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The best way to trade?

  • #1
  • First Post: Jun 18, 2011 4:00pm Jun 18, 2011 4:00pm
Hi

The BEST way to trade is YOUR way

NO-ONE can tell you how to trade.

Some people have DEFINITIVE guidelines,some just go with the flow(trend),in my opinion NOT the best way..

My belief is you have to have a mixture of the 2.


A few examples.......

I set my trade away,ALWAYS set a stop loss,and Take profit.

Money mangement(again 'YOUR' choice 1/2/3/10% of your balance)
Trailing stop(Your choice).

As much as possible monitor your trade,(there are MANY times I've exited a trade early,but still have a profit),That is the main objective a profit.

I've also seen a reversal and wipe out a very reasonable profit(without checking).

Just remember at the end of the day it is 'YOUR' choice wether it be .EA,indicator,timeframe,or some pathetic system you may have purchased off the internet,it's your loss,and your decision to enter the trade.

Regards

Ken
  • #2
  • Jun 18, 2011 4:33pm Jun 18, 2011 4:33pm
Quoting kendeb57
Some people have DEFINITIVE guidelines,some just go with the flow(trend),in my opinion NOT the best way..

My belief is you have to have a mixture of the 2.


A few examples.......

I set my trade away,ALWAYS set a stop loss,and Take profit.

Money mangement(again 'YOUR' choice 1/2/3/10% of your balance)
Trailing stop(Your choice).

As much as possible monitor your trade,(there are MANY times I've exited a trade early,but still have a profit),That is the main objective a profit.

I've also seen a reversal and wipe out a very...
-- Yeah, pride/ego / need for (misdirected: how much make) control ruins one's very sensible approach.
Maybe:
When run afoul of trade's original reason, mm kicks in to save common sense. It may even produce luck: A thread of a chance the reason is a bit intact enough to BE, take it and go. Or even a parallel reason as yet unexplained. But NOT a reason against your trade, which you may see as watch the trade and discount inappropriately.
Point is, there's a spectrum of reasons one must obey, even on the side of luck.
  • #3
  • Jun 18, 2011 4:44pm Jun 18, 2011 4:44pm
Quoting ha-pattern
-- Yeah, pride/ego / need for (misdirected: how much make) control ruins this very sensible approach of yours.
Maybe:
When run afoul of trade's original reason, mm kicks in to save common sense. It may even produce luck: A thread of a chance the reason is a bit intact enough to BE, take it and go. Or even a parallel reason as yet unexplained. But NOT a reason against your trade, which you may see as watch the trade and discount inappropriately.
Point is, there's a spectrum of reasons one must obey, even on the side of luck.

I'm sorry but PRIDE/EGO or even GREED is NEVER a factor in my trading approach,IF I set a T/P of 4/500 pips,very rarely does the T/p kick in,I always monitor my trades BUT set S/L,T/P to protect me,if a trade happens to go against me.

You can have a T/P you're happy with AND a stop loss you're happy with,BUT to be honest manual analysis of your trade is always best(if possible)

Regards

Ken
  • #4
  • Jun 18, 2011 5:16pm Jun 18, 2011 5:16pm
Quoting kendeb57
I'm sorry but PRIDE/EGO or even GREED is NEVER a factor in my trading approach,IF I set a T/P of 4/500 pips,very rarely does the T/p kick in,I always monitor my trades BUT set S/L,T/P to protect me,if a trade happens to go against me.

You can have a T/P you're happy with AND a stop loss you're happy with,BUT to be honest manual analysis of your trade is always best(if possible)

Regards

Ken
Meant no offense. What I wanted to say was, thanks for expressing your approach, it inspired me to work on a problem I was having with my own trading.

And the emergency T/P idea of yours is an interesting one, have to think on it.
  • #5
  • Jun 19, 2011 3:57am Jun 19, 2011 3:57am
Quoting ha-pattern
Meant no offense. What I wanted to say was, thanks for expressing your approach, it inspired me to work on a problem I was having with my own trading.

And the emergency T/P idea of yours is an interesting one, have to think on it.
No problem,hope I've helped you(a little).

