As long as I've been around in the industry (I actually feel super old whenever I type this lol) I have always heard the saying "The trend is your friend." For every self proclaimed trader who boldly makes that statement in forums and in chat rooms, I wonder how many other innocent traders are out there just repeating information that was handed down to them. Let's open up the reality in this post shall we?
You have to take this statement with a bit of precaution. The reality is, yes, the trend is your friend however it depends on the context. I repeat it quite regularly that if you follow the trend chances are you're chasing the market. I can almost hear my dad's voice in the background saying "If everyone is jumping off the bridge are you going to jump off the bridge too?" As true as that statement is in reality, even my dad took that sentence from someone and is enjoying repeating it to sound professional and caring right? So I cover this section extensively in the webinar. I know you will find this quite useful.
Why would anyone dare to buy in a strong down move or sell in a strong up move right? It is a fairly logical question to ask. Now take a step further and think that question only matters if you are looking at your chart as if it was a equation that you have to solve. Instead think like this :
If the market is in a up move, that means buyers are dominating the market, and you want to jump in as the buyer as well and expect the market to go EVEN higher to turn a profit? Well, who is selling to you? If everyone is buying, then who is selling? By now I'm sure you see the missing piece in the logic.
Take your time to consume the information taught in the webinar, I'm sure there is plenty to take notes on and most importantly I would love to hear how this might have helped you change your view or even further improve your trading!
#urbanforex - Trading Consciously
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