{"id":67,"date":"2025-01-23T16:26:40","date_gmt":"2025-01-23T08:26:40","guid":{"rendered":"http:\/\/www.egobusted.com\/?p=67"},"modified":"2025-03-17T17:35:15","modified_gmt":"2025-03-17T09:35:15","slug":"good-trading-mindset-outweigh-all-technical-analysis","status":"publish","type":"post","link":"https:\/\/www.egobusted.com\/en\/good-trading-mindset-outweigh-all-technical-analysis\/","title":{"rendered":"Good Trading Mindset Outweigh All Technical Analysis"},"content":{"rendered":"
\n

You Need to Control Greed to Success in Trading.<\/h2>\n<\/blockquote>\n\n\n\n

Technical analysis are important, but they can be ignored until you have good mindset towards the market.<\/p>\n\n\n\n

In my currently losing trading journey, what hinders me the most is not price forecast nor time prediction.<\/p>\n\n\n\n

I am able to forecast the trend (I usually get the big picture right), find a support\/ resistance zone easily. Timing the market is much more difficult, at my level I can succeed getting the market turn sometimes only. (I know there are Gann traders who can time to the minute!)<\/p>\n\n\n\n

I am still losing money.<\/p>\n\n\n\n

After busting a few accounts, I know that it is the mindset. Its how you control the beast, Greed<\/strong>.<\/p>\n\n\n\n

I tend to catch the peak and the bottom<\/h2>\n\n\n\n

Trade the right hand side of the chart.<\/h3>\n\n\n\n

I attended courses, I read books. Many of them recommend trading the right hand side of the chart. It means we have to wait until a technical confirmation has occurred in the market.<\/p>\n\n\n\n

It can be:<\/p>\n\n\n\n

    \n
  • a breakout of trendline, or<\/li>\n\n\n\n
  • a signal on technical indicators<\/li>\n<\/ul>\n\n\n\n

    I know that trading the right-hand-side is a working, safe method for trading. If you have a bullish view, you will be buying when there is a confirmation to the up side. You will get a good stop-loss position with relatively good risk-to-reward with this method. (Read more: 1-2-3 rule)<\/p>\n\n\n\n

    I traded at the left hand side in my old days<\/h3>\n\n\n\n

    However, the old me tend to catch the peak and bottom. This was what I thought in the old days:<\/p>\n\n\n\n

    Why buy when the bottom is clearly formed? I missed that 150pip already!<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    Results? Disasters.<\/p>\n\n\n\n

    With this method, I average down easily.<\/p>\n\n\n\n

     Lessons I have learnt and takeaways for you:<\/p>\n\n\n\n

    1. Catching peak\/bottom costs you a lot<\/p>\n\n\n\n

      \n
    1. <\/li>\n<\/ol>\n\n\n\n
        \n
      • stop loss quickly, trigger emotion<\/li>\n\n\n\n
      • average down<\/li>\n\n\n\n
      • over-trade<\/li>\n\n\n\n
      • over-leverage<\/li>\n<\/ul>\n\n\n\n

        2. There are still plenty of profit after a trend confirmation.<\/p>","protected":false},"excerpt":{"rendered":"

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