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How can you improve your trading techniques?

  • #1
  • First Post: Jan 26, 2011 7:31am Jan 26, 2011 7:31am
Hi everyone,

So what do you do when you want to start all over again?

What do you read, what do you do?

What's your new approach, when you want to reconsider your position and change the tactic?
  • #2
  • Jan 26, 2011 7:52am Jan 26, 2011 7:52am
As a newbie myself I can't speak with much experience about trading in particular, but in general I would have thought that you first need to fully understand what went wrong the last time. After that learn from the mistakes of others and copy success.
  • #3
  • Jan 27, 2011 1:32am Jan 27, 2011 1:32am
Hi,

I know you like a short-cut, but trading is a maturing process. Like anything else that is worthwhile you gotta study hard and work hard to get anywhere. Take medicine for example: takes almost a decade to start as a normal doctor and even longer to become a specialist.

Now the time-line for becoming profitable depends a bit on luck and talent too, but hard work is always required. So, don't be lazy and expect the upcoming years to be your learning years in which you won't earn a dime. Well, but these learning years also won't guarantee you a profit in the end...

cheers
  • #4
  • Jan 27, 2011 1:52am Jan 27, 2011 1:52am
Quoting Custos
Hi,

I know you like a short-cut, but trading is a maturing process. Like anything else that is worthwhile you gotta study hard and work hard to get anywhere. Take medicine for example: takes almost a decade to start as a normal doctor and even longer to become a specialist.

Now the time-line for becoming profitable depends a bit on luck and talent too, but hard work is always required. So, don't be lazy and expect the upcoming years to be your learning years in which you won't earn a dime. Well, but these learning years also won't guarantee you...
Hi Custos and thank you for your advice.

I am not a new trader, I have 4 years experience in trading. I just wanted to know some ways to start over with fresh energy.

Maybe changing the trading strategy, reading some books, working on my discipline.
  • #5
  • Jan 27, 2011 2:19am Jan 27, 2011 2:19am
Quoting WhiteShell
Hi Custos and thank you for your advice.

I am not a new trader, I have 4 years experience in trading. I just wanted to know some ways to start over with fresh energy.

Maybe changing the trading strategy, reading some books, working on my discipline.
read yourself up on statistics, programming and working scientifically. Then start again with the knowledge acquired.
  • #6
  • Jan 27, 2011 6:51am Jan 27, 2011 6:51am
Quoting WhiteShell
Hi Custos and thank you for your advice.

I am not a new trader, I have 4 years experience in trading. I just wanted to know some ways to start over with fresh energy.

Maybe changing the trading strategy, reading some books, working on my discipline.
Take a good long holiday, like long service leave. It is designed to get you out of the work environment after long stints to really clear your head, relax and move away from the environment. Trading daily, staring at lines/bars/candles can be very exhausting. Add to it the fundamental aspects of reading reports to shape your Tech Ana and you have yourself a pretty demanding environment before you have even ponied up some coin.

Take the breather. While you are away read something large like Atlas Shrugged (1200 pages) or find something on Neuro Linguistics, play some golf or go on a fishing trip or whatever is up your ally, just do something that is not trading. You may find that when you come back you may have the clear mind that will allow you to continue.

RT
  • #7
  • Jan 27, 2011 7:04am Jan 27, 2011 7:04am
Quoting Razor_trader
Take a good long holiday, like long service leave. It is designed to get you out of the work environment after long stints to really clear your head, relax and move away from the environment. Trading daily, staring at lines/bars/candles can be very exhausting. Add to it the fundamental aspects of reading reports to shape your Tech Ana and you have yourself a pretty demanding environment before you have even ponied up some coin.

Take the breather. While you are away read something large like Atlas Shrugged (1200 pages) or find something on Neuro...
Your advice is so nice and zen. I should definately do that.

Golf and fishing I won't do since I am a girl.

Went to search for the 1200 pages book.

Thank you.
  • #8
  • Jan 27, 2011 9:23am Jan 27, 2011 9:23am
1. make sure to learn from your mistakes in your past trading
2. start fresh

you should also back to these two all the time until you become successful

Wish you good luck
  • #9
  • Jan 27, 2011 4:05pm Jan 27, 2011 4:05pm
go over your trading jounals.

if you donīt have one. start one. just write down every setup you take and make tons of notes about your charts and trades.
  • #10
  • Jan 27, 2011 5:46pm Jan 27, 2011 5:46pm
Quoting WhiteShell
How can you improve your trading techniques?
hey whiteshell..... some of us start over every sunday......

what helps me improve is to plot every trade on the chart..... if your using metatrader it's quite easy by just draging the trades from the history and droping them on the chart..... purpose built indicators can do a better job......

then slowly size up what was done and what could have been...... timing, trend, and such.....

