First I would like to say I am starting this journal for ME. To write down my thoughts on trading, keep track of trades, and hopefully grow continuously as a trader.
I have in the past been a notorious Indicator abuser/follower/fiddler/experimenter.
In order to further imprint this thinking on my brain I will post exactly how I see a chart and what I am looking for in a trade. But, first I need to jot a few things down.
The Market and who I am in it.
I have recently come to believe that I and my fellow retail traders are really nothing and nobody in the forex market place. Big Banking and Big Business are the entities moving those little ticks up and down my price chart. My small orders don't even enter that huge river of order flow when I place them. Rather they enter larger orders placed at a later time by my retail broker. However, those banks in particular do have an idea of what I might do in many trading situations, and have developed strategies to take advantage of my tendencies.
For example: I, a poor peon in the scheme of things, want to learn to trade because I hear I can make good money. But, not knowing how to trade I immediately look to my broker to give me good advice on where to place my Stop-Loss order. My broker patently gives me the answer of "Above the last Swing-High or below the last Swing-Low" conveniently leaving out the idea that the Banks know just where those Stop-Loss orders are placed. How do the Banks know the orders are there? Because the Brokers learned to trade in a Bank! Thus giving the Bank, and quite possibly the Broker, an edge against me the little witless guy that loves to give away my hard earned green.
I believe we Retail Traders play in a Shadow Market set up by our own Broker that allows us to pretend we are trading the real thing. Now I do think we can make money at this, even substantial amounts of money(otherwise I wouldn't be here). But I don't believe a tiny $10-$100 Market Order can move the numbers on my screen!
To conclude I am Nobody!
Oh and I almost forgot. I believe that my mind is my strongest Indicator.
For Strategy Overview See: Post #s 143, 145, 146
Highly Recommended Threads
Behind Price-Order Flow
Trade What You See NOT What You Expect
J16 Thread
The System II
Trading With Deadly Accuracy
I have in the past been a notorious Indicator abuser/follower/fiddler/experimenter.
In order to further imprint this thinking on my brain I will post exactly how I see a chart and what I am looking for in a trade. But, first I need to jot a few things down.
The Market and who I am in it.
I have recently come to believe that I and my fellow retail traders are really nothing and nobody in the forex market place. Big Banking and Big Business are the entities moving those little ticks up and down my price chart. My small orders don't even enter that huge river of order flow when I place them. Rather they enter larger orders placed at a later time by my retail broker. However, those banks in particular do have an idea of what I might do in many trading situations, and have developed strategies to take advantage of my tendencies.
For example: I, a poor peon in the scheme of things, want to learn to trade because I hear I can make good money. But, not knowing how to trade I immediately look to my broker to give me good advice on where to place my Stop-Loss order. My broker patently gives me the answer of "Above the last Swing-High or below the last Swing-Low" conveniently leaving out the idea that the Banks know just where those Stop-Loss orders are placed. How do the Banks know the orders are there? Because the Brokers learned to trade in a Bank! Thus giving the Bank, and quite possibly the Broker, an edge against me the little witless guy that loves to give away my hard earned green.
I believe we Retail Traders play in a Shadow Market set up by our own Broker that allows us to pretend we are trading the real thing. Now I do think we can make money at this, even substantial amounts of money(otherwise I wouldn't be here). But I don't believe a tiny $10-$100 Market Order can move the numbers on my screen!
To conclude I am Nobody!
Oh and I almost forgot. I believe that my mind is my strongest Indicator.
For Strategy Overview See: Post #s 143, 145, 146
Highly Recommended Threads
Behind Price-Order Flow
Trade What You See NOT What You Expect
J16 Thread
The System II
Trading With Deadly Accuracy
