Many traders tend to spend many hours in front of a computer .For example, my self spend almost more than 12 hours a day. Those hours tend to make the trader create illusion and false decisions. The trader believe having the right side of market and make a wrong decision .Then, the trader start questioning the decision and start losing money. This situation happen to many rookies traders and the question is why.
A trader need to understand that there is not need for a trade a day. The day you understand that waiting for you set up and waiting is the right way , then you start to become a better trader. I usually do one or two trades a month. Why because I have have set up my strategy and I only trade when it present .If I miss a trade then I let it run until the cycle end and start over again, I do not chase the market or pick top or bottom ,so I only follow my set up and been patience is the way .
Keep one set up or strategy and stick with it .Many believe this is day time trade as they call it .and it is not like that this is a set up trade and as far as you respect your guideline and rules to follow your set up as better trader you become. I only use Elliott wave for trading and consequently if my set up gone and I did not get it , I have to wait for five waves to develop before I think about trading that pair again. I really suggest to make less trades every month but better quality trades. That will make you understand the market and avoid the pick and choosing it come with the daily market moves.
As a waver the best set up using the Elliott wave principle is waiting for five waves to take place and then taking a position in favor of the five waves trend against the beginning of those five waves .If you trade only using that rules you and keep to this strategy and only trade when it present you will become a better trader.
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Eric Morera expert at Elliott Wave Forecast using Elliott Wave Principle
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