Trader summarizes seven years of technical analysis experience: There is no magical trading system, and there are no absolutely accurate predictions.

Cryptocurrency trader Altcoin Pepe summarized his thoughts on trading with technical analysis over the past seven years. He emphasized the importance of simplifying indicators such as technical analysis and stated that there is no magical trading system, and that there are no absolute accurate predictions, just probabilities.

Original link: https://twitter.com/AltcoinPepe/status/1527839696155705344

I've been trading for 7 years now, and only now do I have full confidence in my trading style. While some people learn faster, the one thing successful people never do is give up. Here are some things I have learned over the years, and more will be added over time.

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1. There Are No Absolutes, Only Probabilities

No matter how confident you are, thinking and speaking in absolute terms is a shortcut to poverty. This mindset will not help you survive in this game for long.

Always know that you could be wrong and manage your risk accordingly.

2. There Is No Magic Trading System

There will be a trading system that suits you. You can build a profitable trading system with anything you want. Whether it's simple price action, indicators, or order flow, just choose some and build simple principles that you can follow.

3. There Are No Magical Technical Indicators

The advantage lies in how you use indicators. Take the moving average (MA) as an example; there are many ways to make money in the market using the moving average. Use your imagination.

4. Simple Is Often the Best

If you focus on too many things or indicators, you may miss opportunities by overthinking.

Build a system that is easy to follow and manage.

5. Talk About Taking Profit

Buy in fear, sell in frenzy.

It sounds simple, but in most cases, it's the opposite. Most people get excited as prices rise and become despondent as prices fall.

• Low price = opportunity
• High price = realization of that opportunity

Until you realize the profit or loss, it's not your money.

6. Plan Your Trades, Trade Your Plan

A constantly changing trading system should not be your way of trading. If you do this, you should not be trading.

You need to go back to the basics and rethink your strategy. A good trader is consistent in analysis and execution.

7. Risk Management

Risk management may be the main reason that makes it difficult for you to make a profit.

Many traders have good strategies, but their risk management systems are flawed. Minor adjustments can make a big difference in the results.

8. Patience

Lack of patience will lead you into trouble. It is an essential factor in trading.

Instead of chasing prices, wait for prices to reach your predetermined level, and only execute when the target price is reached. Keep your funds on hand at other times.

If you are patiently waiting, try trading on a High Tight Flag (HTF) chart pattern where there is less noise.

9. Stop Loss

Offense wins games, defense wins championships.

Trading is a game, and preserving your capital allows you to keep playing. Quickly sell losing positions. When a trade doesn't go as expected, don't hesitate to cut losses and focus on your defense; profits will follow.