"History never repeats itself, but it does often rhyme" is a famous quote from Mark Twain.
You might hear it a lot as a trader. But do you know what it means?
Since the market is based on human emotion, similar patterns repeat…
Certain movements can strike the emotions of fear or greed and humans react in a predictable way…
But there is more to it than that.
Keeping this famous quote at the top of your mind can help you make better trading plans.
So next time you see big premarket spikers like the ones I'm about to show you…
Use it to give you insight into a potential future move. Let me show you how…
How To Use History To Make Trade Plans
If you look at big percent gainers every morning like most traders, I'm sure you came across one that we talked about in my morning SteadyTrade Team webinar yesterday…
Elys Game Technology, Corp. (NASDAQ: ELYS) was gapping up in premarket after the company dropped a press release about its gaming license in Washington D.C.
The stock was going straight up heading into the market open...
It had news, volume, and good price action.
But one look back at the stock's history, and I could see what traders were in store for if they bought it…
If we remember that famous quote, history is likely to repeat or rhyme and the stock will fail.
This is how using the stock's chart history can help you make better trade plans.
Your goal as a trader isn't to find big spikers and chase them up hoping they continue to go higher.
Your goal as a new trader is to stay in the game. To create consistent rules and build a process that you can use rinse and repeat.
That's why I strive for consistency in my lessons. I want to give traders lessons that keep them safe and help them make the best trade plans.
Yes, it can be aggravating and frustrating if you miss a move. But in the long run, following consistent rules can help you create consistent results.
I help traders develop these rules and processes in the SteadyTrade Team. It's an in-depth learning environment with an active chat room, twice daily live webinars, spreadsheets, resources, and more!
Hit the ground running with our algorithmic trade alerts sent to your cell phone every morning!
Our free trade alerts are powered by our proprietary computer algorithm, Oracle, and have already tracked peak gains of 22%, 68% and even 86% in just a matter of hours…
With Oracle, almost anyone can trade like a Wall Street Pro!
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*Please note that these kinds of trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade, and individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.
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