Business & Finance -- Patience and Pattern Recognition Are Two Keys to Success in Trading

By John Kurisko, Daytradingradio.com

It has long been said that money flows from impatient hands to patient ones. But how exactly does that work? When one can exercise the patience to wait for the most opportune high probability setups on the highest quality stocks, the chances of success are greatly increased. To actually be able to spot these high probability setups takes a keen eye for pattern recognition that can only come from years of practical experience trading the markets.

It is our mission at Daytradingradio.com to bring a voice of reason and experience to those who invest and trade the modern day markets which as you all know are not what they used to be. It takes more then just reading earnings reports and listening to quarterly conference calls to be successful in today’s markets. That’s where a skilled chart reader has an edge.

As we have demonstrated in past articles it is possible if not probable to find very reliable chart patterns that are easy to follow and profit from. If you look back at the February article you will find a picture perfect falling wedge pattern on TD Ameritrade (symbol AMTD). At the time we had a highlighted buy area in the low $17 range and the stock is now trading over $20 slightly above our targeted sell area.

In this months article, we feature Monsanto (symbol MON). For those unfamiliar, Monsanto provides agricultural products for farmers in the US and internationally. Monsanto is a classic example of a downward sloping channel and it cannot be ignored at current levels. The stock has been in a 3 month plus downtrend and is touching the lower trend line which appears to be an excellent entry area.

This is another great example of a high quality company forming a High Probability Setup and that’s the name of the game from our point of view. We welcome everyone to log onto Daytradingradio.com to listen to our free market broadcast Monday-Friday 9am-4pm. Also for those interested in some free education type in Daytradingradio on You Tube to view one of our 300 plus educational video’s.

Till next month: Happy Trading.