Yes STI has surpassed the 3000 mark again and it was accomplished via a nice uptrend on the daily chart and anyone who had bought and hold at the low in June would have made money. However, if you have been monitoring the intraday movement, you would agree with me that most traders, contra and swing traders dislike markets like this. The route up was slow and boring and volatility was at a 4 month low as seen on the ATR. Most of the time the market did closed positive but it was done via a gap up due to strength in US markets followed by little upside.
Financial markets are ever changing and there is no one way to trade the market that is why i refused to rely on indicators or adopt a systematic approach towards trading. Such indicators or the so call 'common and classical' technical analysis has been so widely practiced that i believe it is deemed useless in giving one an edge in the stock market. Unless one is able to express his own thoughts and analysis in a unique way using these indicators. So for those for are constantly searching for 'the best method/strategy/indicator', i urge you to sit back and reflect on your trading performance and whether you should change your approach towards trading the market if you are still genuinely interested.
For me i feel that my ability to gauge the market sentiment and make use of the information i have gathered and make trading decisions present me with a very strong edge over most of the other traders/investors. This is no easy tasks and there are also many other factors to consider. Still, my point is that one should be able to find an edge in the market and trade based on that strength you have and stay focused and faithful with your own abilities.
If you are still not convinced, spend some time and think about this. If 90% of traders lose money and the 10% has been making all the money from the 90%, do you think your "well planned entry, stoploss, profit target strategy" deserves to put you in the same league as the elite 10%?
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