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The 3 Elements of a Successful Trader

  • #221
  • Edited Jan 19, 2013 12:29am Jan 18, 2013 9:40pm | Edited Jan 19, 2013 12:29am
Edge (Intraday):

Key Levels & Timing
Find the crucial levels for SR, Trendlines, Fibo..
or the confluence(not crucial still ok) levels.

When price hit key level at certain time/ timing,
Then buy or sell accordingly.
  • #222
  • Jan 18, 2013 10:42pm Jan 18, 2013 10:42pm
Quoting Les Lau
Edge (Intraday):

Key Levels & Timing
Find the crucial levels for SR, Trendlines, Fibo..
or the confluence(not crucial still ok) levels.

When price hit key level at certain time/ timing,
Then buy or sell accordingly.

How does one "find the crucial levels"? Aren't all levels crucial?
Play the players, not the cards.
  • #223
  • Jan 19, 2013 12:08am Jan 19, 2013 12:08am
Quoting GnarlyPips
How does one "find the crucial levels"? Aren't all levels crucial?
No, not all levels are 'crucial' levels(so select only important ones)

Sometimes, 2 'non-crucial' levels cross/ interlap together
can becoming an important level.
This is what people call it confluence, can trade from here.

How to find the 'crucial levels'..?
Do lot of homework..!
  • #224
  • Jan 19, 2013 12:31am Jan 19, 2013 12:31am
Quoting Les Lau
No, not all levels are 'crucial' levels(so select only important ones)

Sometimes, 2 'non-crucial' levels cross/ interlap together
can becoming an important level.
This is what people call it confluence, can trade from here.

How to find the 'crucial levels'..?
Do lot of homework..!
Is it an objectively crucial level or subjectively? You talk of SR and fib, but aren't these things inherently subjective? What is a crucial level, anyhow?
Play the players, not the cards.
  • #225
  • Edited 2:23am Jan 19, 2013 12:45am | Edited 2:23am
Quoting GnarlyPips
Is it an objectively crucial level or subjectively? You talk of SR and fib, but aren't these things inherently subjective? What is a crucial level, anyhow?
For SR, i would instead say it is rather Objective..
Which ones are the 'crucial' SR levels? I would let other traders review hahha..
  • #226
  • Edited 1:15am Jan 19, 2013 12:59am | Edited 1:15am
Quoting GnarlyPips
Is it an objectively crucial level or subjectively? You talk of SR and fib, but aren't these things inherently subjective? What is a crucial level, anyhow?
Fib-R level 23.6, 38.2, 50, 61.8, 74.6...
So many levels which to choose?


If u find it's confusing, just choose and use one level..
Now myself use only *Fib-R 50%


*Note: this is just for sharing..
you can follow me (only use 1 level), or find your own workable method
  • #227
  • Jan 19, 2013 1:13am Jan 19, 2013 1:13am
Quoting Les Lau
For SR, i would say it is Objective..
Which ones are the 'crucial' SR level? I would let other traders review hahha..
So, you let other traders pick crucial levels for you? Am I reading that right?

If SR is objective, what is it? Is it a trend line from high-to-high? Is it a trend line at all?
Play the players, not the cards.
  • #228
  • Jan 19, 2013 1:28am Jan 19, 2013 1:28am
Quoting GnarlyPips
So, you let other traders pick crucial levels for you? Am I reading that right?
If SR is objective, what is it? Is it a trend line from high-to-high? Is it a trend line at all?
For trend line, the 'outest' TL is the strongest one, you can take it as the 'crucial line'.
  • #229
  • Jan 19, 2013 1:31am Jan 19, 2013 1:31am
Quoting Les Lau
For trend line, the 'outest' TL is the strongest one, you can take it as the 'crucial line'.

Ya know, even then, that's still very subjective. Do I use the lines going inwards to a point, yet haven't? Or do I take two lines that just simply will never touch ever?
Play the players, not the cards.
  • #230
  • Jan 19, 2013 1:32am Jan 19, 2013 1:32am
Quoting GnarlyPips
So, you let other traders pick crucial levels for you? Am I reading that right?

If SR is objective, what is it? Is it a trend line from high-to-high? Is it a trend line at all?
No, no need.. thanks.

(When i say SR - i mean horizontal SR)

Because I have found my SR 'crucial levels',
Oh my.. after soo long..
  • #231
  • Jan 19, 2013 4:46am Jan 19, 2013 4:46am
“I fear not the man who has practiced 10,000 kicks once, but I fear the man who had practiced one kick 10,000 times.”
~ Bruce Lee
  • #232
  • Jan 20, 2013 4:34am Jan 20, 2013 4:34am
Many good points brought up here, ill just add to it what I think is the key to profitable trading,
in a simple word, to be profitable your overall profit needs to beat your overall loss,
therefore you need to contain bad trades to their minimum and maximize your good trades to their full potential,
there are many ways to contain a bad trade but the most effective one is indeed the simplest one and that is removing a part or the whole of your position size, similarly there are many ways to expand your profit from a good trade, and the simplest of it is to add your overall position correctly.

Now, most traders had it in them the wrong way at the start of their career (at least i know i had), they seem to cut their profits short and let their losses go on and on, their goal should be to reverse this habit the other way if they ever want to be profitable, conscious effort and a LOT of practice should take them there.
Just my humble opinion,
Good Day
  • #233
  • Edited 9:19pm Jan 23, 2013 7:23pm | Edited 9:19pm
Quoting Randy.Bach
Many good points brought up here, ill just add to it what I think is the key to profitable trading,
in a simple word, to be profitable your overall profit needs to beat your overall loss,
therefore you need to contain bad trades to their minimum and maximize your good trades to their full potential,
there are many ways to contain a bad trade but the most effective one is indeed the simplest one and that is removing a part or the whole of your position size, similarly there are many ways to expand your profit from a good trade, and the simplest...
Good point.
Set higher RRR (Tp > SL).

