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How do I move forward?

  • #121
  • Oct 18, 2011 8:31am Oct 18, 2011 8:31am
Quoting EmeraldEyes
forgetting everything you've learned from others about trading and just try to buy low & sell high yourself? Since I did so, my trading has much improved.. and gotten quite boring. lol

IMO, If you're experiencing fear and greed then you are risking too much on trades.
People stock up on gambling theory, math and fundamentals when they start to trade. But almost never have I seen anybody apply common business sense to forex.
Kill the ego, or it will kill the mission.
  • #122
  • Oct 18, 2011 8:40am Oct 18, 2011 8:40am
Quoting AaronWard
People stock up on gambling theory, math and fundamentals when they start to trade. But almost never have I seen anybody apply common business sense to forex.
And how do you apply that? Ward.

How are you doing...Up early...?

Raza/shazy
Markets are not Random, they are designed!
  • #123
  • Oct 18, 2011 8:55am Oct 18, 2011 8:55am
Quoting EmeraldEyes
forgetting everything you've learned from others about trading and just try to buy low & sell high yourself? Since I did so, my trading has much improved.. and gotten quite boring. lol
So you're saying I should simply trade on my own and believe in myself?
  • #124
  • Oct 18, 2011 9:01am Oct 18, 2011 9:01am
Quoting Raza
And how do you apply that? Ward.

How are you doing...Up early...?

Raza/shazy
by applying EE's advice.
Kill the ego, or it will kill the mission.
  • #125
  • Oct 18, 2011 9:09am Oct 18, 2011 9:09am
Finoli,

By now you have enough advice to write a whole book. Much of it is excellent. But I am sure you have another problem. You need to answer the question of "Which advice should I follow?"

Every trick, every piece of advice, every time frame, every chart, is all about one thing -- buying low and selling high. So I suggest you look through all your advice, and ask yourself "Will this help me buy at a lower price and sell at a higher price?" Or better yet "How will this help me buy at a lower price and sell at a higher price?"
Kill the ego, or it will kill the mission.
  • #126
  • Oct 18, 2011 9:12am Oct 18, 2011 9:12am
Quoting AaronWard
Finoli,

By now you have enough advice to write a whole book. Much of it is excellent. But I am sure you have another problem. You need to answer the question of "Which advice should I follow?"

Every trick, every piece of advice, every time frame, every chart, is all about one thing -- buying low and selling high. So I suggest you look through all your advice, and ask yourself "Will this help me buy at a lower price and sell at a higher price?" Or better yet "How will this help me buy at a lower price and sell at a higher price?"
I've gotten the impression of the advice in this thread that entry is just a small part of trading.
It seems to me, that emotions and moneymanagement is equally important.
If you don't agree, please share your wisdom about it.

Finol
  • #127
  • Oct 18, 2011 9:27am Oct 18, 2011 9:27am
Quoting Finoli
I've gotten the impression of the advice in this thread that entry is just a small part of trading.
It seems to me, that emotions and moneymanagement is equally important.
If you don't agree, please share your wisdom about it.

Finol
I agree completely. If your emotions get in the way, you are less likely to buy low sell high. What typically happens is you get all happy on an upspike and buy, and then sell at a loss when it starts to crash and you panic. In short if you want to buy low and sell high, you need to master your emotions. But mastering your emotions will not make you money... only buying low and selling high.

Equally, money management is important. Bad money management will, sooner or later, crash your account. With no account, you cannot buy at any price. You are out of business. As with mastering your emotions, money management assists you in buying low and selling high by making sure that you will not get washed out of the market because of one mistake.

Let me know if that is not clear.
Kill the ego, or it will kill the mission.
  • #128
  • Oct 18, 2011 9:41am Oct 18, 2011 9:41am
Quoting AaronWard
by applying EE's advice.
I will have to look up who EE is?
Markets are not Random, they are designed!
  • #129
  • Oct 18, 2011 9:54am Oct 18, 2011 9:54am
EE is Emerald Eyes, the person I quoted. I know nothing about this person other than I liked this particular quote.
Kill the ego, or it will kill the mission.
  • #130
  • Oct 18, 2011 9:58am Oct 18, 2011 9:58am
Quoting AaronWard
EE is Emerald Eyes, the person I quoted. I know nothing about this person other than I liked this particular quote.
Thank you.
Markets are not Random, they are designed!
  • #131
  • Oct 18, 2011 10:24am Oct 18, 2011 10:24am
Quoting AaronWard
I agree completely. If your emotions get in the way, you are less likely to buy low sell high. What typically happens is you get all happy on an upspike and buy, and then sell at a loss when it starts to crash and you panic. In short if you want to buy low and sell high, you need to master your emotions. But mastering your emotions will not make you money... only buying low and selling high.

