The Trader's Academy - by Traders for Traders | Page 32 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Are you a trend trader or a counter-trend trader? 29 replies

Baby pips style academy for other financial markets? 6 replies

from retail trader to full-time trader 17 replies

Discipline Trader and Voice Trader EA/IND 16 replies

IkonFX Viking Trader or Pfgbest Viking Trader? 2 replies

Attachments: The Trader's Academy - by Traders for Traders
Exit Attachments

The Trader's Academy - by Traders for Traders

  • #621
  • Feb 8, 2016 8:23am Feb 8, 2016 8:23am
1 + 1 = 2
Attached Images
  • #622
  • Feb 8, 2016 8:58am Feb 8, 2016 8:58am
Quoting cat
Quoting strongtrader
{quote}. "If someone cannot be disciplined trading with a demo account won't be disciplined with a real money " Hi Strong, and thanks. I agree with you entirely, but I was saying it is difficult, as anyone will know. Actually, for me demo trading wasn't just about discipline, it was about using it through the learning process, because to trade with real money while you are learning is foolish in the extreme unless you have money to burn. The discipline wasn't an issue for me once I started live trading as demo trading
...
Good point. You captured the essence.
I'd add that demo from the very beginning is needed for the game. Trying to understand the market, what it is and how to respond to fundamental events, news. Get used to observe the market, to feel joy from the first profit. Later discipline own feelings, losses and then trade on a live account.
  • #623
  • Feb 8, 2016 11:22am Feb 8, 2016 11:22am
Quoting medici
{quote} You're welcome. I found both indicators here on FF... Attached below. STARC Bands is a different name for what I called Keltner Channel. Found an indicator with that name too... {file} {file}
The Coppock Indicator - I saved it to my Indicator folder on MT4 but it doesn't show .
What have I done wrong ?
every Saint has a past. Every Sinner has a Future
  • #624
  • Feb 8, 2016 3:32pm Feb 8, 2016 3:32pm
OK here you are as I promised. This is a down trend which can be recognized easily with bare eyes. You do not need any indicators to tell you the price is going down.
I mentioned the rules before. it is very simple. stop loss is placed 10 pips above the trend line or resistance area.
If you had risked 3% of your account on each of these three trades you would have nearly doubled your account. you only need one of these moves in a month (or a year if you compare the income with your daily job) to call yourself a trader who trades for a living.

Attached Image (click to enlarge)
Click to Enlarge Name: H1 1.png Size: 38 KB


Attached Image (click to enlarge)
Click to Enlarge Name: H1 2.png Size: 41 KB


Attached Image (click to enlarge)
Click to Enlarge Name: H1 3.png Size: 40 KB


Attached Image (click to enlarge)
Click to Enlarge Name: H1 4.png Size: 40 KB
  • #625
  • Feb 8, 2016 4:00pm Feb 8, 2016 4:00pm
Quoting turnip15
{quote} The Coppock Indicator - I saved it to my Indicator folder on MT4 but it doesn't show . What have I done wrong ?
I don't use MT4 so I wouldn't be in a position to help with debugging. You may want to search online for other versions, and hopefully you can find one that works.
  • #626
  • Feb 8, 2016 4:37pm Feb 8, 2016 4:37pm
Quoting forexintradi
{quote} I dont understand your point, I agree an exit can give you more or less profit if your entry is a winner, but if you entered wrong...exiting earlier or later could give you a lesser or bigger loss...but it can not turn a loss into a winner....at least I am missing something...so, please explain it.
I am not sure what you mean by "entered wrong". I assume you are referring to entering at the wrong side of the market, i.e. buying when the trend is going down and selling when the trend is going up?

There is no such thing as "entered right" or "entered wrong", only whether you made a profit or not. And that is dictated by how and when you exited the trade. When you have entered a trade is irrelevant. Let's say you have entered a LONG trade when the market is trending up but you TP'ed too late when the market is reversing the trend, you could still end up with a loss. Let's say the same LONG trade, you entered it when the market is actually trending down, ie "entered wrong" but you were able to exit when the market was making a brief rebound, you can still end up with a profit. Yes, the majority of the time, being on the right side of the market does land you with a profit with higher probability but it's not absolute.

