Hey Market Pilot,
With thousands of tickers and limited capital, traders like myself need to be picky about the setups we choose to pursue. Identifying good setups is a necessary skill, but recognizing when a setup is not worth your time is equally important. That’s why I like to use the phrase “not my trade.”
I use this phrase when I deem a ticker not worth trading. However, it’s important to note that the tickers I end up skipping are not always losers. The reason I pass on them is because I am attempting to narrow my focus to only stocks that follow my personal set of rules.
I’ve seen some well-known names have some solid moves one day, yet the move conflicts with how I trade. Big name or not, when a ticker begins to set up on lower time frames, yet it conflicts with the higher time frames, I pass.
Because I don’t distract myself with a mixed bag of trades, my capital is available when I do see setups that fit my style and rules perfectly. I’m able to jump on bigger and more successful moves by passing on the smaller, less robust setups.
Every ticker is moving in its own direction. This means I am going to miss most of the moves that occur in the market. That’s okay! When you understand what your type of trade is and you trust the rules, you should only take trades that are ideal for you.
Knowing your trade is vital to being successful in the markets. Knowing what isn’t your trade will keep your account safe with a simple, “I’ll pass.”
Your Profit Pilot, TG
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