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.
Similar Posts
Planning for the future is essential for financial stability
The key to financial stability lies in planning for the future. By mapping out your financial goals and creating a strategic pl...
Use stoploss orders to minimize potential losses
Stop-loss orders are an essential tool for day traders looking to manage risk and protect their capital. When you enter a trade...
Keep emotions out of your investment decisions
When you make investment decisions based on emotions, you are setting yourself up for failure. Emotions can cloud your judgment...
Collaborate with customers to cocreate value
The idea of working with customers to create value is at the heart of the Lean Entrepreneur methodology. It's about recognizing...
Consider both fundamental and technical analysis when evaluating stocks
When evaluating stocks, it's important to take into account both fundamental and technical analysis. Fundamental analysis invol...
Understand the impact of interest rates on the market
Interest rates play a crucial role in the stock market. When interest rates are low, borrowing money becomes cheaper. This can ...
Seek professional advice if needed
When it comes to investing, seeking professional advice can be crucial in helping you make informed decisions. A financial advi...
Don't be afraid to charge what you're worth
When it comes to pricing your products or services, many people tend to undervalue themselves. They worry that if they charge w...
Don't try to time the market
The idea of timing the market, or attempting to predict when stocks will rise or fall, is a common temptation for many investor...
Financial education is essential for smart decisions
Financial education is the cornerstone of making sound decisions in the realm of personal finance. Without a basic understandin...
