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Stop searching for the 'Holy Grail', work on yourself!

  • #61
  • Apr 15, 2019 10:03am Apr 15, 2019 10:03am
How do you prepare for your trading? What do you take into consideration in your market preparation? How has your market preparation made your actual trading a fun?

Trade safe.

KP

Quoting KeenPips
....‘The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.’ Jack Schwager – Author of Market Wizards KP {quote}
Do your homework, follow the footprints of smart money
  • #62
  • Apr 15, 2019 10:27am Apr 15, 2019 10:27am
An unusually intelligent thread for a change...good stuff.

Traders need think in terms of what factors constitutes a tradeable possibility. First off, a directional bias of deciding whether you are either a buyer or a seller is needed. Figure out how that can be achieved first, then work on whether a low or high t/f is most reliable to arrive at an optimum trading plan, and by carefully considering those 2 elements alone, will move most people into a reliable trading mentality. KP is perfectly correct....no hg, just work on developing your trading plan in a systematic manner to arrive at your own hg's.
  • #63
  • Edited 10:59am Apr 15, 2019 10:31am | Edited 10:59am
I cannot agree more, mate. Working 'on yourself' is the stuff that we all need to focus on.

KP

Quoting Landline
....no hg, just work on developing your trading plan in a systematic manner to arrive at your own hg's.
Do your homework, follow the footprints of smart money
  • #64
  • Apr 15, 2019 10:37am Apr 15, 2019 10:37am
Yeah, let's hope then that your subscribers agree in order to improve their own approaches and their chance to succeed
  • #65
  • Edited 1:11pm Apr 15, 2019 10:51am | Edited 1:11pm
Thanks Land. Let me add something else regarding having a trading bias.

From experience, it is better to use a scenario approach. Usually, as a swing trader, I have a medium/longer-term technical bias on a market or pair. But I will also have a short-term bias in my trading plan. I may say: 'I am bearish XYZ pair.' But in my trading plan, I will indicate the conditions which price action should meet before I look for a sell trade. I will also state the conditions for a possible buy trade, e.g. if the conditions stated for a sell trade are inviolate, are not met or they reverse, I will look for a buy trading opportunity.'

I am attaching a current chart on EURUSD. I am bearish this pair as a swing trader but I will not enter a sell trade now until the current retracement peters or price action turns around at the 1.14660 area (a horizontal resistance indicated in magenta colour) or the wedge resistance (blue).

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Apr._15,_2019_D1.png Size: 50 KB


Quoting Landline
....Traders need think in terms of what factors constitutes a tradeable possibility. First off, a directional bias of deciding whether you are either a buyer or a seller is needed. Figure out how that can be achieved first....
Do your homework, follow the footprints of smart money
  • #66
  • Apr 15, 2019 10:55am Apr 15, 2019 10:55am
Thanks Land. Each of my threads is aimed at helping fellow community members. None is aimed at seeking people's agreement or patronage. I hope people find them valuable and helpful.

Trade safe, mate.

KP

Quoting Landline
Yeah, let's hope then that your subscribers agree in order to improve their own approaches and their chance to succeed
Do your homework, follow the footprints of smart money
  • #67
  • Apr 15, 2019 10:58am Apr 15, 2019 10:58am
"Stop searching for the 'Holy Grail', work on yourself!"
if you mean working outside the casino, im with you

but im sure that you mean if you fail finding a working system online, get it yourself,
mean giving more help to the folks
mean losing more money for the casino
mean you are a fake member/s
mean the lies cycle will continue till the ww3 will burns ur wealth or a meteor or a hurricane etc...

always cheers
  • #68
  • Apr 15, 2019 11:06am Apr 15, 2019 11:06am
Mental work was a game changer for me. Don't have any expectation for the market and especially your trade outcome. Stop hunts, manipulation etc are not in my trading vocabulary either. Market is just information and its not negative or positive, we make it positive or negative . Every time you see a setup that is part of your strategy, just execute. If you have the edge it will play out in probabilities. You do all the work leading up to the trade, then execute, after that its out of your hands and expectations.

The only reason traders feel pain is because they have expectation from the market, when you feel pain you can't see opportunities (fight or flight). If I accept the risk that would mean I don't care about the loss or win, I will have an amazing day regardless of wins or losses.
This made my slow bleeding account change to a faster accumulating account
  • #69
  • Apr 15, 2019 11:07am Apr 15, 2019 11:07am
No mate, you miss the point. In fact, you failed to read the first 1-3 posts. Any newbie should search for and learn about 2 functional systems/strategies, then become their master. You may need to read the thread from the beginning and see some useful contributions made on the more important issue of self-development as a trader rather than perpetually searching for a magic wand or failure-proof system, indicator or strategy.

