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Trading with range bars ichimoku cloud & awesome oscillator

  • #2,421
  • Jan 22, 2018 7:43am Jan 22, 2018 7:43am
Still kind of slow, Trumps chaos doesn't help FX confuses people big reason why USD has been mostly weaker.
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  • #2,422
  • Jan 22, 2018 12:36pm Jan 22, 2018 12:36pm
Quoting rockypoint
Still kind of slow, Trumps chaos doesn't help FX confuses people big reason why USD has been mostly weaker. {image} {image}
Hi RP. Well done. Well executed as usual. I have been making some wins and losses which is normal. However my biggest problem is breaking the rules. When I see charts I end up not doing the proper things.For example I can enter too early or I start trading a setup that is not part of my strategy. I also overtrade. Can you please tell me how best I can get rid of these bad habits.If you had them in the past how did you conquer them?
  • #2,423
  • Jan 22, 2018 1:09pm Jan 22, 2018 1:09pm
The most common mistake traders make is over trading, the second most is not following the system rules and third is poor risk/money management.

System rules: Failure to follow the rules is a precursor of over trading. To avoid this take a nice big poster size piece of paper and list the rules and every trade you take check them off if all prerequisites are met take the if not pass. When I started trading full time I over traded, I was profitable but my winning % stayed around 50%. I don't like losing half the time! So I made my check list and got very picky about which trades to take, from there winning % hit 80 and most of my losses were either 5-6 pips or B/e's with occasional 10-20 pip losses. So sticking with the rules and cutting down the number trades, made my winning % go up, made my avg. loss go down and my avg. win go up. LESS TRADES BIGGER PROFITS, SMALLER LOSSES AND MOST IMPORTANT GREATER SELF CONFIDENCE.

Over trading is a killer. Don't get me wrong I still do it once in a while and Any trader who says they never did or do is full of it. Over trading arises out of the 2 biggest market movers greed and fear. After some losses fear can compel you to try and force the issue to make up for them. Greed happens on a good day when you have some nice winning trades and decide to press the issue.

I won't get into risk/money management there is plenty of good info available on those topics, which is very simple and easy to understand.

All things said successful traders exhibit discipline, patience with out these traits its close to impossible to be consistently profitable. Trading does not require being super smart there are so many viable trading systems out there, so concentrate on being a good mechanic.
  • #2,424
  • Jan 22, 2018 2:09pm Jan 22, 2018 2:09pm
Quoting rockypoint
The most common mistake traders make is over trading, the second most is not following the system rules and third is poor risk/money management. System rules: Failure to follow the rules is a precursor of over trading. To avoid this take a nice big poster size piece of paper and list the rules and every trade you take check them off if all prerequisites are met take the if not pass. When I started trading full time I over traded, I was profitable but my winning % stayed around 50%. I don't like losing half the time! So I made my check list and got...
Excellent summary.
every Saint has a past. Every Sinner has a Future
  • #2,425
  • Jan 22, 2018 2:37pm Jan 22, 2018 2:37pm
Quoting rockypoint
The most common mistake traders make is over trading, the second most is not following the system rules and third is poor risk/money management. System rules: Failure to follow the rules is a precursor of over trading. To avoid this take a nice big poster size piece of paper and list the rules and every trade you take check them off if all prerequisites are met take the if not pass. When I started trading full time I over traded, I was profitable but my winning % stayed around 50%. I don't like losing half the time! So I made my check list and got...

So true RP. When I get to many losses close together I slow down my trading. Last fall I did not trade a lot. but have picked up again in the last two weeks. I make small adjustments to my methods as market conditions change. However the basic principles have not changed in a long time. My losers are small (less than 10 pips Usually).
Best to everyone! It is worth it to learn how to do this!!
  • #2,426
  • Jan 22, 2018 9:34pm Jan 22, 2018 9:34pm
This maybe of use to some Traders

lpp

Attached File(s)
File Type: pdf Rocky Check List.pdf   252 KB | 734 downloads
I would like to die on Mars. Just not on impact..... Elon Musk
  • #2,427
  • Jan 23, 2018 7:18am Jan 23, 2018 7:18am
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  • #2,428
  • Jan 23, 2018 7:39am Jan 23, 2018 7:39am
https://drive.google.com/drive/folde...zQ?usp=sharing
  • #2,429
  • Jan 23, 2018 8:19am Jan 23, 2018 8:19am
RP,

