On Tuesday evening I heard a newer trader express his frustration about a market that was going sideways. Basically, he was saying it looks a lot like trading this week is going to be a waste of time.
The very next day I took two trades on the EURAUD currency pair as shown below for excellent results.
Conflicting views or more than likely it was a poor understanding of market structure?
An experienced trader knows that markets follow trends less than 30% of the time, and that means sideways or ranging markets occur more than 70% of the time.
Trading is an ongoing process of learning and developing the skills needed to quickly identify market structures and understand market personality – all whilst building a set of statistical results associated with market patterns and price action that will equip you for the multitude of choices you face in any given trading day. In other words, you will never stop refining your skills as you become better and better at reading the market and a better more profitable trader at the same time.
Like all professionals, a trader needs to allow time for education and the development of skills that form the foundations for development of investment strategies with proven risk management.
Proven strategies with rules for different market structures, results in consistently profitable trading.