not easy to trade today
Agree With TS
I am interested with the TS' topic since I also trade very simple method: Triangle/Rectangle Breakout, only with shorter time frame.
Mostly agree with TS. Have been trading for 3 years, but only trade with solid system around 5 months. Here's some interesting fact throughout my 5 months journey:
1. Never single day of trading I blew out because of following the system.
2. I have a record of 11 losing streak in one day because of following the system and still managed to profitable for the day with only one trade.
3. I recently blew out around double ytd profit in just one day, trading without the system.
4. It's hard to become consistently profitable again since that day of defeat.
5. Slowly recovery from the loss, already up 10% from my account.
I realized this all about ourselves. Best system in the world won't make you profit if you're not ready. Now I'm ready, let's see what today'll do
I wish you pips!
stuck in trade
I bought at 1.3860 , and I'm down a bit... thinking to take my loss and run...
what do you think?
I picked the aud to short as it's been the hype pair of late in the news on reports so I had the idea a lot of late money would be in there to scare out. plus out of the three the a/$ had the best setup in what i look for.
netted 106 pips. (out now)
lets see where the next retrace gets too, for the next possible trade move.
I got a BE for the trade... I always set SL to BE when I have +20. If you are trading my setups, its best you visit my blog for the details.
Good shot there. I don't see many people trading with Line chart, perhaps you are into MW formation as well? Not sure how you got 9828 but perhaps I would have a sellstop set at 9840.
Let's post your setups too when you are available, it should be beneficial to the people around here
My setup for the day, the Price may not retrace that much but I feel that's the level with relatively larger profit margin and smaller risk to take.
Again, if you would like to trade my setups please by all means visit my blog, I have other MM rules and SL posted there. The post here is purely for the discussion of the concept. Please don't take the trades blindly...
Wish you the same too
Trading is really an art. when i first entered stock exchange , i was just so amazed that what people were doing , but after time by time i started learning and i know how to buy at low and sell at high , its only mind game
[quote=DanyalDenyo;4103732]Some people in this thread proposed that the profitable traders have "scientific" and objective systems that gives them the profitable edge. If there were any scientific method which was successful there would be not one but many profitable trading robots. A trading robot can never be profitable consistently unless you can somehow connect it's decision making to the "One".
yeah with my basic knowledge in EA programming, if most EA can be dynamic in their rule then they will work but they just can't but human can...that is why i accept the fact that trading is an Art in d sense that you have to be dynamic/creative in your trading.
Don't you think with a BE at 20 pips, you are missing a lot of good opportunities?
I agree that trading is not an exact science-- it is an art.
I have taken a purely calculated approach-- tried out "trading systems" and watched peers trade blindly by cold, calculated systems and blow out accounts. I've read and studied technical analysis. I have a trading mentor and an exact set of rules-- entries, exits, targets, analysis-- that I trade by.
But I wasn't able to become profitable until I realized that these "trading systems" and "rules" were only GUIDELINES-- rules put in place so I can have structure to fall back on in my trading life. You have to make whatever system you trade with your own. Change it. Test it. Make it completely yours and be familiar with how to apply it. Your "exact entries" may not happen "exactly" every time-- so be able to recognize variations and permutations of your theme and applicable areas to trade that may be well outside your "system." Think outside of the box, be artistic.
The strength of humanity is its ability to adapt-- and you have to adapt in trading. Make trading YOURS, adapt to market situations, apply your "system" creatively and don't be afraid to break rules. Evolve your plan as the market evolves, realize that you will be wrong, accept it and understand why. There can be no light without darkness.
What matters in the end is your ability to manage your money and the strength of your psychology.
I couldn't have put it better myself mate. this post IMO really hits the nail on the head. Most of what you have mentioned has taken me 4 years to realize.
Great post and welcome to FF look forward to reading more of what you put up on here.
**I put the quotes on so this can be repeated up in full**
Good trading to you and you got my vouch!!!!
Nice thread... I consider myself a bit of a graphic artist, and I love creating new and interesting systems to trade, and I can honestly say I can see exactly what you talking about with your strategy, mindset and practice...
I too (because of my timezones) trade just before the London open and I have a very simular style to you, whereby I pick a daily bias based on my method and just go with that once I get my trade signal... and the beauty of this method is price likes to MOVE just before London open and if you on the right side of that move... you can make some great pips!
So yeah I will be back...
© Forex Factory