Don't think!
1
Good advice for you is read something about discretionary style trading, like Dee mentioned. Try book "Trading in the Zone" by Mark Douglas and "Trading Rules That Work" by Jason Alan Jankovsky, both enough to get you on a level you will be able to make money by trading, if you will take those golden books serious, of course
1) Looking for patterns or the "edge" as he calls it (relatively easy since there are tons of books out there on patterns)
2) Having the mental control to act upon the patterns in an objective way (can be much harder since you have to unlearn the pain association, especially if you have taken large losses in the past)
The big takeaway I got from that book was to essentially get emotion out of your trading, as it can destroy you when trying to make a decision. One of my buddies a long time ago basically said that if you were worried about how a trade was going to go, then you should get out and trade a smaller size until you stop worrying. The book basically repeated that advice in more detail.
- #9,826
- Mar 15, 2018 10:58am Mar 15, 2018 10:58am
{quote} I just finished Trading in the Zone. It is interesting in that I think that a significant amount of traders just approach trading from the pattern recognition side (head and shoulders, 123, etc.), but really there are two fundamental components of trading: 1) Looking for patterns or the "edge" as he calls it (relatively easy since there are tons of books out there on patterns) 2) Having the mental control to act upon the patterns in an objective way (can be much harder since you have to unlearn the pain association, especially if you have...
I printed all the principles and truths on the paper and I have it behind laptop on the wall. When I get a bigger loss or I jump into trade in no man's land, I know for 100% I broke one of principle or truth. The best about Trading in the Zone is, that Mark Douglas created all these rules in way, those are actual in every situation. It means, whatever will/is going to happen has no affect on the effectiveness of principles and truths which are wrote in the book. For me was this book breaking point in my trading performance. Also, this is the book based on which my good friend made a thousands of € by trading primitive strategy on M1 DAX chart. Btw, I am just testing the way of trading according only to rules (principles and truths) from Trading in the Zone. I have far more losses than I had for past couple of weeks, but also I ends up every day with more pips and it is 99% mechanical style trading. I have same SL, TP and BE managing for every trade, so my head is absolutely clear, protected against any stress. Actually, it is not so different from the style I was presenting here past few weeks, I just do not wait for so much confirmation. I'll see how much I am going to like it for next 1-2 weeks, until that I am quiet here in thread
.
- #9,830
- Mar 15, 2018 6:40pm Mar 15, 2018 6:40pm
{quote} I am super thrilled, you really read that book !
Great Matomi,
I'm having difficulties finding a strict set of rules that I can follow in as ease peace as you say.
Hope to hear from you soon
{quote} DAX is Ger30. The only reason a move to it was made is because it moves more on average. Check ADR and you can see this. The trading method here, or better said trading style works on any instrument. Best, Josh
Sounds super interesting, I'm starting to trade this way, so far doing quite good
With the "simplicity" of this system, isn't possible to code an EA?
With the "simplicity" of this system, isn't possible to code an EA?
Building a Freedom All Time Return:
5,178.8%
- #9,838
- Mar 20, 2018 3:43pm Mar 20, 2018 3:43pm
- Joined Sep 2006 | Status: Trader | 10,704 Posts
every Saint has a past. Every Sinner has a Future