Currency Trading, Investing

If you are a stock trader, you know that there are certain patterns out there that can make you money. There are certain patterns out there that can show you what the stock market is going to do.

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Recently the head and shoulders pattern has come under fire. People are saying that it isn’t effective anymore. That it’s not doing its job. Too many people are trying to trade it.

It has lost its effectiveness.

Quite honestly this isn’t true. The truth is some people expect the pattern to be able to do more than it can. It is simply not magic.

It’s not the Holy Grail of stock trading. There is no holy grail. I’d like to tell you the truth here.

You can use the head and shoulders pattern as a guide. It is like a map of an uncharted territory. Sometimes it will be right. Other times not so right. But here’s how it works for you. When you control your risk and reward, you’ll be fine.

You want to make sure that you are limiting your downside. Here’s the thing. If the market gives you $2 every time you are right and takes away $1 every time you are wrong, then you have a really good scenario. Just being right half of the time will make you a very profitable trader. And profits are what this is all about. Correct?…

So if you enter on the break of a neckline, but sure to position your stops in the right spots. What ruins a trader is not the lack of winning trades. It’s the losers that get out of control.

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