Following is an excerpt from the book “Technical Analysis of Stock Trends” written by Robert D. Edwards and John Magee:
“There is nothing in the science of technical analysis which requires one always to have a position in the market. There is nothing which dictates that something must happen every day. There are periods – sometimes long months – when the conservative trader’s best policy is to stay out entirely. And there is nothing in technical analysis to compel the market to go ahead and complete in a few days a move which the charts have foretold; it will take its own good time. Patience is as much a virtue in stock trading as in any other human activity.”
Timeless advice from Edwards and Magee.
This is true for any trader.
Remember, the market can’t force you to trade. This is one of the big (and few) advantages that we as traders have; so we better make good use of it. Wait till the odds are in your favor before you trade.
Just because you are a trader doesn’t mean that you should trade everyday.
Where is a good place to start? Practice patience and practice discipline.
Thanks so much for reading. Hope you enjoyed this post. Hope you and your loved ones are well and safe.
Thanks and Regards,
Trading SOS SOS