DislikedI too am studying Supply Demand zones. Maybe we can exchange notes sometimes.Ignored
Michael....did I see in a prior post that you were reading "Trading In The Zone"? If so, what did you think?
I was about to post this long, deep reply about the book with quotes and shit, and my little daughter (was sitting on my lap) mashed the kb sending the thing to hell...
Anyways you dodged a bullet I guess
Bottom line was that it's a required read to anyone aspiring to trade with success.
I am not experienced enough at the technical side of trading to be able to absorb the full effect of what he is trying to get across and I will read it again soon. But still it gave me alot of insight and I think saved me alot of grief that I would inevitably encounter not far down the road.
Just one quote cos it made me grin when I realised I knew exactly what he meant by it - "They (good traders) have stopped trying to predict outcomes."
That may sound strange to some, but it makes perfect sense when you really accept that is all about probability, and that means you must really accept the risk before you trade, meaning really accepting that anything can happen, and then you can get to using your edge to simply tip the scales in your favor and let what happens happen without fear.
I know this sounds simplistic and I'm not doing Douglas justice, but it makes alot of sense. We have all got to read and really digest it in my humble opinion.
Will PM you with resources I am looking at, would like to see what you are doing as well.
.Thanks
- #12,543
- Oct 12, 2011 9:07am Oct 12, 2011 9:07am
- Joined Jul 2011 | Status: Gold Again | 10,565 Posts
Michael....did I see in a prior post that you were reading "Trading In The Zone"? If so, what did you think?
Essential Listening - Mark Douglas Audio
It takes a lot for me to IGNORE you, but you can try.
...
Just one quote cos it made me grin when I realised I knew exactly what he meant by it - "They (good traders) have stopped trying to predict outcomes."
That may sound strange to some...
...
...send some of that my way too Fun. Anything I can get my hands on
I will forward Supp/Demand info as well, I am just a humble noob at it myself.
Appreciate the daughter deleting stuff with KB... I have two dogs, and I was eating chicken, with fingers, at laptop (chicken on keys), left the room, came back.....laptop was never the same
I see that you have reply from MichaelSimon, just want to point to a short thread with some Mark Douglas pdf files, and more views / opinions, he gets my vote for sure!
Essential Listening - Mark Douglas Audio
One thing's for sure. He's no dummy.
Feel like I should get out of this trade with the 15 pips and count my blessings..
http://www.forexfactory.com/attachme...hmentid=805574
The tdi is flattening out, like 2:30 now. But do I just let it stay and hit sl if its supposed to. If I planned my trade right I shouldn't worry about it should I?
Bottom line, if I was out I would not get in, but if I was in I would not get out. Remember this advice is worth exactly what you paid for it.....
One other point: have you ever done any manual back testing of this system on the pairs and timeframes you typically trade? I ask because that is one way to gain confidence in the system and your particular trading style. Having confidence in your trades is incredibly important.
- #12,550
- Oct 12, 2011 12:07pm Oct 12, 2011 12:07pm
- | Commercial User | Joined Aug 2011 | 2,409 Posts
Hi guys
To trade successfully you have to have a strict system and you have to be the the right mindset (psychologically). You have to have your edge and be in the zone.
My strict trading system is TMS but what do I do to build my edge and get myself in the zone?
LOL this would be weird to some or most of you'll and most of you'll would be laughing, I play texas holdem poker on facebook.
Some of you would ask how is that related. Well poker is based on statistics and you must expect and be prepared to lose some hands but in order to make your account grow you have to win the good hands. you even determine how much you want to lose each hand and must give up some of your money to see the next card if someone raises etc.If you get greedy you can lose all that chips so you even learn how to control greed if you want to grow that account ( so you play with a strategy). The features of poker and trading are very similar and personally it prepares me psychologically to trade forex. WHY? because i'm prepared to lose a trade but my overall trades must be winning trades so my account can grow.
So far i started with $10000 chips on this poker game and grew it to $6 000 000 chips winning consistently (not real money ). This gives me my egde which i take trades in forex without fear. its gives me confidence and puts me in a positive mindset.
i posted this because maybe it could help someone else but personally it works for me.
And dont get me wrong i aint saying you will make so much money in forex its just for you mindset , to give you that positive energy.
To trade successfully you have to have a strict system and you have to be the the right mindset (psychologically). You have to have your edge and be in the zone.
My strict trading system is TMS but what do I do to build my edge and get myself in the zone?
LOL this would be weird to some or most of you'll and most of you'll would be laughing, I play texas holdem poker on facebook.
Some of you would ask how is that related. Well poker is based on statistics and you must expect and be prepared to lose some hands but in order to make your account grow you have to win the good hands. you even determine how much you want to lose each hand and must give up some of your money to see the next card if someone raises etc.If you get greedy you can lose all that chips so you even learn how to control greed if you want to grow that account ( so you play with a strategy). The features of poker and trading are very similar and personally it prepares me psychologically to trade forex. WHY? because i'm prepared to lose a trade but my overall trades must be winning trades so my account can grow. So far i started with $10000 chips on this poker game and grew it to $6 000 000 chips winning consistently (not real money ). This gives me my egde which i take trades in forex without fear. its gives me confidence and puts me in a positive mindset.
i posted this because maybe it could help someone else but personally it works for me.
And dont get me wrong i aint saying you will make so much money in forex its just for you mindset , to give you that positive energy.
X-man the legendary conqueror of markets
- #12,551
- Oct 12, 2011 12:32pm Oct 12, 2011 12:32pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
Hello Guys!
Well, i will also join the TMS-Community.
The system looks great and fits my personal trading style
I have made my first trade E/U H1 (i think the setup is good)...
Well, i will also join the TMS-Community.
The system looks great and fits my personal trading style
I have made my first trade E/U H1 (i think the setup is good)...
- #12,553
- Edited 2:20pm Oct 12, 2011 2:07pm | Edited 2:20pm
I took this long at about 1:30 pm on the G/[email protected]..
Did I enter too late again? I saw Fibo 38 level had also been previous resistance on Sep 16th (yellow vert line, 2nd chart) so set tp just below it for about 60 pips.
I realize the tdi and stoch levels were a bit high and not coming from very low, as would be ideal.
I think I should probly close it out early as looking at the H1 it seems to not have to steam to keep moving...
May the slamming begin!
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One last thing: do you truly believe that with this method you can adapt it to your way of trading and make it succesful?? if the answer is yes.....stop looking at other methods and supply and demand trading etc etc.....this is a common issue with new traders...skipping from system to system all the while never really nailing one down....it will lose you money. If you believe in this method...forget all the other stuff and concentrate on really trying to perfect this. Keep it simple. Studying other stuff will confuse you and give you information overload which in turn will cause analysis paralysis....you will find it hard to trade at all. It happened to me and its very hard to get out of. Stick to the one method you have confidence in. Practice it.
I would even suggest if you are having a bit of trouble, clear all your charts and pick one currency...just one and trade it for a month. Guys here are making a good living using this just trading the euro. IT aint about how many currencies and charts you can look at, it aint about how many time frames you trade, and it ain about how many pips you bag......its about making money. And you can make plently of money trading this method on one pair.....try it.