//---
//---

kinda thought fishing was a good suggestion also, but clearly understand..... here are some other weekend ideas....... all within 30 minutes of paris......h
Attached Image (click to enlarge)
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to trade and code, keep both simple... no call to impress....h
  • #11
  • Jan 28, 2011 1:48am Jan 28, 2011 1:48am
OK, just joined so sorry if I'm in the wrong place.
I've got a simple but incredibly frustrating problem, I've had a number of demo accounts and started trading moving averages checking the daily trend and trading on the 4 hour, have had a lot of success, often 200+ pips in a day on 2-3 trades, problem is as soon as I 'go live' I seem to lose every time.
I think my whole psychology seems to go to pieces with real money and it just doesn't work, any one any tips?
  • #12
  • Jan 28, 2011 3:11am Jan 28, 2011 3:11am
Quoting forex1962
OK, just joined so sorry if I'm in the wrong place.
I've got a simple but incredibly frustrating problem, I've had a number of demo accounts and started trading moving averages checking the daily trend and trading on the 4 hour, have had a lot of success, often 200+ pips in a day on 2-3 trades, problem is as soon as I 'go live' I seem to lose every time.
I think my whole psychology seems to go to pieces with real money and it just doesn't work, any one any tips?
how old are your demo accounts? earning 200 pips in a day isn't so great unless you do it consistently, so stay with your demo for at least three months (if you are a day trader) and see if you are profitable, then go live. In this way you'll find out great days where you earn a lot and bad days where you lose some of the money you've earned!
  • #13
  • Jan 28, 2011 3:17am Jan 28, 2011 3:17am
Hi, I've been demoing for a couple of months, tried just about every system and strategy under the sun, but seemed to be getting most success with 1-2 day trading moving averages, but not live, I hate to admit it, but perhaps I just don't have the mental attitude going live?
  • #14
  • Jan 28, 2011 3:40am Jan 28, 2011 3:40am
Quoting hayseed
hey whiteshell..... some of us start over every sunday......

what helps me improve is to plot every trade on the chart..... if your using metatrader it's quite easy by just draging the trades from the history and droping them on the chart..... purpose built indicators can do a better job......

then slowly size up what was done and what could have been...... timing, trend, and such.....

//---
//---

kinda thought fishing was a good suggestion also, but clearly understand..... here are some other [url="http://www.grandriverrafting.ca/girls-time-out"]weekend...
Thank you so much, hayseed!

The idea with drag and drop of the past trades so I can analyse them is just great. ( i didn't know you can do that on MT4 - this is what I am using).

Do you have any other hints about what "magic" I can do with MT4?

About the relaxing tips - haha, funny you but my Paris is a little far than your Ontario Paris.
  • #15
  • Jan 28, 2011 3:55am Jan 28, 2011 3:55am
Attaining consistent training success requires a person to be in good shape emotionally, mentally, and physically. So take care of yourself. Get regular exercise. If you are athletic at all then the discipline required to follow a serious training regimine will follow you into your trading habits. Eat well and avoid bad habits with alcohol and drugs. Get plenty of good sleep.

Traders are obsessive and labor in isolation. Not healthy. Have a life, activities away from the computer screen and the markets. Don't neglect quality time with your friends, family, lovers. If you don't have any of those, get some. You need a high level of emotional intelligence to trade consistently well, because the mistakes that traders make to their detriment or ruin are often made when they lose their cool.

Know yourself. To really learn from your mistakes you have to be able to be honest with yourself. You put on risky trades and let your losses run, decimating your account? You spun your wheels in the best market conditions because you wouldn't let winners run? Why? What will you do to prevent such mistakes from recurring? To get a grip you'll need some capacity for self-reflection. If you're not trading well, stop trading.

Even if you are doing well I think its a good idea to take nice times away. Its a necessity for me, anyway. I get burnt out on thinking about the markets. The fackin euro goes up or down 100 pips, so what? What a bore. Honestly, if you have found yourself checking on what the global currencies are doing on Chrstmas Eve, please get professional help.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #16
  • Last Post: Jan 28, 2011 4:28am Jan 28, 2011 4:28am
Quoting WhiteShell
Hi everyone,

So what do you do when you want to start all over again?

What do you read, what do you do?

What's your new approach, when you want to reconsider your position and change the tactic?

Time off!!!
Even If It Is A Minority Of One, The Truth Is Still The Truth!!!
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