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How do I move forward?

  • #161
  • Oct 20, 2011 12:57am Oct 20, 2011 12:57am
Quoting JR97
I know what you mean. Hence why I keep multiple charts. Daily, 4h, compressed 1h, on down to the 5 if I really want to nail it down. But most everything I do starts at the daily or even weekly. I try not to spend too much time analyzing the intraday because then I get caught up in the minutia. I just mostly use intraday for timing.
I tend to do that too, but I can't seem to make good decisions that way..
Practice, practice, practice...
  • #162
  • Oct 20, 2011 1:09am Oct 20, 2011 1:09am
Quoting Finoli
I tend to do that too, but I can't seem to make good decisions that way..
Practice, practice, practice...
What is your idea about what is a good decision and what is a bad decision?
Kill the ego, or it will kill the mission.
  • #163
  • Oct 20, 2011 1:24am Oct 20, 2011 1:24am
Quoting AaronWard
What is your idea about what is a good decision and what is a bad decision?
He doesn't know when to enter on the smaller TF's
Never whishing, always trading.
  • #164
  • Oct 20, 2011 1:34am Oct 20, 2011 1:34am
Quoting Hova
He doesn't know when to enter on the smaller TF's
to call a decision bad, can mean a number of different things.

for example:

1. it didn't make money
2. I didn't follow the setup I know
3. I don't have a set up to follow.
Kill the ego, or it will kill the mission.
  • #165
  • Oct 20, 2011 1:37am Oct 20, 2011 1:37am
Quoting AaronWard
to call a decision bad, can mean a number of different things.

for example:

1. it didn't make money
2. I didn't follow the setup I know
3. I don't have a set up to follow.

Yeah i just guessed.

But we're on the same on point 3 if you didn't notice
Never whishing, always trading.
  • #166
  • Oct 20, 2011 1:47am Oct 20, 2011 1:47am
Quoting Hova
Yeah i just guessed.

But we're on the same on point 3 if you didn't notice
Yup. Just wanted to hear it out of the horse's mouth.
Kill the ego, or it will kill the mission.
  • #167
  • Oct 20, 2011 7:47am Oct 20, 2011 7:47am
Quoting AaronWard
What is your idea about what is a good decision and what is a bad decision?
Kinda hard to describe.. I guess I enter trades but I soon realize I didn't take stuff into account, such as fibo's, dojis on other timeframes, trendlines etc.


Finoli
  • #168
  • Oct 20, 2011 9:07am Oct 20, 2011 9:07am
Quoting Finoli
Kinda hard to describe.. I guess I enter trades but I soon realize I didn't take stuff into account, such as fibo's, dojis on other timeframes, trendlines etc.


Finoli
The longer I trade the more I want to and am able to keep it simper and simpler and simpler. I guess these things that you mention are useful, as long as they're not causing Paralysis by Analysis. If I see a clear directional bias on the Weekly chart, I just wait for a good opportunity on the Daily to enter. I do consider S/R (horizontal lines, diagonal lines and curvy lines), but only as a reason to NOT enter - if I use them TO enter, I'm just guessing and gambling.

But basically, if the Weekly is going somewhere and there's not a lot in its way, I just wait for a pullback or a breakout on the Daily. If there's no clear direction I just sit back and wait.
  • #169
  • Oct 20, 2011 9:07am Oct 20, 2011 9:07am
Quoting Finoli
Kinda hard to describe.. I guess I enter trades but I soon realize I didn't take stuff into account, such as fibo's, dojis on other timeframes, trendlines etc.


Finoli
This is why keeping a journal is key. Make a journal entry form with a check list of your criteria.
  • #170
  • Oct 20, 2011 9:11am Oct 20, 2011 9:11am
Quoting Rob Mondave
The longer I trade the more I want to and am able to keep it simper and simpler and simpler. I guess these things that you mention are useful, as long as they're not causing Paralysis by Analysis. If I see a clear directional bias on the Weekly chart, I just wait for a good opportunity on the Daily to enter. I do consider S/R (horizontal lines, diagonal lines and curvy lines), but only as a reason to NOT enter - if I use them TO enter, I'm just guessing and gambling.

