DislikedEngulfing bear candle on 1 h chart, 5 min open to short, now waiting for a lil retraceIgnored
- #133,844
- Aug 21, 2009 8:15am Aug 21, 2009 8:15am
I think I shouldn't post here my trades. I think Illuminati are waching me and manipulate the market accordingly.
Keep walking. We are with you on the opposite side.
- #133,846
- Aug 21, 2009 8:19am Aug 21, 2009 8:19am
- | Joined Oct 2008 | Status: Trader | 1,035 Posts
What engulfing candle are you talking about? On 1h chart? There is no engulfing candle. Look at the real body - spikes (shadows) doesn't matter.
OK now see how in 40 minutes Bernanke will deal with them!
ROBOT FOREX
- #133,850
- Aug 21, 2009 8:23am Aug 21, 2009 8:23am
- Joined Mar 2008 | Status: Name real with real own way | 23,413 Posts
Not understand?better not follow my analyses!doubt clearer first, risks ++
- #133,853
- Aug 21, 2009 8:42am Aug 21, 2009 8:42am
Just wondering, when you paper traded did you try only one method? Did you go through X number of indicators or did you just stick to one method and prefect it?
Just curiousits impressive to spend that much time on one system. I personally think its all but impossible to learn trading without the fear of losing money. The reality of your money on the line is the biggest obstacle to sticking with a plan.
Its hard to overcome emotion if your not in the game with a knot in the pit of your stomach. Learning sucks, but until the market...
I have a growth plan for my account that I will not deviate from. It has been slow growth and not always as consistent as I have hoped for but it's growing nonetheless. Although I have changed some over the years in my live account it's mostly variations of the same method and could be really only considered 'tweaking' of it. Any drastic changes in my method gets paper tested for sure until it shows consistent gains over like months, not just days or weeks.
I found that the best way to find your own 'style' is ask yourself how much can you tolerate losing in one trade? Some people can deal with a bigger loss than others. If you can deal with a 50-75 pip loss in one trade, as well as your account can withstand such a loss and not cripple it, then you can trade medium term and find a style/timeframe that will match that target. If you can't stand more than 20-30 pips, better to stick to scalping or 'move trading' as I call it. Like we just had a 100-120 pip 'move' up just over the past 6 hours it would support a 20-30 pip SL and fall comfortably into a healthy P/L ratio. As long as the account balance can support it, of course.
If you can really go long term and stand a 100pip or more SL then you can cash in on huge gains....if the account will withstand that type of loss.
How do I decide what SL the account can stand? 10 losses in a row won't bankrupt you. It's an arbitrary number of losses but I have never hit that many in a row since I have gone to a mechanical method of trading so I figure it is a safe ratio. Plus my mentor told me that so I followed it and it held up to the test of time. Some people use 2% as how much of a SL your account can stand to be hit and that works very well, too. It's more conservative than what I used but since I started with $200 I figured 20pip SL x 10 = 200pip was fair enough. I got more conservative after I built it up a bit. It worked for me but everyone is different.
What 'method' of trading is best? I think every method you find will work. If you have good MM and trade it mechanically. You get the signal, open the trade and set your SL and target. Even though my method has a flexible way of setting those I won't tell others to do that until they have more experience as a trader and can learn to not act on emotions.
How does one find the 'method' that suits them best? That's up to you. Try everyone you find in demo, one at a time of course so your brain doesn't mix it up. Unless you got that brain type that can juggle live hand grenades, which I don't. For me I sat and looked at a naked chart until I thought I saw something. I try this with naked women, too....oh I saw something alright.
Although unlike naked women I added a indicator one at a time removing the old one until I found one that spoke to me. I guess I did look at naked women one at a time until I found one that spoke to me but that is another story. I found certain indicators that I understood and worked out my own system. Along the way I met my mentor and he helped me with trader psychology and MM. He also helped me clear up some methodology confusion I had. Told me to KISS.
Find a method that speaks to you. Don't try to force your mind to grasp a method that it is not picking up easily. There are thousands of methods and many of the methods say the same thing but different ways. Just like different languages say the same thing but you can understand one and the other is like wtf.... There's only three directions the market can go, up, down or sideways and how long it will go that way. All the methods can work as long as you can understand it when it speaks to you.
Trade it like a machine. I've had countless times when my instinct told me it was a stupid trade and it was wrong sometimes and right sometimes, both happened. Countless times it told me it was a great trade and it was wrong sometimes and right sometimes, both happened.
Just stick to your method like you're Mr Roboto...save your emotions for your woman and your favorite sporting team. Not your trading. Don't trade instinct. Save instinct for whether you can think you can cross the street without getting hit or if you should pet a strange dog...or pet a strange woman....lol.
- #133,860
- Aug 21, 2009 9:00am Aug 21, 2009 9:00am
- | Joined Jun 2009 | Status: Trader | 1,944 Posts
"I will walk before they make me run" K.Richards 