Who is in control of the market?

I recently had the opportunity to watch one of Nick B's free webinars. For those who have not heard of him, he is a price action trader with clean charts and only s/r zones that he plots on his charts.

His trading method is looking for price reversals at s/r zones using H4 and higher time frames only. Sorry this is not a promo for Nick but I wanted especially newer traders to have a bit of background about what I wanted to really say in this blog. 

The one thing I took away from the webinar was this statement:

"Before you enter a trade ask yourself just one question - Who is in control of the market??"

Yes, I know this is basic Trading 101 stuff. But I did some thinking and checking my log and realized that there have been so many times that I have forgotten about this simple rule - times when emotions and gut feeling or just price being at a significant level have taken control of my actions.

I think that it does not matter if you are a trend or counter trend trader - this question is still relevant for everyone.

The answer will probably better guide your trading decision.

Views: 87

Comment by Daologic on April 12, 2014 at 4:33am

Haha, I know NickB since 5 years ago and his blog is very good for beginners. Yes, who is in control of the markets and the second good question that every trader showld ask before entering the market is what is the reason to enter the market? Actualy, if any trader can answer to this 2 questions is half way to a succesfull trade.

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