I too have been trading for a long time, and these are my thoughts.
I gave up reading FF posts a long time ago, there is so much abuse, or bragging, and an inability of many to accept another persons viewpoint. But this post caught my eye, and I think its interesting.
I have come to the conclusion that a) never listen to talking heads, b) don't bother with indicators, c) concentrate on the longer term charts, d) don't use trailing stops, they just come back to take you out, e) put in a 20 pip tp and NO STOP LOSS. And most importantly IMHO, before everyone screams about the black swan events etc. etc. I HAVE NOT BLOWN AN ACCOUNT OVER THE LAST 5 YEARS!..
The entry point is crucial - buy low, sell high, then a large sl has much less chance of being hit. Buying/selling breakouts (which seems to be what most people advocate) can effectively leave you with entries which can take years to turn round.
I think the most important aspect of all is to keep trade size very small in relation to account, I prefer multiple positions. And when I have the discipline (my weakness) to stick to my rules as above, then I am consistently profitable. Thanks JmFinancials for the post.
I gave up reading FF posts a long time ago, there is so much abuse, or bragging, and an inability of many to accept another persons viewpoint. But this post caught my eye, and I think its interesting.
I have come to the conclusion that a) never listen to talking heads, b) don't bother with indicators, c) concentrate on the longer term charts, d) don't use trailing stops, they just come back to take you out, e) put in a 20 pip tp and NO STOP LOSS. And most importantly IMHO, before everyone screams about the black swan events etc. etc. I HAVE NOT BLOWN AN ACCOUNT OVER THE LAST 5 YEARS!..
The entry point is crucial - buy low, sell high, then a large sl has much less chance of being hit. Buying/selling breakouts (which seems to be what most people advocate) can effectively leave you with entries which can take years to turn round.
I think the most important aspect of all is to keep trade size very small in relation to account, I prefer multiple positions. And when I have the discipline (my weakness) to stick to my rules as above, then I am consistently profitable. Thanks JmFinancials for the post.
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Best wishes from AUS here. Hope you have had a wonderful day.