Are you ever trying to compound your account over time through sizing or, since you're retired, do you just keep your per trade bet level the same to maintain an arithmetic income stream?
  • #2,430
  • Jan 23, 2018 8:38am Jan 23, 2018 8:38am
Quoting rockypoint
The most common mistake traders make is over trading, the second most is not following the system rules and third is poor risk/money management. System rules: Failure to follow the rules is a precursor of over trading. To avoid this take a nice big poster size piece of paper and list the rules and every trade you take check them off if all prerequisites are met take the if not pass. When I started trading full time I over traded, I was profitable but my winning % stayed around 50%. I don't like losing half the time! So I made my check list and got...
Thanks a lot! Will get on with the checklist straight away!
  • #2,431
  • Jan 23, 2018 8:42am Jan 23, 2018 8:42am
Quoting ichikuse
{quote} Thanks a lot! Will get on with the checklist straight away!
Here:
Attached File(s)
File Type: pdf 25 rules of trading.pdf   122 KB | 566 downloads
  • #2,432
  • Jan 23, 2018 8:50am Jan 23, 2018 8:50am
Quoting rockypoint
{image}{image}{image}
What's amazing , ironical and actually tragic is that I virtually look at the same charts as you but because of fear of missing out I end up looking everywhere and of course when you look everywhere you miss trades. I think I need to start looking at all the charts and throwing away the ugly ones as you say and never to come back to them again during that particular trading session. It's not all doom and gloom. I have improved my trading a lot. I need to improve on patience, discipline, fear, emotions, greed(all those might mean the same lol). All traders who have not yet become consistent including me, dont lose heart. Persist and endure. Cheers.
  • #2,433
  • Jan 23, 2018 9:03am Jan 23, 2018 9:03am
No I'm no trying to compound my account over time. I'm soon to be 64, so I'm enjoying my money. 1/3 to charity rest to me, fortunately my kids are successful and don't need any help from us.
  • #2,434
  • Jan 23, 2018 11:49am Jan 23, 2018 11:49am
I can't stop wondering how do you always make to pick such good trades :-)
  • #2,435
  • Jan 23, 2018 1:45pm Jan 23, 2018 1:45pm
If you look at the charts I trade especially days where I make multiple trades, bet you that then tend to look similar. A lot of people say don't make multiple trades on for example the GBP, but if you look at the GBP pairs and they are all setting very similar then I say take the trades. But mostly I really do stay away from ugly erratic
price action, because then you are just guessing. I love seeing consolidation of price action on active pairs, double and triple tops and bottoms, divergences, triangles and pennants.
  • #2,436
  • Jan 24, 2018 12:56am Jan 24, 2018 12:56am
Quoting lpp
This maybe of use to some Traders lpp {image}
More simple is imposible everything is cleare and thanc you Ipp, about tp levels did rocky points somewere.... thanc you once again
  • #2,437
  • Jan 24, 2018 2:03am Jan 24, 2018 2:03am
Quoting dwe213
https://drive.google.com/drive/folde...zQ?usp=sharing
Excellent resource - a picture is worth a thousand words :-)
every Saint has a past. Every Sinner has a Future
  • #2,438
  • Jan 24, 2018 6:37am Jan 24, 2018 6:37am
Made 20 pips on a EURAUD Reversal trade.
Exited out of fear though as price was struggling to breach a support level.
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  • #2,439
  • Jan 24, 2018 7:06am Jan 24, 2018 7:06am
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  • #2,440
  • Jan 24, 2018 7:35am Jan 24, 2018 7:35am
Quoting lpp
This maybe of use to some Traders lpp {image}
Might want to add to that list the web link RP gave on how to check for the strongest pairs of the day (I forgot as I don't trade Forex).
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