Topic: Wait for the right set-up - page 4. (Read 577 times)

Even though I agree with your post but it's not practically possible as this can only be followed by expert traders who are in the domain for long time and sometimes even they make the mistake of hurrying up. Patience is the key but it's not as easy as it sounds that's why most of the people fail. I see some people scalping through the market and earning good but just one bad trade put them in loss as it eats up the profit of scalping hence right set is important but really difficult to achive.

Its actually the basic but people do need to experience the worst first before they would really be making out some realizations. It would really be just that common or just that right that you would really be waiting up for some good entry point before you do buy. You cant really just that make yourself buy when the market is really that pumping or simply trying to get in on a huge green candle or simply its being overbought basing up with technicals on which you are really that putting up yourself on such risks on getting caught on the correction on which this is something that you should avoid in the first place. Dont make yourself that making trading positions on which you arent even sure that you are already that too late or early on the said situation. There should really be the right set up and preparatory when making up a position.

You cant just that make out a decision because you've been trying to catch up on making 6-7 trades a day or whatever targets that you are trying to achieve. Even on having a 1 good trading position
that could result into huge profits could be able to cover up those 6-7 trades that you are tending to make. So it does make a difference.

I have to agree with you that not all set ups that we trust can go our way, a good trader is actually that who handles his loss trade properly. But what the OP says and I inclined towards is the fact that you should trust your trading plan and do not FOMO into any trade. There are some traders that have their strategies and when they do the set up sometimes the trade is about to miss their entry and they most probably jump into it, this I think are the kind of people OP means. If as a trader you have a specific strategy that you have back tested on a pair and it works fine for it, stick to it and don’t jump in even if it is looking like a good set up to you. The best of traders they say follow their trading plan.


This type of traders are easily traders that usually task themselves to make certain amount of money either daily or weekly and when they fall short of it they enter set ups that do not have a better R:R just to meet up the quota. To me this is a bad strategy because you can’t always meet your target in trading, it’s is a directionaless thing and some days you will lose which should be acceptable

Another type of traders are those that do revenge trading trading, they will want to recover the money they lose on a certain trade back and they end up losing more by jumping on trades

Waiting until the perfect opportunity to make a profit is a quick way to get a loss that takes all your profits into a trade that you think will make you profitable. A good trader is not afraid of losing or starting a failed deal, but the sum of his trades is positive or the sum of every 100 trades and an increase in capital, and this does not mean that all 100 trades are successful or achieve gains.
good trading does not depend on time or golden opportunity, but rather on how he deals with loss.

Exactly, not all experienced or expert traders earn always in their trades sometimes they trade but also experiencing great loss or lose trades, and believe me traders are more on long term trading and not relying on short term trades because they know how much profit they can get from long term and they are more on maximizing the potential profit than getting small profit from short trades because they will only waste effort and time there, I also more on long term or to be specific day trading because I have a stable job so I cannot monitor my trade 24/7 so I let the market decide or my analysis decide wether I will earn or not, but of course I still look to my open trades sometimes but not monitoring it to the point that I may neglect my analysis and exit it right away, so I more on having faith or staying on what trade I open no matter what happens.

I think that's a very good point you just pondered. We have to wait for the right time of the market and it's very important as you mentioned. Proper skills for the market judgement is very important for one to have a clear picture of when to trade and how to trade.

I have seen people due to their negligence and greediness they've lost their months of profit in hours. If one can have complete control over the disabilities mentioned then he/she will surely be a successful trader.

You know it is easy to say wait for a good trade set up. Where the work is in being patient and it is the patience that beginners often lack. A friend went from taking a trading course to doing 5 live trades and guess what, he lost. Successful traders will only take one to three trades each day and they could even do less. I think that some trades are just not necessary, they just waste the trader's time which should have just been spent either doing nothing or engaging in some hobbies. Waiting for a good trade set is simply waiting or the right trading opportunities.

This will depend on the strategy that the trader is using. Traders that are using high leverage will see this a lot. Assuming a trader has $500 to trade, he can think of 10x leverage, thinking to earn $10 each from scaping. If the trade favors him, he will be winning $10 each. Let us say he has won 5 time which is $50. If he trade again the 6th time and the trade is not favoring him, he will think to leave the position open for a while and this might result in liquidation of the money used. But if using low leverage or no leverage at all, it can help against high risk trading.

 People actually don't know how important it is to wait for the right set-up, some traders think that the more you trade the more money you make which is very much unlikely, trading doesn't work like that, you might make a lot of money from 5 to 7 trades, and use just only one trade to lose everything including your initial magin.

But waiting for the right set-up gives you an edge in the market, when you trade only when you sees an opportunity, you will mostly comes out profitable, as long as you knows the craft a little, but probing the market every now and then will only make you lose money, because trading is more of patience and knowledge.