Changing your perspective can open doors to profitable and exceptional trading opportunities. Looking at charts differently and thinking outside the box can often reveal insights that we hadn’t noticed before.
A Crowd (masses) opinion in the market(s) does not reflect the TRUTH.
It may be an indicator of what is popular, but it does not mean it is the TRUTH. Each opinion should be judged on its own merits, not simply because it is popular.
To see what the CROWD (masses) can’t, we must step away from the charts, timeframes, and techniques used by the masses (average traders). Otherwise, how can we form an objective conclusion without shifting our perspective?
The First Step is to Look at the Bigger Picture.
Our first step is to change the time frame of the price charts we’re looking at. If you’re a day trader looking at 5 minutes chart, then you’ll find that many other traders are doing the same thing as you.
For better results, extend the chart’s time period to at least 60 minutes (hourly chart). An even better chart is the 75-minute chart. Examine the charts in these updated and longer timeframes and observe what you see.
From the above 5-minute and 75-minute charts, you can see that the 75-minute chart gives us critical information that isn’t available on the 5-minute chart.
The shift in time perspective will place you in a different place of judgment than your trading competition. That’s the first step toward discovery.
The Second Step is to Use Unique Trading Strategies.
To take it a step further, consider using trading methods and proprietary chart analysis techniques (such as those we provide to our students).
Using trading methods that most traders won’t have access to is just as necessary as analyzing charts with different timeframes.
Trading methods that are only known to a small and exclusive group of traders. A group that has invested time and money to become successful above and beyond most average traders.
The Last Step is to Have a Proper Risk Management Plan.
By using proper risk management for each trade, you will gain the three keys to finding profitable and exceptional trading opportunities.
Risk management is the most critical component of trading success. Don’t let your losses run. Risk management is a must for every trade.