Stay patient and disciplined when trading with pivot points from "summary" of Secrets of a Pivot Boss by Franklin O. Ochoa
It is crucial to exercise patience and discipline when trading with pivot points. This is because pivot points are not a guaranteed prediction of market movements; they are merely potential levels of support and resistance. Therefore, it is essential to wait for confirmation before making a trading decision based on pivot points. Patience is required to allow the market to show its hand and confirm whether a pivot point will hold as a level of support or resistance. Rushing into a trade without confirmation can lead to unnecessary losses. It is important to wait for price action to validate the pivot point before entering a trade. Discipline is also key when trading with pivot points. It is easy to get caught up in the excitement of a potential trading opportunity, but it is essential to stick to your trading plan and not deviate from it. This includes setting stop-loss orders and profit targets based on your risk tolerance and trading strategy.- You can avoid impulsive decisions that could lead to losses. Remember that trading is a marathon, not a sprint, and consistency in following your trading plan will ultimately lead to success in the long run.
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