Trade safe.

KP

Quoting dicojoxaftr
"Stop searching for the 'Holy Grail', work on yourself!" if you mean working outside the casino, im with you but im sure that you mean if you fail finding a working system online, get it yourself, mean giving more help to the folks mean losing more money for the casino mean you are a fake member/s mean the lies cycle will continue till the ww3 will burns ur wealth or a meteor or a hurricane etc... always cheers
Do your homework, follow the footprints of smart money
  • #70
  • Apr 15, 2019 11:11am Apr 15, 2019 11:11am
Quoting echo1
Mental work was a game changer for me. Don't have any expectation for the market and especially your trade outcome. Stop hunts, manipulation etc are not in my trading vocabulary either. Market is just information and its not negative or positive, we make it positive or negative . Every time you see a setup that is part of your strategy, just execute. If you have the edge it will play out in probabilities. You do all the work leading up to the trade, then execute, after that its out of your hands and expectations. The only reason traders feel...
you are taking it as like it has life inside

its all about making some money for buying some stuff for making ur life easier and better and to fill ur brain with all the things that you see in front of you or on tv,,,

nobody care about the markets, its just a way to make money, but its like that only in a noob view, its a way to make money but its not for retail traders

keep cheering
  • #71
  • Apr 15, 2019 11:14am Apr 15, 2019 11:14am
You mean unreasonable or realistic expectations, I believe. Executing trades is based on confidence in your trading skills and a sound understanding of the market. It echoes that you are making progress in those departments.

Green pips to you mate.

KP

Quoting echo1
...The only reason traders feel pain is because they have expectation from the market, when you feel pain you can't see opportunities (fight or flight). If I accept the risk that would mean I don't care about the loss or win, I will have an amazing day regardless of wins or losses. This made my slow bleeding account change to a faster accumulating account
Do your homework, follow the footprints of smart money
  • #72
  • Apr 15, 2019 11:17am Apr 15, 2019 11:17am
Quoting KeenPips
No mate, you miss the point. In fact, you failed to read the first 1-3 posts. Any newbie should search for and learn about 2 functional systems/strategies, then become their master. You may need to read the thread from the beginning and see some useful contributions made on the more important issue of self-development as a trader rather than perpetually searching for a magic wand or failure-proof system, indicator or strategy. Trade safe. KP {quote}
i dont need to read it all, because i have a proven theory that say, too much words give only one thing which is the waste of time
lest talk about the simple logic

by advising ppl to stop looking for a working system and make it by their selfs, it mean one thing only, you make it work by yourself

so if you want to share something without a cot you would share the way that you make it work, or you wont share it at all and you wont share even "hope quotes" either

  • #73
  • Apr 15, 2019 11:17am Apr 15, 2019 11:17am
Quoting KeenPips
Thanks Land. Let me add something else regarding having a trading bias. From experience, it is better to use a scenario approach. Usually as a swing I have a medium/longer-term technical bias on a market or pair. But I will also have a short-term bias in my trading plan. I may say: 'I am bearish XYZ pair.' But in my trading plan, I will indicate the conditions which price action should meet before I look for a sell trade. I will also state the conditions for a possible buy trade, e.g. if the conditions stated for a sell trade are inviolate, are...
The important part of your trade, irrespective of it's content,and which people should take note of is that you have a plan, and I'm presuming that plan is a consistent plan and sufficiently reliable enough to make a profit overall for you, which would mean that you have in a sense, your own hg. I'd say that that sentiment/message should be the target objective and inspiration for all viewing your thread. Of course, people are bound to judge you on the outcome of the trade now that you've shown it, and not necessarily pick up on the fact that you are prepared to illustrate your plan win or lose....such is life lol.
  • #74
  • Apr 15, 2019 11:19am Apr 15, 2019 11:19am
You have some point there mate but I have a life outside Forex trading. Yes, trading is about making money, but you will make the money only after you have got the right skills and are applying the right approach and psychology in the markets; otherwise you will be operating as a gambler. And we know how many gamblers end.

