This is a exceptionally strong retrace... WHY? Will scratch new bold spot on my head try to understand it, so i will just say fuck it don't matter...
- #194,502
- Feb 11, 2010 12:36pm Feb 11, 2010 12:36pm
Basic trading concepts and rules apply to all traders.
Money management is more common sense than some agreement between me and my trigger finger.
Trading strategy concepts, again, have universal basics that apply to all. Regardless of your personal style.
It's nice that the seat in my Cadillac can be adjusted to just my build, height, and comfort.....but it's still shaped like a seat; regardless of what I do.
but trading psychology is difficult, very difficult. It was a lot of days when I didn't make new trade after I loss some money. Even when I made profitable transaction, my perception was different than before make a trade. Than I made wrong decisions.
- #194,503
- Feb 11, 2010 12:36pm Feb 11, 2010 12:36pm
- Joined Oct 2008 | Status: sideline is a position | 105,184 Posts
those who can, do. those who cant, talk about those who can
- #194,505
- Feb 11, 2010 12:39pm Feb 11, 2010 12:39pm
- Joined Oct 2008 | Status: sideline is a position | 105,184 Posts
those who can, do. those who cant, talk about those who can
- #194,506
- Feb 11, 2010 12:40pm Feb 11, 2010 12:40pm
- | Commercial User | Joined Feb 2009 | 5,030 Posts
In my (and not only my) opinion the key to be profitable on forex is creating own rules and abide by these rules. Your strategy must be fit to you. You'll never be profitable if your using someone others rules.
If you're profitable with pivots it's very good. I'm still looking my way of trading. Now I play with trend lines and fibo. Anyway market is changing and I consider that I will maybe have to change my rules in future.
Probably how I should have said it is, yes, trade the method that suits you; but don't try and be a renegade. They never make it. Regardless of how much short time success they brag about.
I've gone through method after method and the simplest methods seem to work better long term and in varying market conditions.
You can't create a new way to trade a market that was here before you....and will be here when you're gone.
You can trade methodology that suits your taste, but you cannot recreate the wheel.
The market WILL NOT bend to suit you. In the end, you have got to stay loyal to the basic trading concepts that have made thousands of traders successful since the conception of free markets.
Long story short.....
Capital Preservation is key to long term wealth accumulation
From my experience in forex trading: trading rules are basic
It's OK not to be in a trade. It's OK to wait for a good setup. It's OK to admit when your being anxious and take the day off.
It's NOT OK to take a trade because someone else is. It's NOT OK to trade to match pips with the forums big dogs. It's NOT OK to risk ridiculous leverage to try and strike the big trade.
As I've gotten older in this market, I've found self control to be much easier.
I took about 80 pips today. That's it. And I don't personally care if I could have gotten more or not. I don't care if someone else got 155 or scalped for 200+. My ego is not attached to my trading account anymore. But my wallet is.
Capital Preservation is key to long term wealth accumulation
- #194,516
- Feb 11, 2010 1:02pm Feb 11, 2010 1:02pm
- Joined Aug 2008 | Status: Fear makes us see who we really are | 4,822 Posts
They think they are smarter than I am.
- #194,519
- Feb 11, 2010 1:08pm Feb 11, 2010 1:08pm
- Joined Mar 2008 | Status: Name real with real own way | 23,415 Posts
Not understand?better not follow my analyses!doubt clearer first, risks ++