Now that you understand what our Trading System entails, let’s explore what is required of you to effectively practice it:
Basic Charting Knowledge - To grasp our Chart Setups and the prevailing market conditions, you need an understanding of basic Candlestick Patterns, Chart Patterns, Support & Resistance, and Long Term Trends. Our setups are based on pure price action, so no prior knowledge of technical indicators is required.
The essential Candlestick and Chart Patterns you'll need to know are few and carefully selected. We will discuss these in detail in the upcoming section on Technical Tools. If you're already familiar with them, a refresher might be useful. For novices, we recommend you go through our posts and augment your learning with additional resources available online or in books. Detailed explanations and chart examples on Support & Resistance and Long Term Trends will be provided to help you interpret them in relation to price action.
Time Requirement - Our setups are intra-day trades based on 2-hour candlestick charts on MCX. The market opens at 9 AM, so the first 2-hour candlestick (C1) forms from 9 AM to 11 AM. The first potential trade typically occurs at 5 PM, after the completion of the first four candles on the 2-hour chart. Preparation for trading begins around 4 PM. The possibility of the next trade is at 7 PM, after the fifth candle (C5). Preparation is required starting 6:30 PM. Exits usually happen at 9 PM or 11 PM.
Your attention is needed during these specific time windows, not continuously throughout the day. Assess whether you can comfortably trade during these times.
A feel for price action in the market - Understanding market dynamics and their impact on human emotions is highly desirable. If you lack prior trading experience, we recommend learning the System and paper trading for a few months to get a feel for price action. However, the real test of your emotions occurs when real money is on the line. We've designed tools to help you manage your emotions, so there’s no need to worry!
Sincerity and Commitment - A certain degree of passion, sincerity, and commitment is essential to make the System work for you. Once you follow this routine religiously and start making money consistently, the process becomes easier and more enjoyable!
Our Commitment to You
Whether you are a novice or a seasoned trader, we are committed to guiding you on your journey to becoming a professional trader if you sincerely and diligently follow our System. The rewards are well worth the effort!
The next section is about the Technical Tools required for trading our System, minimal in number and only that are relevant. Please click on "Next Post" to move to the first post in the section - Candlestick Patterns.
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