Disliked{quote} That sounds like 100% certainty to me, not of winning, but of taking the trade?Ignored
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Disliked{quote} That sounds like 100% certainty to me, not of winning, but of taking the trade?Ignored
Disliked{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....Ignored
Disliked{quote} That sounds like 100% certainty to me, not of winning, but of taking the trade?Ignored
DislikedIn 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...Ignored
DislikedCan 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. ....Ignored
DislikedOne 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.Ignored
Disliked{quote} Completely agree. So there's a strategic aspect of it, which involves some slow thinking, then fast execution without thinking. For me, one important aspect when it comes to both confidence and execution is that I use stop entry orders. This has a number of advantages, for example: 1. When filled I have momentum on my side and am typically a couple of points in profit immediately 2. It reinforces disciplined, rule-based, trading 3. It reduces stress, and eliminates having to be on alert to push the button. No late entries due to manual error...Ignored
Disliked{quote} How mechanical or discretionary is your system ? If Cat is reading the same question goes for him. From what I have read or seen on here FF and elsewhere. Most successful traders are mostly mechanical than discretionary. But there are some that prefer to "feel" the market than to leave it up to set of strictly mechanical rules. How do you go about finding the right balance ? In my view, I don't think sticking with one and only is the most suitable approach for me. The last two weeks of me back and forward testing a revised version of my...Ignored
Disliked{quote} Hi, in my opinion there is no system able to work correctly on any market condition, as they are rigid: meaning they cannot adapt to the changes of market. Only a method is able to do this, right because is not a system. A method is something that allows the trader to see what is happening, like a road map; thereafter it must have a set of objective rules which allow the trader to make its decisions without thinking: the thinking process must be done before the "battle" in reading the road map with the purpose to understand the general picture,...Ignored
Disliked{quote} I'd concur with that. Mechanical trading works when market conditions are clear, and then one can trade one's setups mechanically. But some of the time there's more noise than information, and some of the time the picture is more difficult to read. In the strategic "roadmap" reading is where experience and market understanding come in - knowing the structure of trends and reversals, ranges/accumulation/distribution, etc. More briefly put - with well organised market knowledge one will know when to mechanically take one's setups and when...Ignored
Disliked{quote} I'd concur with that. Mechanical trading works when market conditions are clear, and then one can trade one's setups mechanically. But some of the time there's more noise than information, and some of the time the picture is more difficult to read. In the strategic "roadmap" reading is where experience and market understanding come in - knowing the structure of trends and reversals, ranges/accumulation/distribution, etc. More briefly put - with well organised market knowledge one will know when to mechanically take one's setups and when...Ignored
DislikedThere are three main things that make the crowd of traders to struggle: 1 - understanding what really is a trend; 2 - recognizing which kind of market is in place: consolidation, down trend or up trend; 3 - they do not realize that meanwhile trading in consolidation or in down trend is almost the same, the up trend is a particular beast which has its specific behaviour and must be traded differently from the other two.Ignored
Disliked{quote} Hi, in my opinion there is no system able to work correctly on any market condition, as they are rigid: meaning they cannot adapt to the changes of market. Only a method is able to do this, right because is not a system. A method is something that allows the trader to see what is happening, like a road map; thereafter it must have a set of objective rules which allow the trader to make its decisions without thinking: the thinking process must be done before the "battle" in reading the road map with the purpose to understand the general picture,...Ignored
Disliked{quote} In the strategic "roadmap" reading is where experience and market understanding come in - knowing the structure of trends and reversals, ranges/accumulation/distribution, etc. More briefly put - with well organised market knowledge one will know when to mechanically take one's setups and when not to.Ignored
QuoteDislikedPulke - Very interesting observation. Can you please elaborate on each point you made, and maybe give some tips?
Piquant - I can recognise a trend, reversal and a range when I see one. But I don't think I have studied accumulation much at all. I'm doing my homework now on the subject. But I would appreciate if you explained a bit more.