But basically, if the Weekly is going somewhere and there's not a lot in its...
would you say you are trading the path between home and grandma's house, while avoiding the fox's along the way, instead of trying to trade into or away from inside the gates of either property?
Congratulations ScalaFX for coming out of the closet!
  • #171
  • Oct 20, 2011 9:14am Oct 20, 2011 9:14am
Quoting nubcake
would you say you are trading the path between home and grandma's house, while avoiding the fox's along the way, instead of trying to trade into or away from inside the gates of either property?
Haha, yeah, I guess so.
  • #172
  • Oct 20, 2011 9:19am Oct 20, 2011 9:19am
Quoting JR97
This is why keeping a journal is key. Make a journal entry form with a check list of your criteria.
I agree, journaling has helped me so much. It sounds really lame but it allows you to look back at winners and losers and see consistencies that can help objectively steer you towards what works for you and what you think works for you.
  • #173
  • Oct 20, 2011 9:20am Oct 20, 2011 9:20am
Quoting nubcake
would you say you are trading the path between home and grandma's house, while avoiding the fox's along the way, instead of trying to trade into or away from inside the gates of either property?
This is great lol damn foxes
  • #174
  • Oct 20, 2011 9:27am Oct 20, 2011 9:27am
Quoting Rob Mondave
Haha, yeah, I guess so.
cool cool. i guess you could say you are trading the footpath instead of trying to gamble on the crosswalks while trying to avoid the beggars. trading the air instead of getting caught up inside the plane or on the skydiving landing area. trading on the pickup instead of getting stuck possibly undressing a dude or catching your sister in the shower, while trying to avoid the sluts.

ok i'll stop now.
Congratulations ScalaFX for coming out of the closet!
  • #175
  • Oct 20, 2011 9:51am Oct 20, 2011 9:51am
Just wanted to mention that I am trying out the 20 trade batch thing someone told me about (can't remember who and I'm too busy atm to look it up) and it's going great.

So far 4 winners and 1 loser. This may or may not have to do with the fact that I was trying the batch thing, although I'm guessing it's not.

By friday next week I think the first batch will be traded, will tell you about the final results as soon as i have them


Finoli
  • #176
  • Edited 11:40am Oct 20, 2011 9:54am | Edited 11:40am
The funny thing is that many of the things a professional trader does can easily be done by the beginner trader.

Sit back for a moment and think how a professional trader goes about his day, think about the actions he takes and how he responds to events that happen in the market and how he acts when he takes a loss or has a win.

Go as far as writing down a list of things you think a pro does.

For example,

keeps a journal,
has a trading plan and a rule set,
has a daily routine.
remains calm at all times.
Exercises his trades flawlessly when he sees an opportunity.

In my opinion most traders have a fairly regimented routine.

The only thing that you will find that you cannot do is make money. If you put in the effort to do all the other things you will find you are one step closer to success. Really focus on the process of trading and on flawless execution and don't always be looking at the P/L statement. Focus on following your plan and rules to the T (does not matter if its a good plan, just follow it and change the plan after reviewing your results to make it better)

Of all the things a pro does you can do most of them if you put your mind to it.

Start acting like a pro, and you have more chance of becoming one.
  • #177
  • Oct 20, 2011 9:57am Oct 20, 2011 9:57am
Quoting Finoli
Just wanted to mention that I am trying out the 20 trade batch thing someone told me about (can't remember who and I'm too busy atm to look it up) and it's going great.

So far 4 winners and 1 loser. This may or may not have to do with the fact that I was trying the batch thing, although I'm guessing it's not.

By friday next week I think the first batch will be traded, will tell you about the final results as soon as i have them


Finoli
That was me haha! (from trading in the zone)

Just stay true to the plan and concentrate on flawless execution, and then you can review the results.
  • #178
  • Oct 20, 2011 9:57am Oct 20, 2011 9:57am
Quoting highlander2
The funny thing is that many of the things a professional trader does can easily be done by the beginner trader.

Sit back for a moment and think how a professional trader goes about his day, think about the actions he takes and how he responds to events that happen in the market and how he acts when he takes a loss or has a win.

Go as far as writing down a list of things you think a pro does.

For example,

keeps a journal,
has a trading plan and a rule set,
has a daily routine.
remains calm at all times.
[b]Exercises his trades flawlessly...
Great tip..
I have a question about rules in trading..
the market is always changing, and rarely looks alike. If you would have a set of rules that tell you when to trade, wont that hold you back?
  • #179
  • Oct 20, 2011 9:58am Oct 20, 2011 9:58am
Quoting highlander2
That was me haha! (from trading in the zone)

Just stay true to the plan and concentrate on flawless execution, and then you can review the results.
Will do
  • #180
  • Oct 20, 2011 10:02am Oct 20, 2011 10:02am
Quoting Finoli
Great tip..
I have a question about rules in trading..
the market is always changing, and rarely looks alike. If you would have a set of rules that tell you when to trade, wont that hold you back?
It depends on what your rules are like
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