Nobody, I repeat nobody with their projections knows if NF will hit 21k or not. All the price projections tools like fibs, cycles, fans, waves are just that. "PROJECTION" tools.
(2/n)
At all time highs, they are not backed by actual supply/demand running in the market in unchartered waters. How can someone call 21k resistance when price never touched 21k and did not see selling?
(3/n)
At the same time, friday's move from highs is mere profit booking.
It cannot even be called as resistance unless price tests the area once again on same timeframe and fails to break.
(4/n)
As of now, nobody, I repeat nobody knows what the market is going to do. Go up or go down.
Best suggestion to you is to trail your stops and enjoy the move until it lasts.
(5/n)
Do that and trust me, at the end of the bull run (whenever it is), you will be a happier person than 99% of the ones who are looking for information which isn't there yet.
(6/n)
Upcoming thread on how to classify price zones at all time highs as valid resistances and when to take trading decisions based on them.
If you liked what I posted, make sure to follow @KillerTrader_ , like and share.
One of the most important yet underrated and unknown aspects of improving your trading performance is "Inward reflection"
(1/n)
90% of the trading happens inside your head, only 10% on the terminal.
As a trader looking to improve or maintain performance, it is essential to constantly introspect on how you feel before, during and after market hours on days of various performances.
(2/n)
Asking a generic question like "How to improve my trading psychology" is like walking into a garment store and asking " I want a shirt."
Sideways price action or consolidation is a phase where institutional players are silently building their positions transacting in smaller quantities.
(1/n)
What we need to understand is that big players have huge amounts of money and one major disadvantage of having such large cap is that they cannot transact in big quantities without being spotted (aka volumes)
In order to minimize this disadvantage to an extent, they will begin building their positions with many smaller blocks of orders to look like multiple small players and to not alert other market participants much.
Yesterday, I met with a trader who wanted to make it in the markets. Advised on the following psychological pointers from my own exp:
Time:
1. You cannot become a successful trader overnight. 2. How long it takes depends on a person, the time they can dedicate everyday, their level of emotional control and balance etc.
Expectations:
1. There is no magic setup to turn 1L into 10L in a week or month. 2. Compared to other professions, trading can make you rich faster but not UNREALISTICALLY faster. If you have a golden goose, take one golden egg per day, don't cut its stomach in greed.