works like a charm...
Bundy's status today: "Waiting..." 
james16 Chart Thread
- #44,221
- Sep 19, 2009 5:14pm Sep 19, 2009 5:14pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
You have said it yourself...trading psychology is the effect of having money on the line. The value off the $$ will control your decisions - the problem.
I think you are underestimating the role psychology will play when you start trading and especially later as you get more into it. I am not pretending to be an expert but it seems you are taking it a little too lightly and thinking of only one aspect.
The value of money is an important part but what about other factors?
What's going to happen when you have a sting of consecutive losses?
-Do you think its not going to happen? (to belive that you are just lying to your self)
-How will this effect you ego?
-Will you question yourself and you abilities? How do know?
Will you stay with you system?
-will you change?
-will you think you are doing something wrong?
-how or when will you know when you made a mistake?
How will this affect your future trades?
-will you be scared?
-will you take "revege trades"?
What happens when you take a "revenge trade", will you recognize it as such?
-what will the consequences be?
-do you belive in having cosequences for going against your plan?
I don't think its about money so much as ego. To find out that the market that's been so good to you all of a sudden starts "betraying" you? How will you deal with this? How will you deal with your emotions? Revenge, acceptence, give up and quit, change system, learn....?
I know you are very young, as am i, and probably have gotten in trouble and made a few mistakes. I am willing to bet you got punished for them so you learn and don't do it again (it was the belt for me,
, lol). Weather it be from teachers/parents/guardians etc.. but when you make a mistake you know someone will get you. In trading their is no one to punish you. When you make a mistake how will you learn from it? You can learn by your losses but what happens when you make a few mistakes and win a few times? These kinds of trades will ruin you if you don't recognize them for what they are?I suggest you take a look at this thread and read Merlin's and Dopey's posts:
http://www.forexfactory.com/showthread.php?p=260107
this also by Gaston:
http://www.forexfactory.com/showpost...0&postcount=17
i hope that helps and opens your eyes a little to see that their is more to trading then making $xxx or pips on a demo account and that psychology has many different aspects. Having said that i think you should not have to worry about all that yet as you are not trading with money and focus on system development and building confidence in you abilities so you don't question yourself later on.
- #44,224
- Sep 20, 2009 1:42am Sep 20, 2009 1:42am
You're shortcutting the rest of the closes between Point A and Point B as if they don't count.
Switch your chart to a line chart , look at your peaks and troughs and you'll see where your going wrong on that point straight away.
It doesn't matter if we aren't drawing them the most correct way. They're one of the strongest tools we have the way we currently use them anyway.
- #44,226
- Sep 20, 2009 4:46am Sep 20, 2009 4:46am
- | Commercial User | Joined Feb 2008 | 4,633 Posts
Just wanted to say hello to lovejoy, and second Pips response.
We want to look for those pins at swing low points, that is a swing high like Gator said. What happens is buying into a fresh high like that, we can have lots of sell orders above that area, and people get caught in a quick reversal. Yes it certainly can signal a continuation, but we want to put ourselves in the best position, and I would be nervous buying new highs on just that bar alone(if it was a breakout + pullback that would be different for me).
Take care
Mike
Thanks for the response. It's pretty much what I thought (apart from the hanging man comment) but just wanted to see if others agreed.
As an aside - I've just started using MT4 for charting (rather than Oanda) and wondered if anyone knew how to automatically get the round numbers i.e. 00 / 50 highlighted on the chart ?
Thanks
Mark
- #44,229
- Sep 20, 2009 8:03am Sep 20, 2009 8:03am
- Joined Mar 2004 | Status: Senior Member | 1,634 Posts
- #44,230
- Sep 20, 2009 9:23am Sep 20, 2009 9:23am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
Load this indicator.
thank u ....this is something i need, i always forgeting round rumbers
- #44,231
- Edited 10:06am Sep 20, 2009 9:40am | Edited 10:06am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
Yep. That's my point.
