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September 2nd, 2010 01:17 PM
#1
Trading Rule 17: Adapt To The Market Around You
Remember that the market is always changing and that every moment in the market is unique. What works extremely well today may not work so well tomorrow. This is why in my Price Action Course I have 10 different strategies that I follow. Why 10? Well, these 10 are very effective and the also occur all the time.
It is important to understand that as the market changes and goes through cycles, some trading strategies will work better than others. It is important to not only identify this but to place your trades accordingly and be able to adapt to changing market conditions. This is the true difference between a mediocre trader and a successful trader. So just because breakout trades are occuring everyday for 2 weeks doesn't mean this will continue--and a successful trader is able to identify these cycles and adapt to them accordingly.
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