What habits make your trading profitable? | Forex Factory

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What habits make your trading profitable?

  • #1
  • First Post: Mar 11, 2016 6:57am Mar 11, 2016 6:57am
Just a thought as to what "things" do you do or habits even make your trading profitbale.

For me it is:

-Managing risk appropriately depending on funds available for trading not necessarily account size / not over leveraging my account
-Not overtrading and planning the trades that I do take

Previously I focused on finding the system that will generate the biggest return, but I have found that the system you use to trade is irrellevant if you can not manage your risk.

A trader is first and foremost a risk manager.


So what habits make your trading profitable?
  • #2
  • Mar 11, 2016 7:24am Mar 11, 2016 7:24am
Quoting denz.fx
So what habits make your trading profitable?
Agree with U.
I do not profitable. Was at first, until I began to think a lot about forex, analysis. As soon as I started to go deeper, I stopped listening to intuition, and began applied diff theories to diff segments of the chart. They were inconsistent, and I began to suffer losses.
I don't lose hope, maybe I was just looking in the wrong direction..
  • #3
  • Mar 11, 2016 11:16am Mar 11, 2016 11:16am
In no order

1. Manage risk-reward ratio
2. Set and forget
3. Befriend the trend
4. Money management
5. No news trading
6. Price action, nothing more
7. No scalping
8. D1 to H1 time frames only
  • #4
  • Mar 11, 2016 11:19am Mar 11, 2016 11:19am
Discipline. Wait for a good setup, cut your loss early, pyramiding your winner.
  • #5
  • Mar 11, 2016 11:52am Mar 11, 2016 11:52am
Some good tips. Thanks to Kite, titantron91 and impostor
  • #6
  • Mar 11, 2016 3:43pm Mar 11, 2016 3:43pm
Discipline. I would the say the main reason why I became profitable in trading is discipline.
Good Luck and Good Trades!
  • #7
  • Mar 11, 2016 3:52pm Mar 11, 2016 3:52pm
Habits can be called money management.
- Correct calculation of risk
- reasonable use stop - orders
- Volume control
- The timely closure of unprofitable trades
For habits also include reflex search of established patterns and shapes during trading.
  • #8
  • Edited Mar 12, 2016 10:49am Mar 11, 2016 8:08pm | Edited Mar 12, 2016 10:49am
Avoiding huge News! Skip the NFP and rate decisions, and FOMC. Let the banks trade them... Then come in well after the news!
If those are the days your getting killed.. Skip them!

I set price levels and let price come to a level where i'm willing to take some risk. I don't just trade because I want to. A lot of time hunting and stalking a trade before i go in for the kill.

Never chase a price spike.. 75% of the time it will retrace.

Sometimes i use electrical tape and attach my old cell phones to the top of my feet for luck.
The only system that will work is one designed by and for yourself.
  • #9
  • Mar 12, 2016 10:37am Mar 12, 2016 10:37am
I think one should ask what habits make your trading not profitable. Or what habits make you lose your money. Since my opinion bad habits are hard to shave and bad habits tend to make you lose money faster than you earn money by having good habits.
  • #10
  • Edited 11:55am Mar 12, 2016 10:50am | Edited 11:55am
Quoting impostor
I think one should ask what habits make your trading not profitable. Or what habits make you lose your money. Since my opinion bad habits are hard to shave and bad habits tend to make you lose money faster than you earn money by having good habits.
It would be surprising if people would easily admit their own bad habits. It would be great if people can throw in solutions in response to bad habits stated along the way.

I'll start off.

A bad habit of mine is feeling bad and moping when I miss trade opportunities. When I feel it, I stay away from the charts for as long as I can until I move on. LOL.

Back then it would make me enter revenge trades that wipes out my previous win and some of my capital. Hahaha. Learned that lesson hard.
  • #11
  • Mar 12, 2016 11:03am Mar 12, 2016 11:03am
Quoting titantron91
{quote} It would be surprising if people would easily admit their own bad habits. It would be great if people can throw in solutions in response to bad habits stated along the way. I'll start off. A bad habit of mine is looking is feeling bad and moping when I miss trade opportunities. When I feel it, I stay away from the charts for as long as I can until I move on. LOL.
Lol. I used to have two bad habits, enter the trade too early without PA confirmation and averaging down my losses. Paid dearly for that combo though (blow 2 of my account). After that slowly and steadily i shaved them off but you know, it is darn hard to stop making these two mistakes. But even now and then, that urge to averaging down and entry without confirmation still haunt me. Hopefully i can lock that demon inside of me forever.

