Updated: Jan 9
When I began trading, I tried everything.
I was curious about the tools and objects my broker allowed me to use.
I also observed those I desired to trade like and not trade like.
I quickly found a few things that did not sit well with me.
On one side:
I used many tools I had no use for, and my chart was cluttered.
I couldn't explain the reason for the tools I used
The tools made my entry and exit too hard to find
On the other side:
The fewer tools I used, the cleaner my charts looked
I could explain how the tools benefitted my system better
My entries and exits became easier to find
Even though I didn't have a complete trading strategy the first year or so, I just found less meant more.
That set me on my journey to find tools to use that would help me understand how I should trade the market. My journey would prove two things:
First, I'd appreciate my system better because I'd prepared it to my understanding.
My analysis time would be quicker and more efficient.
In this letter, I want to share with you the tools I use that you can use to help you accomplish the same.
Anyone can do this, and I hope it will create a wave of traders who will build systems they can also gift to others. Trading on Purpose.
Before we dig deep into the tools, the Trade On Purpose community is open for you to enroll. So if you want to learn how to trade with the trend using TMP, consider enrolling here.
The tools I use in order listed below.
1) Price Note Tool
3)Diagonal Rectangle Tool
4) Text Tool
6) Horizontal Ray
7) Fibonacci Tool
8) Long & Short Position Tool
9)Price Range Tool
10) Alert Tool
Success Of My Strategy
The success of my strategy is because of the ten tools I've mentioned above. Without using these tools, I'd be stuck in the "figure it out cycle."
If you're ready to get out of that cycle and use a strategy with an already created system, you can learn and begin trading with structured rules; consider enrolling in the Trade on Purpose Community.
We will work together to create your weekly watchlist and profit plans(from the start of your journey).