hale-mary
Indentifying the trend is easy (and very important.) Just put a 50 to 100 SMA or EMA on your chart. If price is below it, take shorts only. If price is above it, take longs only. Look left for previous support and resistance for possible bounces or reversal points.
The real issue in your post is about the acceptance and/or fear of risk.
The first series of questions you must ask yourself is . . . What do I see? What does it mean? What do I do? This simple sequence will help you reinforce the appropriate action base on the rules of this system or any other.
The #1 reason for hesitation in placing a timely order on a valid signal is you don't have a belief in the system or know the probability of the outcomes. These should be presented by the statistics of your trade plan.
To develop this trust means you must first accept the risk. It is clear you do not. Remember, if you place a trade and get stopped out because the market reverses, it is highly likely another trading opportunity is being presented. Most traders freeze because they cannot get beyond the loss of the initial trade - that is, they did not accept the risk. So, they sit and watch the market go in the opposite direction for 100 pips while they could have maintained focus and entered with the new opportunity.
Ask yourself . . . what you are you afraid of?
Being wrong? Your ego will survive.
Recognizing a valid setup? You have not done enough practice trading.
Losing money? Your account isn't big enough or your lot size is too large.
No trust in the system? Compile the statistics of your trade plan and know what to expect.
Anxious or Nervous? Trade one or two pairs and choose a time frame the lengthens your reaction time.
Risk is the only thing we can control before we enter the market and therefore you must have command of it. This is an individual challenge and must be totally accepted before you can ever begin to react timely and consistently.
Keep the rules of entry in front of you. Know them intimately. You will have losing trades and you will miss some trades. We all do! If you miss the set-up, wait for the next one - do not chase - lateness is a killer. Like Phx62 . . . laser focus within the hours of London . . . and that's it! Relaxed intensity means money in the bank.
The key here is to figure out how much you can lose (and tolerate) before you are proven wrong. Knowing this and getting comfortable with it will give you the freedom to focus on the market, not your account. You can then target the optimal times for opportunities that work best for you.
If you can't stomach it, it's a long road ahead.
All the best.
dcginc.
QuoteDislikedAgain I am not looking for generic advice rather specifics related to the chart as in how i need to approach or what to look at.
Indentifying the trend is easy (and very important.) Just put a 50 to 100 SMA or EMA on your chart. If price is below it, take shorts only. If price is above it, take longs only. Look left for previous support and resistance for possible bounces or reversal points.
The real issue in your post is about the acceptance and/or fear of risk.
The first series of questions you must ask yourself is . . . What do I see? What does it mean? What do I do? This simple sequence will help you reinforce the appropriate action base on the rules of this system or any other.
The #1 reason for hesitation in placing a timely order on a valid signal is you don't have a belief in the system or know the probability of the outcomes. These should be presented by the statistics of your trade plan.
To develop this trust means you must first accept the risk. It is clear you do not. Remember, if you place a trade and get stopped out because the market reverses, it is highly likely another trading opportunity is being presented. Most traders freeze because they cannot get beyond the loss of the initial trade - that is, they did not accept the risk. So, they sit and watch the market go in the opposite direction for 100 pips while they could have maintained focus and entered with the new opportunity.
Ask yourself . . . what you are you afraid of?
Being wrong? Your ego will survive.
Recognizing a valid setup? You have not done enough practice trading.
Losing money? Your account isn't big enough or your lot size is too large.
No trust in the system? Compile the statistics of your trade plan and know what to expect.
Anxious or Nervous? Trade one or two pairs and choose a time frame the lengthens your reaction time.
Risk is the only thing we can control before we enter the market and therefore you must have command of it. This is an individual challenge and must be totally accepted before you can ever begin to react timely and consistently.
Keep the rules of entry in front of you. Know them intimately. You will have losing trades and you will miss some trades. We all do! If you miss the set-up, wait for the next one - do not chase - lateness is a killer. Like Phx62 . . . laser focus within the hours of London . . . and that's it! Relaxed intensity means money in the bank.
The key here is to figure out how much you can lose (and tolerate) before you are proven wrong. Knowing this and getting comfortable with it will give you the freedom to focus on the market, not your account. You can then target the optimal times for opportunities that work best for you.
If you can't stomach it, it's a long road ahead.
All the best.
dcginc.
