An Exercise to Develop Trading Skills
“Become A Better Trader By Observing the Market” – Marv Eisen
Hello everyone – today is Monday, July 20 and today I want to demonstrate an exercise that will help anyone become a better trader. This is a chart of the S&P. We want to do a little exercise – not trading, but just determining when, and which way the market is moving, because if you can do this, it will help you become a better trader.
The market usually signals when it’s going to move. If you can spot the telltale signs, you will be a very good trader and become very successful.
Along with price movement, reading the momentum in the movements of the market is a key element determining whether the market is truly going in a particular direction.
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Is the Market Going Up, or Going Down?
If you’re new to trading, a great deal of time spent in trading is basically doing nothing; just exercising patience, waiting on the sidelines, and determining the direction.
In this exercise, don’t trade – only watch and try to determine market direction. Not the direction for a particular candle, but overall direction over time. This will sharpen your skill of entry and exit points.
You’ll gain a lot of experience and insight not only how the market moves but also where and when to place your trades.
If you trade only once or twice a week and you trade only when you are reasonably sure that the market is headed in a particular direction, you can make plenty of money.
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Practice as you observe the market in the morning and again in the afternoon. Is the market going up or is the market going down? Remember, you don’t have to trade every day. You can do very well just by observing the market heading in a particular direction.