Psychology:
Courage to make money must be > fear of losing money.
  • #234
  • Edited 9:23pm Jan 23, 2013 8:59pm | Edited 9:23pm
Be pragmatic/ real.
(stay cool, mind firm, emotionally prepared)

Live trading Contigency plan:
for things go outside setups, price requote, slippage, 'trade context busy',...
  • #235
  • Jan 25, 2013 9:53pm Jan 25, 2013 9:53pm
Strategy
Strategic importance > 'Tactical' importance

Be Objective
Minimise involvement in activity(watch program, read article) that is is bias.
Stay neutral.
  • #236
  • Jan 28, 2013 4:53am Jan 28, 2013 4:53am
Hi!
Im trying to get better at my game, but i wonder how!? I feel like im only sitting watching the screen when i practice, but i feel its to passiv, is there a more active way to learne?
I try to use higher timeframes, 1h-1w, and i try to follow trends.
My favorit pair to trade is GBP/CHF, and ive been trading it since the start of october. If you look it up, you see its in a nice trend, heading downwards with tops, and som bottoms filling out a trendchannel.
But still ive almost lost half my equity since ive started trading. I find it hard, even though it looks so simple. I "know" where the tops and bottoms are, but still im unable to catch them. Any advice?

Best regards Lemags
  • #237
  • Edited 10:20pm Jan 28, 2013 10:10pm | Edited 10:20pm
Quoting Lemags
Hi!
Im trying to get better at my game, but i wonder how!? I feel like im only sitting watching the screen when i practice, but i feel its to passiv, is there a more active way to learne?
I try to use higher timeframes, 1h-1w, and i try to follow trends.
My favorit pair to trade is GBP/CHF, and ive been trading it since the start of october. If you look it up, you see its in a nice trend, heading downwards with tops, and som bottoms filling out a trendchannel.
But still ive almost lost half my equity since ive started trading. I find it hard, even...
Hi Lemags,
One way that i suggest for active practice is using a trading 'Simulator'.
Many traders have never heard of, or don't know how to use this ('strategy tester' in MT4 can be used as a simulator).
If simulator can help a pilot in training, it can certainly help to improve our trading skill(couple with detail analysis).

Every trader have to find their trading style.
You mention u trade higher timeframes(1h-1w), have u tried the lower time frame trading(M15 or below)? Maybe your personality more suitable for intraday trading.. who knows?

If u trade intraday, 'follow trends'(method) probably won't work well.
Try this instead:
1) Early breakout
2) Reversal/ price rejection at 'significant levels'

Why 'follow trends' not working?
By the time u see an established trend (most of the time)already too late for entry.

You "know" where the tops and bottoms are, but still unable to catch them..ok let's discuss this issue next..

Best regards
Les Lau
  • #238
  • Edited Jan 29, 2013 4:46am Jan 28, 2013 11:07pm | Edited Jan 29, 2013 4:46am
Price Action EA coding

Hi All,
I am looking for help to code an EA(for semi auto-trading)
The concept is first we find & draw 'significant levels' in our chart, then this EA can open a trade automatically
(when price hit).

How it works:
1) We pinpoint our 'significant levels' in chart, & manually draw the horizontal lines(say green color as support line, red color as resistant line)

2) When price hit this line (can go for beyond max. 'x' pips), then bounce back 'y' pips, this EA will open a trade.

For example, we anticipate when price drop to @1.2500 (yesterday daily close level), it will bounce up.
So, we will draw a green color horizontal line @1.2500 (support level)

Say when price hit this line & drop to @1.2497 (3 pips below/beyond)
then bounce up @5 pips, EA will open a buy trade @ 1.2502
Stop loss will be set automatically below this recent low(@1.2494, 3 pips below 1.2497)
TP & Lot size are preset.

*For resistance line is opposite, 1st price move up hitting red line(max. allowed 'x' pips above line),
when price drop 'y' pips will trigger sell.

The parameters(adjustable):
1) support line color: green (manually drawn)
2) resistant line color: red (manually drawn)
3) lot size: 2.0
4) TP: 30
5) max pips (allowed) to move beyond the support/ resistance line: 6.0
6) 'rejected' pips for opening a new position: 5.0
7) SL: 7.0

*EA will trade only 1 time for each support/ resistance line hit.

This is a SR 'price rejection' method, our job is just to pinpoint 'important lines' in the chart, plus draw them.
Then the EA will take care the rest..

If anybody(or you know someone) can help coding this EA, pls PM me or post on this thread directly.

Thank You.
  • #239
  • Jan 29, 2013 1:23am Jan 29, 2013 1:23am
I believe EA/script can assist in our trading.

Since EA can trigger and manage a trade automatically,
we could reduce our screening time, avoid mentally/pscyhological fatigue (made) mistakes..

We can minimise our manually trading time, and decide whether to switch on our EA after manual
session.
  • #240
  • Edited 4:39am Jan 29, 2013 3:50am | Edited 4:39am
Quoting Les Lau
Price Action EA coding

Hi All,
I am looking for help to code an EA(for semi auto-trading)
The concept is first we find & draw 'significant levels' in our chart, then this EA can open a trade automatically
(when price hit).

How it works:
....
If this EA is an open source i believe many traders here can be benefited, i will discuss futher how we can take a step futher to enhance it.. example to include the time factor to this.

If i pay someone to write this script then this will become private.

Ok Let's see how it progress..
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