss is far far more important than anything IMO, it doesn't matter how good my entry is, if I have useless management, it's like a lift, I get in at the bottom, but the most important thing is to get out at the top where I'm supposed to otherwise I'll find myself exactly where I left off. I think the most important thing is what I do on the way up.
Please correct me if I have the wrong thinking, but thats just what I have come to at this stage of the ride.