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Have you guy heard of Welles Wilder?
“Some traders are born with an innate discipline. Most have to learn it the hard way.”
He is from 1930s.
Right now it is pretty normal that even someone who has a chemical engineering degree ends up an electrical engineer. Back those days, this was very unlikely. So those traders back then was highly unlikely that someone being an engineer with become trader.
When Welles came, he didn’t understood fundamentals of anything at all.
He was didn’t like that fact when things starting going out of their direction people kept them holding telling it is valid trade. We often emotionally reprogram yourself to convince our bad trade is correct one.
So, he tried to develop math-based models and indicators.
One of them is RSI !
You guys know RSI indicator right?
Heard of ADX (Average Directional Index)?
Heard of ATR (Average True Range)?
Heard of Parabolic SAR?
He created the whole foundation of technical analysis with logical steps and explanations. The only goal initially was to “After finding a correct investment, When is the correct time to invest”
If you’re reading old books, you will often hear - " You can not time the market!"
But We definitely can time the market with a higher probability of winning!
Today @biren spotted an entry. He made 100 points (So did I - copying the idea).
The timing was apt. See, it exactly rose like a shark. Exactly touched TP and fell.