Well it has been an interesting few days for me. There has been little work and I have had a good deal of time to plan out some trades, draw in some lines and overall get a good scope of where alot of the market is. I have also taken sometime to visit the interactive areas of this forum and to be honest I have spent very little time in there and now I know why.
There is a good reason why so many people fail and just from reading the vast majority of new posts from a number of people, most of whom have a fair number of posts under there belts, it is clear that the interactive areas display the 'the market perspective'.
What I mean by this is that just being in there you can automatically see the number of varying trades that people are placing which is good in a sense because for new traders it helps to perhaps gauge the scope of randomness however it is that randomness with no clue as to why they have done it that makes my hair stand up. There are posts with so many traders who are long here just because, or short here because its going to go there, plenty of them and while it shows a broader scope as mentioned the scary part is that so many traders 'agree' with them and post comments like yeah im going short there aswell.
SO new traders please take your time to come up with reasons for why you are taking a trade. Do you homework. Start on a high TF chart and get a good scope of where things are at then moved down (Timeframes) and look for your signals, but please make sure they are YOUR signals and not joe trader with 10vs and 1000+ posts.
There is a huge lack of evidence for why someone has taken a trade and usually their idea of managing their risk is just to take a small SL into the order. That will fail more times than not if you are not aware of what the market is, where it is (relative to areas of S/R) and how it is currently behaving (ranged or trending). A small SL is ok when you have a confirmation relative to your trading approach but in random trades it will more than likely cost you due to market fluctuations.
NEW people please do just go into the interactive areas and take too much in without first doing some homework for yourself.
Razor
There is a good reason why so many people fail and just from reading the vast majority of new posts from a number of people, most of whom have a fair number of posts under there belts, it is clear that the interactive areas display the 'the market perspective'.
What I mean by this is that just being in there you can automatically see the number of varying trades that people are placing which is good in a sense because for new traders it helps to perhaps gauge the scope of randomness however it is that randomness with no clue as to why they have done it that makes my hair stand up. There are posts with so many traders who are long here just because, or short here because its going to go there, plenty of them and while it shows a broader scope as mentioned the scary part is that so many traders 'agree' with them and post comments like yeah im going short there aswell.
SO new traders please take your time to come up with reasons for why you are taking a trade. Do you homework. Start on a high TF chart and get a good scope of where things are at then moved down (Timeframes) and look for your signals, but please make sure they are YOUR signals and not joe trader with 10vs and 1000+ posts.
There is a huge lack of evidence for why someone has taken a trade and usually their idea of managing their risk is just to take a small SL into the order. That will fail more times than not if you are not aware of what the market is, where it is (relative to areas of S/R) and how it is currently behaving (ranged or trending). A small SL is ok when you have a confirmation relative to your trading approach but in random trades it will more than likely cost you due to market fluctuations.
NEW people please do just go into the interactive areas and take too much in without first doing some homework for yourself.
Razor
