There are three pillars to become a successful trader. Much like a stool will topple without at least 3 legs to balance. Any trader needs Analysis, An Entry, and Risk Management. It’s important to recognize that Analysis is not an entry. Analysis only helps to determine probable market direction. Our community uses The Elliott Wave Theory as the bedrock form of analysis. Supplementary analysis includes Fibonacci, Momentum, Imbalances, Insufficiencies, among others. Analysis is your arrow that points in the direction you expect the market to progress.
After you have determined the probable direction of the market, you need a way to enter the market. We have multiple strategies to do so and they will be explained in detail in later lessons. Hand in hand with your entry to a market is managing your risk. It is vitally important to trade with a stop loss and a pre determined amount of capital you are willing to risk. You can be the best analyst on the face of the planet, with the most finely tuned entries imaginable, and you will fail and lose everything without risk management. It is a statistical certainty.