Are you a trader that is constantly getting out of trades too early? Are you over trading because you’re lacking patience with the markets? If so, you are not a lone….and I’d like to share a little secret that might help you improve your trading.
We hear stories every day from traders who could be making so much more money if they only learned to stay in trades longer instead of allowing fear to control them.
But do you ever stop to really think about what triggers this fear?
Not the philosophical reasons…
I’m talking about the actual “thing” you’re looking at that causes you to tighten up and grab your mouse and start clicking away.
That “thing” is your chart, is it not?
If you’re like most traders you’re probably staring intently at traditional charts, trying your best to discern trends, patterns, and setups.
But here’s the hard truth: it takes years of deliberate practice to decipher those candlestick patterns and filter out all the noise in the market so that you can identify real trade setups.
Newer (and even many experienced) traders are easily deceived by weak and false candlestick patterns.
And all this noise and static makes you confused…which lowers your confidence and causes you to make bad moves.
This is how traders blow up their accounts.
In fact, just a few days ago we were talking with a trader who experienced this before he started doing what I’m about to tell you. His name is Gary and he’s a 56-year-old trader from Baltimore.
The bottom line is he blew up several accounts before he started becoming consistently profitable.
And now he hasn’t had a losing day in over 2 months – and last week he made $20K profit.
So you could say he had a bit of a turnaround…
And it all started when he decided to ignore the noise, so he could focus on what really matters.
To do that he turned to Renko Charts and Trend Pro.
“I started trading Renko about a year-and-a-half ago or so. I really like the way the charts work. They’re cleaner for me and there’s less noise” Gary says.
If you’re not familiar with Renko, they’re a type of chart that ignores time and focuses solely on price changes that meet a minimum requirement. Renko is a Japanese word derived from the word “renga” which means brick. Consequently, Renko charts use price “bricks” that represent a fixed price move. They move up or down in 45-degree lines with one brick per vertical column. They look like this:
By eliminating the noise and only showing price change, Renko practically forces you to wait for real trade setups and breakouts.
It prevents confusion that normally comes from trying to read traditional candlestick patterns.
And it’s one of the simplest things you can do that will have an immediate impact on your trading success.
If you struggle with being too impatient as a trader and find yourself over trading, then I encourage you to look into Renko Charts or watch our webinar on Renko 101: How to Silence the Noise and Focus on What Matters Most