Equally, money management is important. Bad money management will, sooner or later, crash your account. With no account, you cannot buy at any price....
Just a quick sidenote, dont think you have to buy low and sell high,
it's perfectly viable to buy high and sell even higher.

Don't be afraid to join a trend if it's on the way.

I agree on the rest tho.
Never whishing, always trading.
  • #132
  • Oct 18, 2011 10:38am Oct 18, 2011 10:38am
Quoting Hova
Just a quick sidenote, dont think you have to buy low and sell high,
it's perfectly viable to buy high and sell even higher.

Don't be afraid to join a trend if it's on the way.

I agree on the rest tho.
Yes, I understand that, but for some messed up reason, riding a trend is harder to me than picking tops and bottoms :S at least on H1 - H4
  • #133
  • Oct 18, 2011 11:04am Oct 18, 2011 11:04am
Quoting Finoli
So you're saying I should simply trade on my own and believe in myself?
Yep. There's no system/person to follow or book to read for guaranteed success.

Become a student of the market. Read forex news, order info, study market micro structure, macro economics, how price moves, ect ect. This is one hell of a dynamic market!
  • #134
  • Oct 18, 2011 11:35am Oct 18, 2011 11:35am
Get professional help, Google for Tharp Trader Test

It takes a lot for me to IGNORE you, but you can try.
  • #135
  • Oct 18, 2011 11:56am Oct 18, 2011 11:56am
Quoting Finoli
I've gotten the impression of the advice in this thread that entry is just a small part of trading.
It seems to me, that emotions and moneymanagement is equally important.
If you don't agree, please share your wisdom about it.

Finol
The entry is almost the least important part. The exit and exit strategy if wrong are much more important than the entry. But even the exit takes a back seat to money management.

Think about it.. the vast majority of trading info, advice, systems, books, indicators, etc. are all focused on the entry. Yet 85%-90% traders are losers over all. Why is that? Because profits are made on EXITS. Losses are minimized on EXITS. Until that sinks in and you can understand and put that in to practice, the odds are vastly against you over time.

I can speak from personal experience that you can nail tops/bottoms to the pip and to the bar and be 75% accurate on the entry and still lose your @ss. Letting winners turn to losers. Letting losers turn to bigger losers. Not maintaining positive risk:reward. Accuracy means nothing if the losers eat up all the profit even if they are few and far between.
  • #136
  • Oct 18, 2011 12:00pm Oct 18, 2011 12:00pm
Cool post JR97
  • #137
  • Oct 18, 2011 12:04pm Oct 18, 2011 12:04pm
Quoting JR97
The entry is almost the least important part. The exit and exit strategy if wrong are much more important than the entry. But even the exit takes a back seat to money management.

Think about it.. the vast majority of trading info, advice, systems, books, indicators, etc. are all focused on the entry. Yet 85%-90% traders are losers over all. Why is that? Because profits are made on EXITS. Losses are minimized on EXITS. Until that sinks in and you can understand and put that in to practice, the odds are vastly against you over time.

I can...
Makes sense. I've been there :l
  • #138
  • Edited 3:04pm Oct 18, 2011 2:54pm | Edited 3:04pm
To move forward you need to find something that works.

I think the best thing is: look at live prices for five hours a day and have an opinion. Don't trade, simply look at it.

This I think was a very curcial part. It is hard to be looking for something that works AND trading at the same time, because emotions get in the way.

Don't just stare, look at it!

If you are looking for a strategy and it has no clear rules on entry, exit and it has no backtesting results, put the thread starter on ignore and start looking for something that works yourself.

Most time as a trade one actually spends backtesting. At least, it is with me the case.

Get daily data from 90s and 2000s and play it on simulator with no indicators (better bars, not candles) with a modarate speed, simply look at it, don't trade. You will then find same things happenning all over again, when you decide on what pattern you choose, look at the way, how you approach it, where you enter and where you exit.

Good Luck.


I strongly advise from just taking some random strategy from a forum and trading it. There are no perfect books about trading. You don't need to know anything to be profitable. Just look at chart and have an opinion.
I found a penny today. That's +100 pips for me.
  • #139
  • Oct 18, 2011 7:32pm Oct 18, 2011 7:32pm
JR79,

I have to agree that there is only one way to make money... exit a position when it is profitable. And that money management is more important than exits. You can survive 50 bad exits. But one money management mistake is game over.

But just recently somebody gave me a lot of crap about my entries and I have to concede, entries are very important....right after money management and exits.
Kill the ego, or it will kill the mission.
  • #140
  • Oct 19, 2011 9:08am Oct 19, 2011 9:08am
Quoting AaronWard
JR79,

I have to agree that there is only one way to make money... exit a position when it is profitable. And that money management is more important than exits. You can survive 50 bad exits. But one money management mistake is game over.

But just recently somebody gave me a lot of crap about my entries and I have to concede, entries are very important....right after money management and exits.
Can't hear that enough
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