#TradeLessons
Why Entry Points are Critical
One of the first time I got ripped in a trade is exactly how crucial it is to get the entry point right. I hit a bid without being 100% sure of support/resistance. The asset was right up against a resistance zone, assumed that the uptrend momentum would overcome resistance. Instead, the price threw me for a loop and my stop-loss kicked in within hundred pips pocketing a loss.
What did you do wrong Open trades at the wrong time: I remained greedy and ignored key technical indicators, failed as a result in breaking trend to confirm.
So from this I found out a well-timed entry at support with confirmation signals make the trade to hit success from just higher than 60%. Future will see me more Patient waiting for the price action is actually a strategy working and entering only with proper risk-to-reward. Timing is everything in the world of trading. One bad entry can spoil a nice setup to a loss.