Regards

Ken
  • #6
  • Sep 14, 2011 3:07am Sep 14, 2011 3:07am
there is not such thing as "best..." in Forex. it is all about "better"s. I wouldn't suggest you to look for "best days", you'll either make a lot of mistakes or rarely "find" that day and miss opportunities meanwhile.
  • #7
  • Sep 15, 2011 11:12am Sep 15, 2011 11:12am
You're a new trader.
Demo 1 month. Go live.

You're experience.
Demo 1 week. Go live.
  • #8
  • Sep 15, 2011 11:13am Sep 15, 2011 11:13am
Blow your account.
Insert more tokens. Try again.
And NEVER take your tokens from the bank. (You hear someone shouting GAMBLER?)
  • #9
  • Sep 22, 2011 4:59am Sep 22, 2011 4:59am
Yes, the best way is trade like you like, because every trader/scalper has its own trading strategy based on himself. That is the reason, why is so hard to learn anothers trader trading strategy, because you will not see the same opportunities like him in the same chart.

From my personal point of view is learn trading run for long way, because if you want to be really successful you need to make mistakes and don't repeat them, so it takes some time to do all possible mistakes and keep in trading , I think thats why so low number of traders at forex market are really successful, because many traders, who i know are looking for shortcuts.
  • #10
  • Sep 25, 2011 7:36am Sep 25, 2011 7:36am
Quoting IntradayFX
Yes, the best way is trade like you like, because every trader/scalper has its own trading strategy based on himself. That is the reason, why is so hard to learn anothers trader trading strategy, because you will not see the same opportunities like him in the same chart.

From my personal point of view is learn trading run for long way, because if you want to be really successful you need to make mistakes and don't repeat them, so it takes some time to do all possible mistakes and keep in trading , I think thats why so low number of traders at...
Thanks for the explanation. I have been very frustrated trying to learn another trader's successful strategy for so long a time already. What works for him doesn't work for me.
  • #11
  • Sep 27, 2011 4:50pm Sep 27, 2011 4:50pm
I've been experimenting with some different trading styles, mostly different timeframes. I'm very new to trading and thus far I've been pretty profitable but I think I'm finding my niche trading on the longer charts from 15M to 4H, looking for support and resistance areas to go long and short on. It's had some success and my trendlines are getting better and I'm seeing a lot of things before they happen. I'm a bit too chicken to enter some of the trades though but I'm working on it
  • #12
  • Sep 27, 2011 6:47pm Sep 27, 2011 6:47pm
Best way to trade?
hahahha...

The best way to trade my friend is where you need to find you click. MAybe you like to be fundamentalist, or a chartist or both. And inside them there are more subcategories. just remember that You're trading, so find whats best for YOU.

For my technical analysis, i use supply demand with ichimoku, and true enough this is me.

so i suggeset you find something FOR YOU so experiment here and there with this and that. You'll find your click
Have I got something on my face, SOLDIER?
  • #13
  • Oct 4, 2011 8:42pm Oct 4, 2011 8:42pm
Keeping it clean and simple without bells, whistles, flashing indicators etc is a good start. Using clean price action charts with only a handfull of trading methods that you have mastered and waiting patiently to see the setups is in my opinion a great idea.

Apply paretos law or better known as the law of 80/20 to your trading and for that matter your life. you get 80% of your results from 20% of your input. The rest of your input is usually unproductive. Find that 20% (ie: clean uncluttered price action trading on longer terms and a handful of well mastered techniques) and you are off to the races my friend...it's that simple

all the best
  • #14
  • Oct 4, 2011 9:21pm Oct 4, 2011 9:21pm
I find that adding a single indicator to the screen such as a 50 period simple moving average adds clarity and helps me stay focus on the current direction of the trend.
  • #15
  • Last Post: Oct 5, 2011 9:32am Oct 5, 2011 9:32am
The problem is that when youre a newbie you are driving without any skills...

You have to observe someone that can prove that the way they trade works, several pages online that has these recordings... Trust me you will doubt your system so many times its not even funny... Until you know that it works, just have to take the leverage down and count the pips overall... KISS

I would start there then build a "system" around something you have seen works...

Go straight to the heart

Dont fall into what the other guys are saying...
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