Hello, everyone. In this thread, I would like to talk about my biggest problem. I do not understand, for instance, there are Forex traders, Guru traders, who allegedly want to help. They are millionaires. They offer their signals, and at the same time, they are all very popular and in high demand. But why is that so? And many of them, like MambaFX, for example, seem to refund money for signals. I do not want to; I have never given money to signal providers because I understand that I should not do this, as I am not earning now because I am too young....
We HAVE to get used to having losses - they happen and are part of the job
The losses we take are GOLD balls but evil ones, but all they do is burn our hands a fraction - we feel the heat and drop them, we never hold onto them unless we'll lose a hand!
We DON'T force trades - they are either there nice and simple according to your method and rules or its not - trades are like buses, there's ALWAYS another one on its way to you
Take a gander at this chart - my main focus is trading UK stocks, but I also trade forex, indexes and commodities
This is a UK stock I'm still trailing a stop on - I got in with a first trade in APRIL 2024 on the pull back to the moving average, this trade resulted in a break-even JUST, notice the GAP lower, If I had not followed rules I would still be in that trade for a multiple R gap down loss - the rule is "IF" the trend trade is happening, price will not trade back to entry point, so once price starts moving upwards, I move the trailing stop to BE and we got stopped out for scratch
THEN, we get an immediate go long set-up on the gap down, the trade triggered on the 4th bar of that sideways move in April 2024 following the gap down - just because we got stopped if another signal appears we must take it - the 2RSI identified the trades <25% and it signals a potential end of price cycle possibility, add that to a pullback within a trend and it turns into a nice probability trade potential
Notice we have higher highs/bottoms moving averages in perfect order - we're trading WITH the market trend - its doesn't always work out like this, some moves will yield a couple of R profit, others break-even and others 10R+
{quote} Your analogy with the gold balls is quite striking—it paints a vivid picture of the high-stakes environment in which you operate. But I wonder if such a singular focus might miss some nuances. For instance, while waiting for that 'gold ball', could there be value in those other colored balls—opportunities that might not look perfect initially but could offer learning or smaller gains? Also, your approach seems heavily reliant on perfect execution of a set plan, which is certainly a strength. However, I'm curious how you handle unexpected...
- the rules are set, there is NO room to compromise on the set-up and adhoc,...
I like logic, order, controlled conditions, I like rules, so when i set a trade I know exactly the parameters that go with it - I basically trade like a machine/robot, parking my emotion to the side ...
