This is what ICL’s do, they convince everyone there will always be another leg down. Then if that happens to play out everyone will start looking for another leg down after that. This is why most traders miss these ICL turns. It’s why I place cycles so high on my list of tools. When price is in the timing band for an ICL and sentiment is excessive I stop looking for another leg down and start looking for a bottom.
I have to admit some of you are starting to learn. Fewer people are panicking and selling at the bottom. Fewer people are becoming frustrated and cancelling their subscriptions right before we start making money on the next intermediate rally. Of course some people are just hopeless and will forever trade with their emotions. These people are destined to always buy high and sell low.
But more and more of you are starting to see the light. You are drifting away from the retail day trader/gambler mentality and moving towards longer term position trades. Timing perfect entries is becoming less important. Many are now able to recognize when something is “close enough” and you aren’t panicking if price doesn’t immediately go in your favor the second you enter a trade. Many are starting to learn if it’s late in a daily cycle you don’t have to make a perfect entry to make money. You just have to wait until the cycle turns.
Congratulations you are now on the road to leaving the dumb money camp and graduating to smart money traders.