Timing & conditions of entry are important.
Know when NOT to trade.
Know when NOT to trade.
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Essential Elements of a Successful Trader 0 replies
Essential Elements of a Successful Trader, by Jimmy Young 0 replies
DislikedExperienced Trader:
Spend a minimum of 10,000 hours(total) for trading, analysis & delibrate practice.
If average 8 hours per day this would take 3-4 years..
- Good way for backtest/ pratice, use a trading Simulator.Ignored
DislikedNot a big fan of trading simulators because of a few reasons:
*MTF analysis, not able to do so in a trading simulator unless its actually able to simulate more timeframes at once.
*Correlations, not able to show/run their charts in a trading simulator unless, again, the simulator is actually able to simulate multiple charts.
Therefore very limited options with simulators.Ignored
DislikedNot sure i know what you mean - If I place a trade on a simulated/demo account I'm using the same live charts that I always use and the price given on the demo account is exactly the same as shown on a live one.Ignored
DislikedDifference between a demo and live is that demo is not affected by what you do. The demo doesn't take into account the trade you took if it had been a real trade. A real trade will be shown in the charts, even if it's the smallest micro lot you can find. That little micro lot will change things. It's like the butterfly effect.
Just something to think about.Ignored
DislikedRecently i contemplate a lot on what makes a trader successful.
Here's my insight.. .
Edge(system) + Discipline(psychology) + Good Karma(spiritual)
= Successful Trader
System, psychology, spiritual, these 3 elements are interconnected.
Trader should improve & work on these 3 areas.
I will post more about this topic, everybody is welcome to give ur
precious comments as well..
Cheers!Ignored
DislikedIf you trade with a dealing desk most likely your trade will be managed in-house by swapping with another retail trader. To get an order onto the market, banks require a minimum trade size. I believe this is one million currency units, so unless you're trading that size with a bank directly, there's no guarantee it's going to the market itself. In all reality, it doesn't matter much, because it takes millions to move the market a pip even in thinner times on the most liquid markets such as fiber or cable. The butterfly effect has some influence,...Ignored