So, I can't close my trade because the server is probably down or something..
Annoying? Yes.
Annoying? Yes.
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DislikedThe 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...Ignored
DislikedGreat 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?Ignored
DislikedGreat 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?Ignored
DislikedIf you complete your 20 trade batch, go through all your trades, have a look and see if things like moving to BE affected the bottom line. Consider changing your rules if you feel you can improve, but be aware 20 trades is still not a lot to go on but its better than 1.Ignored
Dislikedjeez, 20 trades? i did more than that just tonight... and i didn't even mean to :/ .
i've pumped through on a sim a couple of hundred trades that were all on the up and up and then the whole curve went south... after a few... hundred... trades!
20 trades tastes a bit on the small size.Ignored
Dislikedjeez, 20 trades? i did more than that just tonight... and i didn't even mean to :/ .
i've pumped through on a sim a couple of hundred trades that were all on the up and up and then the whole curve went south... after a few... hundred... trades!
20 trades tastes a bit on the small size.Ignored
DislikedI would agree, and the outcome of 20 trades does not prove anything either way, but its more in line with how an edge works than looking a 2 or 3. To many people get hung up on the outcomes of the past couple of trades.
Its more to be able to look back and see if you made any execution errors which led to losses or missed profit, rather than how good the system is. Once 20 are complete he can take another 20 and then he will have a larger sample of data. Then another 20, then another.
The idea is to stop looking at 2 or 3 losses as...Ignored
DislikedI think rule number 1 should be "I will never move my stop away from my trade"
For me rules fall under two categories,
1- Money management/trade management.
and,
2- Rules about the setups you are using.
Money management rules could be simple or complex, i suggest you keep it simple to begin with.
"I will risk 2% of my account on each trade"
simple rule yet some people don't follow it. A big mistake is when people don't risk the same amount each time. They may risk more if they "feel good about the trade" In my view this...Ignored
DislikedI wanted to ask you guys another think..
Is it bad to trade e.g. 10+ pairs? I mean, as I want to get into mid-term trading, an opportunity may not arise for a while. Meanwhile, I guess one could look at pairs that are less traded than the e/u, like a/j.
Someone once told me that I should stick to 2 pairs, and that trading more may confuse me. Is this true? Or should I trade more pairs so I recieve more signals?Ignored
DislikedIf you're trading longer time frames like 4 hr's and up, trading multiple pairs shouldn't be an issue. But I would make sure that they're not correlated pairs. Like trading E/U and G/U. Not as identical as they used to be but similar enough. When I trade non-correlated pairs I go for something like E/U and A/J or G/J.Ignored
DislikedThe meaning behind doing 20 trades has been lost in this thread; if you read the book, you will understand, the exercise is not about winning or losing, it is developing the traders mindset, here is a quote...
The first stage is the mechanical stage. In this stage, you:
1. Build the self-trust necessary to operate in an unlimited environment.
2. Learn to flawlessly execute a trading system.
3. Train your mind to think in probabilities (the five fundamental truths).
4. Create a strong, unshakeable belief in your consistency as a trader.Ignored
Dislikedhang with the basics until you know enough about other indicators to use them. learn, read all you can and put that knowledge to the test on a demo. make sure you are successful in the demo first. keep practicing.
match your attitude to your own trading style. or take advantage of what you already know. for some they are more comfortable day trading and others are not. you have to learn that yourself. in time and with attention you should figure it out. it comes with time and knowledge. it depends how much time you put in and how much knowledge...Ignored
DislikedTo start with I would pick one time of the day. This is because the market behaves very differently at different times. What works very well for one time zone may not work at all for another. No point in confusing yourself.
A couple of hours before London opens is a good time. Japan is feeling mellow then and you dont have to worry about news, ninja or otherwise. Moves are much more mild and you are less likely to be caught out with the wild, unpredictable moves that happen during regular hours.Ignored