If you are able to get rid of this money value and see numbers instead, you will be playing the market's conditions, instead of your emotions desires. IMO the money value doesn't need to effect and control you decisions.
To quote Ryan, "Money changes it all".
It comes back to fit yourself to the market instead of trying to fit the market to yourself. Controlling yourself instead of trying to control the market.
The hardest thing to do, maybe.
Ben
IMHO i thought psychology in trading was very over traded, i now think it is 95% psychology and is the hardest thing to get right because there are so many paradox involved..if u ever read "trading in the zone" u will know exactly what i mean....
u have to take full responcibility for your actions, and its solly u that is responcible never the market..
The problem which may arise is your expectation of what u expect to get from trading, this very thought can work against u in trading because it is human nature to get upset when we do not get what we want..hopefully u can see the dynamics at work here ben..
psychology is a very personal thing from one trader to the next we are all different, Im a man who never gambled in his entire life, my trading obstacle is actually placing a trade to make money (as crazy as that sounds) because i know i can lose it and this work against me in my trading....u will never know what your issues will be till u take that step.....
I wish u luck in taking that step.....u have a fantastic grasp of this edge and i know this will put u in good sted...be lucky my friend
PS i love your posts...
- #44,233
- Sep 20, 2009 1:58pm Sep 20, 2009 1:58pm
... GBP/USD Weekly BEOB at the swing high, off the 61.8% Gold Fib (from the last spike a year ago.
Close strong support at the 1.6200 (so if breaks 1.6200-1.6207) the first resistance zone are of course round number at 1.6000 (also previous bars lows) and down to 1.5930 (previous bar highs).
Overall S/L are quite large as for my miniscule account and I can trade micro lot or two (but that's not the point) on this.
The point is if I got my reasoning completed.
Hmmm...
Close strong support at the 1.6200 (so if breaks 1.6200-1.6207) the first resistance zone are of course round number at 1.6000 (also previous bars lows) and down to 1.5930 (previous bar highs).
Overall S/L are quite large as for my miniscule account and I can trade micro lot or two (but that's not the point) on this.
The point is if I got my reasoning completed.
Hmmm...
- #44,234
- Sep 20, 2009 2:11pm Sep 20, 2009 2:11pm
How is everybody after the weekend ? Everything's ok ?
Hope everybody had a nice and chilling out time.
Does anybody know how the market opened ? any gaps ?
Can't access any platforms now.
Hope it's gonna be a nice and profitable week ahead.
Hope everybody had a nice and chilling out time.
Does anybody know how the market opened ? any gaps ?
Can't access any platforms now.
Hope it's gonna be a nice and profitable week ahead.
- #44,235
- Sep 20, 2009 2:12pm Sep 20, 2009 2:12pm
How is everybody after the weekend ? Everything's ok ?
Hope everybody had a nice and chilling out time.
Does anybody know how the market opened ? any gaps ?
Can't access any platforms now.
Hope it's gonna be a nice and profitable week ahead.
Haven't looked to closely overall but that's something I noticed.
- #44,236
- Sep 20, 2009 2:30pm Sep 20, 2009 2:30pm
Pound seems to have weakened further over the weekend, there are gaps on the GBP pairs.
Haven't looked to closely overall but that's something I noticed.
Not too crazy opening, ok. See what's gonna be ahead.
Hope everybody will have a nice and profitable week.
- #44,237
- Sep 20, 2009 2:48pm Sep 20, 2009 2:48pm
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
Not too crazy opening, ok. See what's gonna be ahead.
Hope everybody will have a nice and profitable week.
- #44,240
- Sep 20, 2009 11:54pm Sep 20, 2009 11:54pm
Hey H
Glad you are enjoying the thread welcome.
The pin was too small for my liking(I am quite picky I am told). But we did have divergence, and then using our knowledge of support/resistance + a small bar the previous bars high(blue area), is our first trouble area and we basically have stalled there.
Here is a chart
Take care
MIke
Thats being soft.. its going straight back into support...
I didnt even see this pin.. & for me thats rare.. Its a shit pin.
Are you getting old????????