The 3 Elements of a Successful Trader | Page 14 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The elements of Trend and some Rules 23 replies

Issues With Assigning 2D Array Elements 2 replies

Passing Array Elements Between Arrays. 1 reply

Essential Elements of a Successful Trader 0 replies

Essential Elements of a Successful Trader, by Jimmy Young 0 replies

Attachments: The 3 Elements of a Successful Trader
Exit Attachments

The 3 Elements of a Successful Trader

  • #261
  • Feb 7, 2013 3:19am Feb 7, 2013 3:19am
post-analysis:

- Missed out early eu sell after 0700, can use haft size position if not very sure

- eu, gu daily open line only for reference (no trading)

- eu FR line focus only 60/ 61.8% (ignore 50, trade @60%)

- gu FR line stay 50-60%.
Trade FR50 + S/R for confluence, or else use FR60
  • #262
  • Edited 3:54am Feb 7, 2013 3:29am | Edited 3:54am
gu BE line hit.

News coming up. Shift sell sl to BE

(*post analysis: no shifting sl to BE after Tp1 taken(even before news release)
Improve on position sizing & set Tp1 bigger for gu)

Ok, not bad for today :-)
Attached Image (click to enlarge)
Click to Enlarge Name: gu 7.2.4.gif Size: 11 KB
  • #263
  • Feb 8, 2013 2:30am Feb 8, 2013 2:30am
Bit tough ranging day
gu double bottom buy @1.5723, Tp1 taken

Tp2 @1.5763
Attached Image (click to enlarge)
Click to Enlarge Name: gu 8.2.1.gif Size: 9 KB
  • #264
  • Feb 8, 2013 2:37am Feb 8, 2013 2:37am
eu buy @1.3393
Attached Image (click to enlarge)
Click to Enlarge Name: eu 8.2.1.gif Size: 10 KB
  • #265
  • Edited 7:08am Feb 8, 2013 5:18am | Edited 7:08am
post analysis:
- eu, gu timing start buy > 0730/ 35 dip
- eu, gu SL daily ATR(28) 15%(high/bottom use slight >15%), rejected entry(re) slight<50% SL, (with max allowed through line slight >50%SL)
- once open buy, if positive hedge sell then use half size position, TP1 about 2R, TP2 100% ATR.
- use preset program for taking TP1/2/3
- gu double bottom/ eu low line dip up , skip TP1, (once open buy)close all earlier sell position, (for set up sell use 'futher up' location
major FR, SR line (S turn R both touching consider key line ok, previous just S~ no trade), previous high lines~no trade

- if testing new pair/ markets, demo thoroughly 1st(no real money involved)
  • #266
  • Feb 8, 2013 9:59pm Feb 8, 2013 9:59pm
Happy Lunar New Year 2013!
  • #267
  • Edited 5:05am Feb 11, 2013 4:31am | Edited 5:05am
post-analysis:
- Double triple bottom as support, trade line
- spike/wig 1 way not as SR, no trade line
- Mon if downtrend strong, no trade fri low line
- ej 1 trade per day(as bonus?), start >0700/ 30
  • #268
  • Feb 11, 2013 7:15am Feb 11, 2013 7:15am
Quoting Roofx
As traders we contribute very little to society. We take other people's money. It is a lot like gambling. I'm not a gambling man. I don't even like spending a dollar on the lottery. But I trade because I can't make much money from my honourable business that does give a lot fo society.
On the contrary, trading/speculation DOES contribute to society. Originally, when speculation first arrived on the scene, it was in agricultural products, it's purpose was to allow producers & consumers to hedge themselves against future price-uncertainties so that they could focus on doing their thing rather than being exposed to volatilities of the market. For example, crude futures allow businesses to lock in a price today for the oil they may consume months or years down the line, it allows them to protect themselves against adverse price-moves so that they can set clear goals about price-structures of their products, it also allows sellers to lock in a future price so they can go about producing oil without worrying about what price they'd be able to sell it at.

Before speculation arrived, markets would go through massive ebbs & flows in prices with no mechanism for people to protect themselves against this volatility. With speculation, the speculators take on the risks on behalf of others, if they are right then they make profits otherwise losses. For example, forex-markets allows banks to hedge themselves against currency-risks, without forex-markets, banking would become less stable as banks will be exposed to currency-risks, which will mean that they won't be able to allocate credit effectively in the economy, which means businesses & people that depend on their loans & the productive economic activity that it leads to will see a reduction, less goods & services will be produced, which means higher prices & lower living-standards for everybody. Not to mention, without speculation, liquidity will be low & spreads massive, which means that importers & exporters will be hit with higher currency-conversion costs, which will also lead to higher prices of goods & services for people.

I have tried to keep this as brief as possible but there's plenty to be learned about speculation & its benefits to the society.
  • #269
  • Feb 11, 2013 7:29am Feb 11, 2013 7:29am
Quoting Tact1cal
It was a documentary that followed nybot traders. The guy was a pit veteran and did well for himself. What he said was true. The market doesnt give a fuck what you do. You are going to get paid for being right regardless of how much of an asshole you are.