How i deal with that? Same as you. Lol. After cut my losses, i will take my time going somewhere and not to think too much about it. For the pa confirmation, i will set my time to only look at the chart only after candle completion. I set my alarm clock!
  • #12
  • Mar 12, 2016 11:59am Mar 12, 2016 11:59am
Quoting impostor
{quote} Lol. I used to have two bad habits, enter the trade too early without PA confirmation and averaging down my losses. Paid dearly for that combo though (blow 2 of my account). After that slowly and steadily i shaved them off but you know, it is darn hard to stop making these two mistakes. But even now and then, that urge to averaging down and entry without confirmation still haunt me. Hopefully i can lock that demon inside of me forever. How i deal with that? Same as you. Lol. After cut my losses, i will take my time going somewhere and not...
Damn, I tried averaging down before too. My friends who do stocks told me to do it. Got screwed too T_T.

We do the same thing with price action! I set up my alarms too

Another habit I had before is chickening out of buying dips and selling rallies ) It gave me cognitive dissonance. Took me a few months before accepting the fact that it works. Hahaha.
  • #13
  • Mar 12, 2016 12:36pm Mar 12, 2016 12:36pm
Consistency..... consistency...... consistency
Faith's on your trading set-up.
Fixed lot size
Fixed stop loss.
Printing machine start working........
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -425
  • #14
  • Mar 12, 2016 12:39pm Mar 12, 2016 12:39pm
know the risk and keep discipline with your trading strategy.
Risk comes from not knowing what you're doing.
  • #15
  • Mar 12, 2016 2:56pm Mar 12, 2016 2:56pm
Discipline probably is the most important
Bulls are stupid Animals!especially when Im short!
  • #16
  • Mar 12, 2016 3:54pm Mar 12, 2016 3:54pm
Quoting roughtrader
Discipline probably is the most important
I agree. First rule is be discipline in your trading.
I think, all habits can be included in this point. being patient and keeping to my risk management.
  • #17
  • Mar 12, 2016 5:28pm Mar 12, 2016 5:28pm
Discipline is true.. I guess to discipline yourself in knowing when to stop trading for the day is damn important too.

Personally I can take several trades in one day, maybe 10 - 15 trades depending. Sometimes it can be as low as 2 trades in one day. When i first started trading id be more in the region of 25+ trades a day. This is ok for some people but my point is over-trading (regularly taking whimsical positions because the 5m candle just popped 10pips for example) can be an account killer.

Always define the risk before entering a position! If you can not define the risk then you can not manage your money.


Good Evening to you all folks.
  • #18
  • Mar 12, 2016 5:29pm Mar 12, 2016 5:29pm
Quoting dragonexpert
know the risk and keep discipline with your trading strategy.
Exactly.
  • #19
  • Edited 2:32pm Mar 13, 2016 2:22pm | Edited 2:32pm
Quoting denz.fx
Discipline is true.. I guess to discipline yourself in knowing when to stop trading for the day is damn important too. Personally I can take several trades in one day, maybe 10 - 15 trades depending. Sometimes it can be as low as 2 trades in one day. When i first started trading id be more in the region of 25+ trades a day. This is ok for some people but my point is over-trading (regularly taking whimsical positions because the 5m candle just popped 10pips for example) can be an account killer. Always define the risk before entering a position!...
No! stoping trading for the day just because you had a few winners is a psychological error, if you have a strategy that is proven to be a winner long term consistently,
you would like to trade that non stop 24/7 if you could, why? because the more you trade the more you win over the long term, all you need is discipline to follow your rules, and as long as you have that, keep doing it, you should only stop when you don't have the discipline to follow your rules. and if you don't have a proven consistent winning strategy, you should only be trading demo until you do. just think about it, you flip a coin, every time head comes up you lose 1 dollar, and every time tails comes up you win 2 dollars, would you then stop flipping the coin just because you just won 2 dollars? that makes no sense. if you came out ahead you should even hire somebody to flip the coin for you when you sleep.
Bulls are stupid Animals!especially when Im short!
  • #20
  • Mar 15, 2016 4:33am Mar 15, 2016 4:33am
May be it's stupid but positive thinking helps me to be in profit.
My other habits: don't be too greedy and don't trade on news.
You have to make your own luck
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