When I sat down to write this post the idea was to tie the title to the concept of support and resistance but the phrase kept taking me to the resistance I had to following the basic concepts of trading.
In the beginning I looked around at what everyone else was doing and said to myself “I see but I can do better”. I would read books, watch videos, back-test, theorize, test and test more. Then when it came time to execute it would always go sideways. I would not accept the truth being spoken to me in the midst of all this effort. I could not accept that trying to find a “new way” to trade was a road paved with land mines.
The basic concepts of trading can’t be ignored. The market wants the novice trader to think to much and be a hero in the market. They want you to ignore the universal laws of the market.
Don’t trade against the trend
Wait for confirmation
Cut your losers
Don’t trade your P&L
The day you have made 100 million dollars in the markets is the day you can start inventing and being creative because hey, you have 100 million dollars! Do yourself a favor and assimilate, resistance is futile!