- Joined Mar 2016 | Status: Member | 6,279 Posts
Make all possible mistakes in demo and rain in pips in live account
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2.3%
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Disliked{quote} Daytrading suits me the best, I have no positions open at the end of a long day, I know I wont be woken up by rude shocks, but I just can’t believe the mettle of scalpers. Takes a lot to enter and exit in a fraction of minutes. Hats off to those who trade M1 charts!Ignored
Disliked{quote} Thanks I have observed a lot of indicators but range/volatility remains to be one of the most useful tools for trading markets. That's the only thing I know that changes. Market volatility. When people say markets change that's all I think about. I mean 10 years ago pairs were moving 150-250 pips a day. Some of those same pairs don't even move 60 pips now Different times indeedIgnored
Disliked{quote} Daytrading suits me the best, I have no positions open at the end of a long day, I know I wont be woken up by rude shocks, but I just can’t believe the mettle of scalpers. Takes a lot to enter and exit in a fraction of minutes. Hats off to those who trade M1 charts!Ignored
Disliked{quote} Hi hazelj80, Yes, volatility is a very cyclical thing and thus a major component of market behaviour that creates trading opportunities for us. It's also observable that there can be what seems to be structural changes in volatility in markets, I have many times over the years changed markets because the volatility in what I was trading dried up. You do indeed have to move with the times, in trading as in everything else!Ignored
DislikedKeeping calm is easier said than done. My little advice is to think neither profit or loss you would make on the particular position. Think and focus on setupsIgnored
Disliked{quote} Hi 9jatrader, Thank you for contributing to this thread. I would agree wholeheartedly that focusing on the trade and trading it well whatever the outcome is a solid attitude to take. If you keep thinking about the money involved, staying calm is very difficult. I suspect this is why many trade in demo fine but then struggle once live. It is a very different psyche when your hard earned money is on the line but you've got to try to forget that and focus simply on trading each trade well - ensuring setup, sizing and exit follows your plan,...Ignored
Essentially that is the complete plan. Obviously there are lots of other fill in details, e.g. what market(s) and time frame to trade in, etc. but these three things drive everything else. I have a clear idea of what I’m looking for and when to pull the trigger; I have a stop loss and I position size off that so as to create a 1% risk; and I have an exit process that covers a loss, a win, and a windfall gain (no such thing permitted as a windfall loss, of course!). I’ll come back to the role of the trading plan in discipline when we tackle the third question posed above of how to effectively cultivate discipline.
But for now we have at least a focused definition of what trading discipline is to work with. Having got there, the next post will consider why this definition important to adhere to.
Disliked{quote} Risk management is always the key Strategy will come with time it depends on each person mentality and availability Like am working in my shop so am a swing trader and like I have patience to let the trade do whatever it's wantsIgnored
Disliked{quote} Hi leoclarke, Many thanks for your comments to the thread. It is, I think, a matter of trading whatever style/timeframe that suits an individual's own personality. I trade off M1 charts though I'm not a scalper in the purest sense, I just take short duration trades, it suits me. I am in turn impressed by the mettle of longer term traders who can sit and watch good open profits mostly evaporate to hold on for the bigger swing coming next, I find that almost impossible to manage. It all neatly demonstrates that picking a method & timeframe...Ignored
Disliked{quote} Very well said, I think that one critical trait that is commonly required for all traders is patience. No matter whether one is trading smaller charts or holding on to longer positions, within that span of time that the trader is in the market, he can ignore patience only at his own expense. It’s a very easy thing from outside, but the hardest of all to achieve, don’t you think?!Ignored
DislikedHi OTM, I have found your earlier trading journal inspirational. I followed you from there to this thread. You seem to be really enjoying the activity of trading as well as the teaching of it. Whats striking to me is the contrast between your calm and measured style and the M1 timeframe you choose to trade. Conventional wisdom would hint at a person with twitchy fingers perpetually perched in a painful hover over the price action to squeeze out the last pip possible. You seem to be the opposite of that image. How did you arrive at the M1 timeframe...Ignored
DislikedIn this constantly changing environment of trading, it is very difficult to hold on to one’s patience. Most of the time traders are too eager to jump in and trade whenever they see an opportunity, but these snap judgements apparently cause them to lose money.Ignored