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james16 Chart Thread
- #52,702
- Jan 25, 2010 5:04am Jan 25, 2010 5:04am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Cheers mate..clears my mind a bit more..
I have been thinking about the topic of trading psychology..clearly its still something I am trying to get my brain around. To me I only start thinking about my trading behavior only when once the trade runs south..as long as I am following the rules and just be patient no demons in mind but the moment I screw up..there they are..still trying to understand what is it all. It confuses the hell out of me and frankly I could just be patient and disciplined to keep the demons away..does that make sense
Punter...
There's just a trade plan that you devise after you acknowledge a setup and then implement it.
The thread has all the knowledge that should help you identify a tradable setup,
Trial and error and lots of demo practice should help you sort out what kind of a trade management plan works for you according to your particular risk appetite,
The problem for most new traders is that they can't stick to their plans (the "demons") and panic get's the most out of them...this is where experience comes in which comes with time...
Try and understand Punter...trading's a long lonesome journey...Not because it takes time to spot an A+ setup and differentiate between this and a B+ and a C+ setup but because getting the mind to behave exactly like it should is an accomplishment to which there are no shortcuts
Mark Douglas probably elaborates the best on trading psychology in his book "Trading in the zone", so if psychology is the key to successful trading, and if it's all in a book why is the book priced at $30 only? You see what I mean by "no shortcuts"?
Figi's gold on the PF, and all the great psychology books can only give you a direction...they can save you from unnecessary lengthening of your learning curve...they can't cut it short.
So my advice to you Punter is to just take it easy and don't worry abt not getting your emotions right, the process will take time...and that only those who realize this will make it to the long term...
g.
I believe . . .
- #52,703
- Jan 25, 2010 5:09am Jan 25, 2010 5:09am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Is't it??
How easily you marked that area in real time and closed the trade and now see that price got hanged in that area for 4 weeks.
This is a regulation here in this thread but If you show something like this to someone outside this thread he will
We're truly blessed
g.
I believe . . .
- #52,704
- Jan 25, 2010 5:22am Jan 25, 2010 5:22am
There is no "trading behavior" Punter,
There's just a trade plan that you devise after you acknowledge a setup and then implement it.
The thread has all the knowledge that should help you identify a tradable setup,
Trial and error and lots of demo practice should help you sort out what kind of a trade management plan works for you according to your particular risk appetite,
The problem for most new traders is that they can't stick to their plans (the "demons") and panic get's the most out of them...this is where experience comes in which...
Thanks mate..u are a champ!
Punter
- #52,707
- Jan 25, 2010 6:35am Jan 25, 2010 6:35am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ahh..what bliss! I am in for the long run G..thats the only short-cut! I'll make this a fun journey...I'll start collecting A+ setups as a part of education and stick em in a folder with notes..just like we do in Uni..I'll try to pass this year with distinction!
Thanks mate..u are a champ!
Punter
g.
I believe . . .
- #52,709
- Jan 25, 2010 6:42am Jan 25, 2010 6:42am
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
wow where are you all people? its the first time since im actively reading this thread that i come home from college and that i have to read only one page usually when i came home you had already written about 10 pages in about 12 hours
from time to time it happens this situation but just wait for jaroo to post and you will see a trun around, he is the spirt of this thread like mike and many others seniors when they post all came around to take from their wisdom.
just be patience
,that's all you need wish you the best
- #52,710
- Jan 25, 2010 6:43am Jan 25, 2010 6:43am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
For reasons unknown to me this setup wasn't talked abt enough...
Anybody else who rode this "clean as a whistle" setup too?
g.
Anybody else who rode this "clean as a whistle" setup too?
g.
I believe . . .
wow where are you all people?
pssss... be quiet, everyone is looking for some fresh juicy PB, we don't want to scare them
- #52,713
- Jan 25, 2010 6:49am Jan 25, 2010 6:49am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ok IPB guy is done lets continue with the trend, else a BE won't hurt.
g.
I believe . . .
yea youre right now i know why you all missed jarroo so much when he was away
so true, cant imagine what would be with beginners like me without them 
all the best to you too
now i know why you all missed jarroo so much when he was away from time to time it happens this situation but just wait for jaroo to post and you will see a trun around, he is the spirt of this thread like mike and many others seniors when they post all came around to take from their wisdom.
all the best to you too
- #52,716
- Jan 25, 2010 6:53am Jan 25, 2010 6:53am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
thanks for posting this out ghous
i took the AUDUSD trade, it was the first IPB i traded
i bought it yesterday at 0.9018 and put a TP on 0.9090 since i saw that the first trouble area should be around 0.9100 and a SL on 0.8980
it was a quick overnight profit
Attachment Attachment
Again make sure you've practiced with them enough before you attempt to trade them live...these are undoubtedly the most subtle of all our PA bars.
g.
I believe . . .
- #52,719
- Jan 25, 2010 7:00am Jan 25, 2010 7:00am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Maybe it will be useful for somebody. I have DBLHC h4 chart.
http://picnac.com/images/6276cadchf.gif
As a beneficial excersice it would be great if you can come with reasons why (in your opinion) this is not a good take in terms of location and it's over all validity.
g.,
I believe . . .
- #52,720
- Jan 25, 2010 7:01am Jan 25, 2010 7:01am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi ghous,
I discussed it breifly with Mike. I took it and am still in.
Glen
g.
I believe . . .