So many times I have come to realize that my entry on a trade will be dependent on how much profit I really want to make out of that trade.
So here is what I do. I tend to measure my entry level with my exit from the market.
If I wanted to exit the market with a $10 profit or more, I look forward to making sure that the bottom of that asset is in then I closely look at a possible exit price with which price will definitely come to. In most cases, the profit ratio could be small.
What to do?
To get an A+ price target, I pay attention to what price did a day before to know what price will do because price tends to always repeat itself.
The best way to make long term profit from an asset class is to pay attention to previous price data.
This has really helped me in a way that I have become more confident in bidding an asset for long term investment or short term.
Don't be a wack trader who only cares about exit without paying close attention to his entry price.
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