KP

Quoting dicojoxaftr
{quote} you are taking it as like it has life inside its all about making some money for buying some stuff for making ur life easier and better and to fill ur brain with all the things that you see in front of you or on tv,,, nobody care about the markets, its just a way to make money, but its like that only in a noob view, its a way to make money but its not for retail traders keep cheering
Do your homework, follow the footprints of smart money
  • #75
  • Apr 15, 2019 11:19am Apr 15, 2019 11:19am
Quoting KeenPips
You mean unreasonable or realistic expectations, I believe. Executing trades is based on confidence in your trading skills and a sound understanding of the market. It echoes that you are making progress in those departments. Green pips to you mate. KP {quote}
I really mean no expectations at all . I do my best analysis, execute per plan and that's it. If a trader has any expectations at all then the trader will feel pain when they are not met. Your focus will narrow on whats causing the pain and you will not see the bigger picture or opportunities. I understand that its not a common idea, but the only reason we ever get upset at anything is because our expectations are not met.

Cheers!
  • #76
  • Apr 15, 2019 11:24am Apr 15, 2019 11:24am
I post my weekly technical outlook on FF and BabyPips (under a different username, TraptheMarket). The indicated areas on the chart apply to the areas I am watching. Would you just take a trade in an area without a confirming price action? Of course you would not.

Trade safe.

KP

Quoting Landline
{quote} The important part of your trade, irrespective of it's content,and which people should take note of is that you have a plan, and I'm presuming that plan is a consistent plan and sufficiently reliable enough to make a profit overall for you, which would mean that you have in a sense, your own hg. I'd say that that sentiment/message should be the target objective and inspiration for all viewing your thread. Of course, people are bound to judge you on the outcome of the trade now that you've shown it, and not necessarily pick up on the fact...
Do your homework, follow the footprints of smart money
  • #77
  • Apr 15, 2019 11:30am Apr 15, 2019 11:30am
Ok, noted mate. However, I have some expectation before entering a trade. It is in my reward-to-risk ratio. If my expected R:R is less than 3:1, I will not enter the trade. I also expect to lose, and that is why I see my stop loss order as a capital protection order (CPO); it helps protect me from losing beyond what I can bear.

Trade safe.

KP

Quoting echo1
{quote} I really mean no expectations at all . I do my best analysis, execute per plan and that's it. If a trader has any expectations at all then the trader will feel pain when they are not met. Your focus will narrow on whats causing the pain and you will not see the bigger picture or opportunities. I understand that its not a common idea, but the only reason we ever get upset at anything is because our expectations are not met. Cheers!
Do your homework, follow the footprints of smart money
  • #78
  • Apr 15, 2019 11:36am Apr 15, 2019 11:36am
You refuse to read and you are misrepresenting the thread. I wonder how you can be a model to newbies on this forum. Even the post you quoted stated that a trader should look for and master about two systems/strategies. Yet you stick with a biased viewpoint.

No hurts mate, just pointing out why you need to read a thread before jumping to a wrong conclusion.

KP

Quoting dicojoxaftr
{quote} i dont need to read it all, because i have a proven theory that say, too much words give only one thing which is the waste of time lest talk about the simple logic by advising ppl to stop looking for a working system and make it by their selfs, it mean one thing only, you make it work by yourself so if you want to share something without a cot you would share the way that you make it work, or you wont share it at all and you wont share even "hope quotes" either
Do your homework, follow the footprints of smart money
  • #79
  • Apr 15, 2019 11:38am Apr 15, 2019 11:38am
Quoting KeenPips
Ok, noted mate. However, I have some expectation before entering a trade. It is in my reward-to-risk ratio. If my expected R:R is less than 3:1, I will not enter the trade. I also expect to lose, and that is why I see my stop loss order as a capital protection order (CPO); it helps protect me from losing beyond what I can bear. Trade safe. KP {quote}
100% Agree. I guess to clarify; I have expectations of myself to follow my trading plan, money management etc. But once I am in a trade, I don't care what happens. Like you I have SL/TP all planned out/set.

Cheers!
  • #80
  • Apr 15, 2019 11:40am Apr 15, 2019 11:40am
Quoting KeenPips
I post my weekly technical outlook on FF and BabyPips (under a different username, TraptheMarket). The indicated areas on the chart apply to the areas I am watching. Would you just take a trade in an area without a confirming price action? Of course you would not. Trade safe. KP {quote}
Everyone looks at things differently, for example, what may be called your hg, will not be somebody elses.

The funny thing happens to be that I don't actually need precision with my own strategy and entries , near enough is good enough for me, but then of course it is my own strategy which happens to be my own hg if you like.

The point being, as you undoubtedly know, that trading methodology takes hundred of forms. You trust yours and that is important, and I trust mine. Who knows who has the better strategy, does it matter.....no, so long as both are profitable.
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