That's all I am saying.
Make your losses in demo. Earn your profits live.
  • #627
  • Feb 8, 2016 5:46pm Feb 8, 2016 5:46pm
Quoting medici
{quote} I don't use MT4 so I wouldn't be in a position to help with debugging. You may want to search online for other versions, and hopefully you can find one that works.
Thanks Med -I've located one for MT4 -thanks again for your help.
every Saint has a past. Every Sinner has a Future
  • #628
  • Feb 9, 2016 5:18am Feb 9, 2016 5:18am
Attached Image
  • #629
  • Feb 9, 2016 9:42am Feb 9, 2016 9:42am
Quoting cat
{image}
I feel better already
every Saint has a past. Every Sinner has a Future
  • #630
  • Feb 9, 2016 11:31am Feb 9, 2016 11:31am
Quoting cat
{image}
Very nice; this is the best way to grow, do not envy those who are better than you are, learn from them and most likely you will become even better than them at the end.
  • #631
  • Feb 9, 2016 4:15pm Feb 9, 2016 4:15pm
Quoting turnip15
{quote} The Coppock Indicator - I saved it to my Indicator folder on MT4 but it doesn't show . What have I done wrong ?
There you go, just in case it's better than the other one you found.
Attached File(s)
File Type: ex4 Coppock Curve CCT.ex4   18 KB | 307 downloads
File Type: mq4 Coppock Curve CCT.mq4   7 KB | 327 downloads
  • #632
  • Feb 9, 2016 4:37pm Feb 9, 2016 4:37pm
Quoting sakisf
{quote} There you go, just in case it's better than the other one you found. {file} {file}
Thank you kindly sir :-)
every Saint has a past. Every Sinner has a Future
  • #633
  • Feb 10, 2016 11:46am Feb 10, 2016 11:46am
How certain are you when you take a trade that you should be taking that trade - 50%, 70%, 90%, 100%?
  • #634
  • Feb 10, 2016 12:12pm Feb 10, 2016 12:12pm
Quoting cat
How certain are you when you take a trade that you should be taking that trade - 50%, 70%, 90%, 100%?
It is not a matter of being certain: there are no certainties. The only thing that is needed is a basket of objective and solid rules: once the conditions are met push the botton, without any thinking; as soon as you begin to think you get wrong and this is the only thing of which you can be certain.
I hope this makes sense to you all.
  • #635
  • Feb 10, 2016 12:12pm Feb 10, 2016 12:12pm
Quoting cat
How certain are you when you take a trade that you should be taking that trade - 50%, 70%, 90%, 100%?
100%
If you were not confident in your method (criteria for taking the trade) then you would not take the trade.
Stops are there to take you out at a point where you know you are wrong.
every Saint has a past. Every Sinner has a Future
  • #636
  • Feb 10, 2016 12:34pm Feb 10, 2016 12:34pm
Quoting strongtrader
{quote} It is not a matter of being certain: there are no certainties. The only thing that is needed is a basket of objective and solid rules: once the conditions are met push the botton, without any thinking; as soon as you begin to think you get wrong and this is the only thing of which you can be certain. I hope this makes sense to you all.
That sounds like 100% certainty to me, not of winning, but of taking the trade?
  • #637
  • Feb 10, 2016 12:39pm Feb 10, 2016 12:39pm
Can anyone describe their order of daily trading?

for instance for me it is something like:
1.wake up a little before the london open
2. read some news, and analysis
3. go over the charts to see trends etc
4. mark currencies\pairs to watch today.

....
  • #638
  • Feb 10, 2016 12:54pm Feb 10, 2016 12:54pm
Quoting pulke
Can anyone describe their order of daily trading? for instance for me it is something like: 1.wake up a little before the london open 2. read some news, and analysis 3. go over the charts to see trends etc 4. mark currencies\pairs to watch today. ....
I wrote about this above awhile ago. For me routine is a must. I'm up early to do an hour's yoga. I'm at my trading desk by 06.30, which gives me time to analyze the markets before the German open. I have a snooze mid-morning during the usual lull. I usually go for a bit of a walk before New York open, though this depends on the activity of the day. I tend not to trade the final hour or so of trading, even though there are some good moves, but it's very volatile and I'm usually too tired of the screens by then. Evening it's on the cross trainer, a few exercises, supper, reading, perhaps a tiny bit of tv, and bed. Routine is key, so is physical and mental agility. I have to take and collect my son from school a couple of days a week which can mess things up with the London and New York open, but I still manage to fit trades in on these days.

ps - I'm 54 by the way, but way fitter than most guys half my age
  • #639
  • Feb 10, 2016 1:24pm Feb 10, 2016 1:24pm
Quoting cat
{quote} I wrote about this above awhile ago. For me routine is a must. I'm up early to do an hour's yoga. I'm at my trading desk by 06.30, which gives me time to analyze the markets before the German open. I have a snooze mid-morning during the usual lull. I usually go for a bit of a walk before New York open, though this depends on the activity of the day. I tend not to trade the final hour or so of trading, even though there are some good moves, but it's very volatile and I'm usually too tired of the screens by then. Evening it's on the cross...
sounds good
  • #640
  • Feb 10, 2016 1:28pm Feb 10, 2016 1:28pm
In answer to my own question above before I turn in for the night, for me a decision to trade has to be no less than 100% commitment, anything less and I don't take thr trade. This commitment can only happen if you have a system which gives you the signal to enter the trade, so as the poster above wrote, it's not something you should even have to think about, the thinking is over, and you either have the correct set up to take the trade or you don't. Trades that are taken with only partial commitment are a gamble and tend to produce more lowers than winners, in fact not tend to, they do.

One more thing of huge importance for trading is that I see my trades forming in advance, which is why my ff name is cat..I watch patiently to see if the price is going to do what I'm expecting it to do based upon pattern formation, and if everything falls into place, supported of course by the higher time frames, I'm ready to hit the button. I trade off of the very small time frames because this allows me to really hone in on my entry. I can never know whether the trade is going to produce a winner of course, but I've eliminated all uncertainty about taking the trade or not, and in trading, that's really the best that you can do. I also only ever trade one forex pair or indecis at a time - there are more than enough opportunities on any given day to amass a pile of points so why jump around trying to find trades? It is a big mistake made my many inexperienced traders in my opinion.

Goodnight.
2 traders viewing now