Hi 4extool,
I understand what you are going through .... you need to remember that all the successful trader agree that trading is 90% psychological game ...and 10% technical becuase even if someone get the technicals i.e. entry/extis in-trade managment right they can still loose due to psychological reasons.....my suggestion would be not to get tricked into hind-sight trading i.e. looking into past price action to determine where one would have entered or exited etc....as per Alexander Elder ..traders have to live on the right edge of the chart where thing may not be as clearer as the middle of the chart becuase anyone can trade in the middle of the chart however unfortunately brokers dont allow that.
- Dont get stuck on making crazy pips ...remember one needs to learn to crawl first before they can walk and eventually run and that can be a long process
- Even when you are ready to run dont get into the Crazy pips thing ..becuase in trading psychology that would be considered as greed ...trading is not about going for home runs...you need to make 1s & 2 and over a period of time your account would grow due to compunding. Get a compunding spreadsheet to see how it works
- some of the best trader only use 1 or 2 methods to trade ...they stick to it for long enough to know ins and outs of it.
- you really dont need to be glued to the screen ..set the alarms and then wait for the setup to occur exactly as expected if it dosent then skip the trade without any remorse ....
- Look for confluence of event such as long term support & resitance lines...round number...multiple fib overlaps and trendline + candle stick confirmation ...that will give a high probility setup and enhance your confidence.
- In trade managment is every important otherwise if you let your trades run without watching it closely on a lower TF then you are asking for more trouble i.e your winning trades would turn into loosing one more oftern and that will further damage you psychological capital therefore have the profit target ready and monitor trade on three time lower TF and exit at least half of the postion if price if stalling for too long of simply reversing bar after bar .....you would have to book profits and remember to familiarize yourself with breakeven S/L...this will help a lot
- Trading is termed as the final frontier in money making ....well whoever said that knew that it aint easy .... take it a easy and slowly dont rush
Okay ..... that about it on my preachings ....I am myself learning & currently on a demo account ...I am personally feeling that there is a lot of hands on experience required to start making consistent pips ...
I understand what you are going through .... you need to remember that all the successful trader agree that trading is 90% psychological game ...and 10% technical becuase even if someone get the technicals i.e. entry/extis in-trade managment right they can still loose due to psychological reasons.....my suggestion would be not to get tricked into hind-sight trading i.e. looking into past price action to determine where one would have entered or exited etc....as per Alexander Elder ..traders have to live on the right edge of the chart where thing may not be as clearer as the middle of the chart becuase anyone can trade in the middle of the chart however unfortunately brokers dont allow that.
- Dont get stuck on making crazy pips ...remember one needs to learn to crawl first before they can walk and eventually run and that can be a long process
- Even when you are ready to run dont get into the Crazy pips thing ..becuase in trading psychology that would be considered as greed ...trading is not about going for home runs...you need to make 1s & 2 and over a period of time your account would grow due to compunding. Get a compunding spreadsheet to see how it works
- some of the best trader only use 1 or 2 methods to trade ...they stick to it for long enough to know ins and outs of it.
- you really dont need to be glued to the screen ..set the alarms and then wait for the setup to occur exactly as expected if it dosent then skip the trade without any remorse ....
- Look for confluence of event such as long term support & resitance lines...round number...multiple fib overlaps and trendline + candle stick confirmation ...that will give a high probility setup and enhance your confidence.
- In trade managment is every important otherwise if you let your trades run without watching it closely on a lower TF then you are asking for more trouble i.e your winning trades would turn into loosing one more oftern and that will further damage you psychological capital therefore have the profit target ready and monitor trade on three time lower TF and exit at least half of the postion if price if stalling for too long of simply reversing bar after bar .....you would have to book profits and remember to familiarize yourself with breakeven S/L...this will help a lot
- Trading is termed as the final frontier in money making ....well whoever said that knew that it aint easy .... take it a easy and slowly dont rush
Okay ..... that about it on my preachings ....I am myself learning & currently on a demo account ...I am personally feeling that there is a lot of hands on experience required to start making consistent pips ...
DislikedI think that we all agree that one of the best trading methods is the ones without all kinds of indicators. I even dare to say that our method here could even be traded with the moving averages. It just makes trends more visual but we could surely do without.
We all look pretty much for the same thing, and all of us can see that this way of trading is working. So why aren't we all making crazy pips...and when i say all I MEAN ME!
When I'm not trading and looking at the charts I know exactly what to look for. To test this i haven't traded this...Ignored
