Monday, April 23, 2012

A trader's "arsenal." Not a good idea, IMO.

How many times are we reminded to "add this to your trading arsenal"? NG, IMO.  When I was a kid I had indicators for up, down and sideways markets, and anything that I could invent to be
 "sure" that all was well before taking a trade. It was like preparing a boat for a voyage; prepare for everything. The boat will never leave the dock!

A successful trader needs only one thing to know when time and price are out of balance and that a reversal will follow. Not a lagging indicator.  Wolfe Wave practitioners know this in advance.

Old saying: Beware of the man with one gun, he knows how to use it.