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Tips & Tricks from the full time traders??

  • #1
  • First Post: Nov 27, 2007 9:43pm Nov 27, 2007 9:43pm
Hi, As a frustrated trader, (been trading about a year and I've lost 2 accounts) I took a break for about 2 months and I'm ready to get back in. I would sooooo appreciate if some of the successful full time traders would mind sharing some of their tips & tricks to success?

I'm not asking for the "Holy Grail", just maybe the one thing you did that turned your trading around or some tips to help me move forward and get to the point where you all are at.
OR, you're biggest mistakes that maybe I can avoid.

Hope this isn't asking too much!!!
Thanks,
Jen
  • #2
  • Nov 27, 2007 9:57pm Nov 27, 2007 9:57pm
Keep it simple!

AGAIN

Keep it simple... remove all the mess thats on your chart and open up daily charts of all major pairs. Start drawing trendlines and you will find atleast one or two pairs that are ready for a good move. Follow the major trend and you dont have anything to lose

Goodluck
  • #3
  • Nov 27, 2007 10:04pm Nov 27, 2007 10:04pm
You must check this out.

http://www.forexfactory.com/showthread.php?t=39892

There is a ton of great things to read there. Even though I have about a year of experience under my belt, I found many of the articles on this page very refreshing and enlightening.
  • #4
  • Nov 27, 2007 10:04pm Nov 27, 2007 10:04pm
WAIT.
  • #5
  • Nov 27, 2007 10:05pm Nov 27, 2007 10:05pm
Quoting blueruby
WAIT.
Go.
  • #6
  • Nov 27, 2007 10:20pm Nov 27, 2007 10:20pm
Rather than us shotgunning you with bits of information (Though some will be good), why don't you tell us a few areas where you're having trouble. Chances are someone out here has had the same problems and has found a way to overcome them. Tell us a little about your current method.
  • #7
  • Nov 27, 2007 10:38pm Nov 27, 2007 10:38pm
Well basically, I've been only trading off the 4-hour chart, using a simple MA crossover system, and also I trade areas of S/R. I think my biggest problem is watching price breach resistance or support, then enter the market. Alot of times I'm right, but most times I make the wrong decision.

Also, on the crossovers, I always make the mistake of entering when the MA's look like they're just ready to cross, and then they wind up not crossing at all. But then I stay in too long, wondering if they're going to cross at the next candle...

So I guess my main problem is poor judgement.?
  • #8
  • Nov 27, 2007 10:45pm Nov 27, 2007 10:45pm
1) Find a system that fits your personality. (and one that works)
2) Money management. (no more than 3% on each trade)
3) Be patient. (Wait for trade to come to you)
4) Trade during prime time only.
5) Accept responsibility for your losses.
6) Don't over trade. (i find this very hard - patients is so important)
7) Trade after Important news events and not before.
8) Trade the majors.
9) Trend lines are very important - learn to use them.
10) Capital preservation is more important than capital accumulation. If you're not sure about a trade wait for the next one.
11) Don't set unrealistic expectations. (no one is making 50% on a monthly basis for any period of time - if they were Bill Gates would be mowing their lawn)
12) Self analysis (be honest with yourself - why are you losing? Is it the system? Self sabotage? Over trading? Are you keeping a trading journal?)
  • #9
  • Nov 27, 2007 10:51pm Nov 27, 2007 10:51pm
Believe in yourself, trust yourself.
"Invest With The Insiders, Not The Masses" George Muzea
  • #10
  • Nov 27, 2007 10:53pm Nov 27, 2007 10:53pm
Quoting blueruby
WAIT.
that's the best advice right there! are you listening?
  • #11
  • Nov 27, 2007 10:56pm Nov 27, 2007 10:56pm
Quoting acumen
1) Find a system that fits your personality. (and one that works)
2) Money management. (no more than 3% on each trade)
3) Be patient. (Wait for trade to come to you)
4) Trade during prime time only.
5) Accept responsibility for your losses.
6) Don't over trade. (i find this very hard - patients is so important)
7) Trade after Important news events and not before.
8) Trade the majors.
9) Trend lines are very important - learn to use them.
10) Capital preservation is more important than capital accumulation. If you're not sure about a trade wait for the next one.
11) Don't set unrealistic expectations. (no one is making 50% on a monthly basis for any period of time - if they were Bill Gates would be mowing their lawn)
12) Self analysis (be honest with yourself - why are you losing? Is it the system? Self sabotage? Over trading? Are you keeping a trading journal?)
there it is again! rule #3 wait, can you here me now?
  • #12
  • Nov 27, 2007 10:57pm Nov 27, 2007 10:57pm
Also... read my signature. Once you lost, don't force yourself. There is always another better trade.
"Invest With The Insiders, Not The Masses" George Muzea
  • #13
  • Nov 27, 2007 11:04pm Nov 27, 2007 11:04pm
Quoting Qu|cksilver
Also... read my signature. Once you lost, don't force yourself. There is always another better trade.
once again,once you lost,wait!
  • #14
  • Nov 27, 2007 11:04pm Nov 27, 2007 11:04pm
1. Patient: learn to stick on your TimeFrame. eg: M15. trade only when the candle is fully formed. wait patiently....

