Its the 10seconds rule and a simple 1 sec question.
It would sound bizarre but honestly speaking, the difference between a successful trader and otherwise is
the ability to utilise 10seconds of your life effectively by asking a question that takes only 1 sec.
Whether its daily chart or all the way down to a 1 Minute chart,
10 Seconds is all it takes to get answer to a question that takes only 1 second.
Ok here is the Question.
Is this a setup?
Give your mind 1 second to ask the question and another 10 seconds to create/provide the answer.
If you get a Yes, Do not waste a single second. Put a pending.
If you fail to do this over and over you might hear yourself say/utter the dreaded "woulda, couda, shoulda" all the time.
The thing that all traders, who know about this secret, dread the most, is Procrastination. We all know that this dis-ease can destroy anybody's chances of success.
The elixir to cure the venom of the snake bite called procrastination, also known as an act of refusing to take action in the moment that we call "Opportunity is Now-here" is to apply the 10 sec rule.
apply the 10 sec rule and see how it would change your trading overnight. 10 sec and boom you're gone.
Now if you dont know how to know its a setup please read the tabs above. but in short you ought to understand the 3 simple setup rules explained in the tabs above. Once you know them and understand how to apply them your trading will be a 10 sec game on any time frame.
(Psst: that's why I trade the m1, there is no difference between time frames apart from the %age effect of spread proportional)
and finally an example.
Understanding Setup 2
In the picture the first and 2nd entries were both Setup 2 examples. Thats is because the Alligator had opened to the downside. Trend was confirmed. If the first fractal was too far from red line we will not take the trade. But here it was not too far from alligators mouth so risk was low.
Also the third entry from the left was way too late. If I had not entered twice already note that I will never take this trade on its own. So its the power of adding on tha helps me be more aggressive. Since I was already nicely in profit I could risk another small positions but on its own without 2 entries no no no.