There was a time of WD Gann, Livermore when trading was done on the floor. Now computers have changed the game completely. Process which traders used manually for generating buy / sell signals can now be fed into the computer, and computers can now trade on trader's behalf.
In such a wild jungle, to get your share of your profit (food), you have to be very disciplined. You must have a proper game plan. Because in a jungle, everyone survives be it Lion, Tiger, Hyena, Wolf, Elephant, Deer etc.
Lion, Tiger catch the prey, and after having their food, leave the remaining for Hyenas, Wolves.
Before catching the prey they wait for the right moment. They watch the least active of all, and once that is identified, they keep chasing it, until it gives up. Big players in the markets after earning their profits, leave the stock for weaker traders which resemble Hyenas, Wolves. Weaker traders never have insider information so they cant hunt, and so they have to wait and watch what big players are doing, and have to follow them to eat their leftovers.
Same goes with trading too, you have to identify a weak stock. This identification needs some time. As there are number of stocks present in the market, so you have to first identify them, then out of them, you have to identify further weaker ones. And then at just the right time, attack them. This attack means entering a trade which can be BUYING / SELLING. This BUYING candidate can be identified as the stock which has fallen considering and now trading with extremely less volume. And a SELLING candidate can be identified as the stock which has significantly considering and now trading with extremely high volume.
Another analogy which works perfectly in this case is of a CHESS GAME. The more time a player gets to choose his move, the more powerful move it becomes. And so, chances of success increases too. Before making a move, player makes a general plan, then out of possible moves, makes his best move.
If same logic can be used in trading too, this can do wonders. Before entering a reckless trade, if a trader makes a game plan based on his capital, risk appetite, gain anticipation, he can never loose his capital and go bankrupt.
For example, HEDGE FUNDS use a strategy of EVENT based trading in which they wait for a future event before entering a trade. INVESTORS wait for a sharp dip in the markets before buying. And till then they both wait and wait preserving their capital.