2. Discipline: do not overtrade, stick to your trade plan. money management is equally important. don't throw good money for something you are not sure of.

3. Don't be Greedy: how many pips you want per day? 20? 30? stick to it. you have 20 days of trading per month. so be sincere to urself. once u hit ur target, shutdown ur laptop. go somewhere, get social .

truly: melakafx
  • #15
  • Nov 27, 2007 11:06pm Nov 27, 2007 11:06pm
Quoting 59fender
once again,once you lost,wait!
LOL! i mean lose!!
"Invest With The Insiders, Not The Masses" George Muzea
  • #16
  • Nov 27, 2007 11:07pm Nov 27, 2007 11:07pm
Quoting Qu|cksilver
LOL! i mean lose!!
i was waiting for you to say that lol
  • #17
  • Nov 27, 2007 11:08pm Nov 27, 2007 11:08pm
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
MA's suffer from a condition known as "bipolar personality disorder". How? Its delayed signal will kill you more times than not. Often in a ranging market, the crossover sell signal is actually a buy. In a strongly trending market the crossover to sell is a sell hence the dual personality it exhibits.

Have you tried to use MA to determine support and resistance levels and trend instead of using it as a signal? For example, add a 90ema and a 14ema to your chart. When the 14 is above the 90 then market sentiment is long

Add daily pivots to your chart but remember that yesterdays support and resistance levels still carry through for the next few days (or longer).

Draw trend lines and only trade with the trend until your profitable. Only once profitable try counter-trend strategies.

Set stop loss and profit targets.

Don't over trade.... or sit in front of the computer all day.

Try to trade using limit orders... why? Because YOU set the price. If you miss out, oh well, there's always the next setup. Limit orders also force you to think through the strategy of your trade, stop loss, profit levels etc.... They remove the shotgun trading impulse that market orders facilitate.

Read this on MA's, Stop Losses, Pivot Points: http://www.forexfactory.com/showpost...0&postcount=40

Here's how I trade, with screen shots. It might help you:
http://www.forexfactory.com/showpost...1&postcount=17

Good luck and don't give up.... you've obviously put a lot of effort into learning Forex.

TrevA
  • #18
  • Nov 27, 2007 11:21pm Nov 27, 2007 11:21pm
Quoting je9265
Well basically, I've been only trading off the 4-hour chart, using a simple MA crossover system, and also I trade areas of S/R. I think my biggest problem is watching price breach resistance or support, then enter the market. Alot of times I'm right, but most times I make the wrong decision.

Also, on the crossovers, I always make the mistake of entering when the MA's look like they're just ready to cross, and then they wind up not crossing at all. But then I stay in too long, wondering if they're going to cross at the next candle...

So I guess my main problem is poor judgement.?
I had a habit of jumping the gun as well. Often when price breaks support or resistance it will return to the line it just broke. Let's say price breaks through resistance and you are waiting to go long. If price returns to that level and the former resistance now becomes support you have a much better entry than if you had simply entered at the break. You will miss a few breakouts this way but you'll be spared many false breaks.
If price doesn't retest the broken line at least let the breaking candle close, plus another bullish candle after.
Try to make the market prove its intentions. I know it's tough to wait on 4 hour candles but you need confirmation.
Try scrolling back through your charts and see if this makes sense.
Without knowing anything about your Moving Average system, I can say this with confidence; You gotta wait for the crosses. I don't know if your system is good or bad, but you have to wait for the crosses to give it a fighting chance.
You're not alone here.
As long as you're watching your charts and following your rules you are in the game, whether you have a position open or not. Once you learn to wait, you'll be one step closer.
  • #19
  • Nov 27, 2007 11:25pm Nov 27, 2007 11:25pm
Hi


je9265....

well from what I read in your previous post we still need a little more info...

You say a lot of the time your right...but most of the time you make the wrong decision........which is it...and if the system your using has a 50% win rate then it will come down to your money management and trade management to make a profit over time....more info on that

You enter early....well nothing we here can do about that...this is something that you have to try hard to correct...if you miss a good trade so be it....wait for the next one...I know how you feel..using higher timeframe charts you have to wait a while for the next trade...but it comes down to whats more important taking a risk( this is an additional risk added to the risk of the trade itself ) and enter early or follow your system...there is only 1 answer to that...and you already know it..
  • #20
  • Nov 27, 2007 11:28pm Nov 27, 2007 11:28pm
Jen,

The best thing I ever done for my trading was learn price action and trade the higher time frames...monthly, weekly, daily.

And are you trading a live account? If so, stop and trade demo..no need to blow accounts while your learning. Becoming a consistent profitable trader is a long process.

Just take your time learning. If you work hard and stay focused you or anyone else can become a successful trader.

Hope this helps.
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