I've spent the last several months speculating on doomsday fears with europe. I got paid when people were scared shitless about the outlook of the global economy. Should that be bad karma? I got rewarded for betting on the continuation of the financial crisis, multiple times. The future will...
There's nothing wrong about what you've described. Speculators didn't create the problems that exist, the stupid governments & their stupid policies have caused those issues, & speculators' activity merely points out the fact that what they are doing isn't working & there needs to be a change. If something isn't right then it should be pointed out as early as possible & that's what speculators do by bringing the whole thing down so that hopefully better changes will be made at the earliest.
When a doctor cuts off somebody's arm/leg to prevent an infection from spreading, there's nothing evil about it, it's only for the better.
  • #270
  • Feb 12, 2013 3:13am Feb 12, 2013 3:13am
Quoting r41225
On the contrary, trading/speculation DOES contribute to society. Originally, when speculation first arrived on the scene, it was in agricultural products, it's purpose was to allow producers & consumers to hedge themselves against future price-uncertainties so that they could focus on doing their thing rather than being exposed to volatilities of the market. For example, crude futures allow businesses to lock in a price today for the oil they may consume months or years down the line, it allows them to protect themselves against adverse price-moves...
Yes, traders provide liqiudity to the market
  • #271
  • Edited 5:15am Feb 12, 2013 3:17am | Edited 5:15am
post analysis:
- Fx ~focus now on eu, ej. let go gu(for same ATR & spread, choose best pairs/most respect drawn lines)
- once open buy, if sell use half size positions(even not yet hit Tp1)
if double/ triple bottom rejected(buy), no near sell hedge(major line futher up ok)
- ej >0700 sell ok, if then buy(hedge) close (all early) sell positions
  • #272
  • Feb 13, 2013 2:31am Feb 13, 2013 2:31am
post-analysis:
- S turn R as S/R. Draw & trade this key line(esp. on 'higher' location).
- drawn line precision to 1pip. (No negotiable, as S/R touch/ FR, cautious PA ~near touch~retrace~blast through)
- Dax start > 0755
  • #273
  • Feb 13, 2013 2:49am Feb 13, 2013 2:49am
Quoting Les Lau
Recently 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!
It's all about the edge surly ?

Discipline can be easily achieved by using an EA to actually execute your rules. Admittedly this requires some programming skill, but once acquired it's rather liberating!

Good Karma... Sounds a bit spooky, you can probably see from my username that I'm not really into the magical mystical no scientific method of anything.... I would go further, that if you believe in Karma, or lucky rabbits feet or whatever you can blame them for anything, for example, "hey I won, must be good karma today" or "what a bad day, not my method it's just bad karma, I need to sacrifice another bunny " seems to me believing in this is actually dangerous because it could unduly and unreasonably affect your trading decisions
Stop or target...
  • #274
  • Feb 13, 2013 3:07am Feb 13, 2013 3:07am
eu buy @1.3460
Tp1 taken
Attached Image
  • #275
  • Feb 13, 2013 3:39am Feb 13, 2013 3:39am
Quoting MoralAtheist
It's all about the edge surly ?

Discipline can be easily achieved by using an EA to actually execute your rules. Admittedly this requires some programming skill, but once acquired it's rather liberating!

Good Karma... Sounds a bit spooky, you can probably see from my username that I'm not really into the magical mystical no scientific method of anything.... I would go further, that if you believe in Karma, or lucky rabbits feet or whatever you can blame them for anything, for example, "hey I won, must be good karma today" or "what a...
I agree that believe in 'lucky feet' can be dangerous & unbenefitial for a trader.

Karma is a huge subject, it's about the 'Law of cause and effect', not as simple as being lucky

Yes, the essential of successful trading can be narrowed down to the Edge. Some ppl found their trading edge, some have it for only short while(few mths to 1-2 yrs)then lose it, and a lot ppl never really found one(even after trying hard)..

If want to explain this we need to look at bigger picture..
  • #276
  • Edited 4:00am Feb 13, 2013 3:42am | Edited 4:00am
Quoting Les Lau
I agree that believe in 'lucky feet' can be dangerous & unbenefitial for a trader.

Karma is a huge subject, it's about the 'Law of cause and effect', not as simple as being lucky

Yes, the essential of successful trading can be narrowed down to the Edge. Some ppl found their trading edge, some have it for only short while(few mths to 1-2 yrs)then lose it, and a lot ppl never really found one(even after trying hard)..

If want to explain this we need to look at bigger picture..
So tell me then, what is the bigger karma picture? and how can we use it to our advantage?, if it's just out there and we can not control it, I can't really see the difference between karma and luck... Am I missing the point?
Stop or target...
  • #277
  • Feb 13, 2013 3:59am Feb 13, 2013 3:59am
Just open another trade, sell @1.3480 (by using half size position, another account)

how will this trade work out..let's see
Attached Image
  • #278
  • Feb 13, 2013 4:27am Feb 13, 2013 4:27am
hehhe Tp! :-)
This one i use R/R 1:1 (14pips)
Attached Image
  • #279
  • Feb 13, 2013 7:17am Feb 13, 2013 7:17am
Earlier buy trade taken Tp1, 2
Tp3 set @1.3573

Now for last(partial) trade i learn to hold it longer
Attached Image
  • #280
  • Edited Feb 14, 2013 3:31am Feb 13, 2013 9:10am | Edited Feb 14, 2013 3:31am
earlier post analysis:
- mon start buy > 0830.. >0700 sell bias?
- near/hit/over previous day high/low, use larger SL ~20% ATR(28), if form DT/ DB pattern then no near (FR/ pr) trade ~major FR line ok
- break below/above? low/high line, use 0700 as FR origin ok
- highest/lowest for past few(3~) days, follow trend direction (cautious/ no after session bottom reversal / pr trade)

*pr(price rejection)
DT/DB(double top/bottom)
FR(Fibo-retracement)
0 traders viewing now