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The first principle is simple yet often ignored: You must determine the trend and trade in that direction. Penfold emphasizes that the trend is a trader's best friend. While counter-trend trading is possible, it requires a higher level of skill and discipline. For the vast majority of aspiring traders, fighting the trend is a recipe for disaster. The principle dictates that you need a method to objectively identify the trend before entering a position.
If you want to be a professional, buy the book. Support the author. Read it three times. Then give it to a friend who keeps blowing up their account. The first principle is simple yet often ignored:
Disclaimer: This article is for educational purposes only. Trading financial markets involves risk of loss. Past performance does not guarantee future results. For the vast majority of aspiring traders, fighting
The answer was not "a specific indicator." It was six psychological and procedural disciplines. Support the author