I’m feeling a bit overwhelmed with trading lately.
Hey everyone,
I’ve been studying price action, including candle patterns and support & resistance, and I’m currently diving into SMC concepts. However, I’ve seen that some SMC traders have made me question my understanding of price action, suggesting that banks can manipulate it to their advantage. So, I’m wondering what approach I should take moving forward. Any advice?
One response
It’s completely normal to feel overwhelmed in trading, especially when you’re exposed to various methodologies and theories. Price action trading and Smart Money Concepts (SMC) each have their advantages and disadvantages, and they can even complement each other when used wisely.
Here are a few suggestions to help you move forward:
Stay Focused on One Methodology: While it’s great to learn multiple trading strategies, it might be best to focus on one until you get comfortable with it. Choose between price action and SMC based on which resonates more with you.
Practice in a Demo Account: If you’re feeling confused, consider trading in a demo account. This will allow you to practice your skills without the pressure of real money and help you gain confidence in your chosen method.
Understand Market Dynamics: Both price action and SMC are valuable; it’s essential to recognize that banks and institutional players do influence the markets. Learning how to interpret their activities can give you an edge in your trading decisions.
Backtest Your Strategy: Whichever approach you decide to use, make sure to backtest it. This will help you see how it performs under different market conditions and solidify your understanding of it.
Engage with the Community: Join trading forums or communities where you can share your concerns and get insights. Sometimes, discussing your thoughts with other traders can clarify your doubts.
Be Patient: Trading is a journey that requires time and practice. Don’t rush your learning process; allow yourself to grow and adapt.
Remember, every trader has their own style and strategy that works for them. Focus on finding what suits you best and stick with it. Good luck!