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What Would You Do Differently Today for Better Trading Results?

  • #321
  • Oct 28, 2016 3:26am Oct 28, 2016 3:26am
Quoting KeenPips
{quote} Good. How does it influence your current trading style, strategy or outlook? KP
a. Lower True Leverage
True Leverage=Account Balance/Notional Value of Underlying.

ex. $100,000 account trade 1 lot of EUR/USD( equivalent of $100,000 Notional Value), True Leverage=100,000/100,000=1

b. Stretches Trading Time-frame
Trade daily chart or above, don't trade M5 Chart

c. Avoid Foreseeable Economic Event
Trade normal hours, avoid news release

d. Well-capitalized, have a business plan, don't gamble
No Highs? No Lows? Must be Bose!
  • #322
  • Oct 28, 2016 3:28am Oct 28, 2016 3:28am
Quoting Tardigrade
{quote} a. Lower True Leverage True Leverage=Account Balance/Notional Value of Underlying. ex. $100,000 account trade 1 lot of EUR/USD( equivalent of $100,000 Notional Value), True Leverage=100,000/100,000=1 b. Stretches Trading Time-frame Trade daily chart or above, don't trade M5 Chart c. Avoid Foreseeable Economic Event Trade normal hours, avoid news release d. Well-capitalized, have a business plan, don't gamble
Good trading rules.

KP
Do your homework, follow the footprints of smart money
  • #323
  • Oct 28, 2016 5:11am Oct 28, 2016 5:11am
I document all my trades; even my losses.I no longer abandon my losses cowardly in anger. I look deeply into them to trace my faults. This way I am a better trader in my next trades.
  • #324
  • Oct 28, 2016 6:00am Oct 28, 2016 6:00am
Quoting Tarfest
I document all my trades; even my losses.I no longer abandon my losses cowardly in anger. I look deeply into them to trace my faults. This way I am a better trader in my next trades.
Talking about the value of using a trading journal! Green pips to you Tarf.

KP
Do your homework, follow the footprints of smart money
  • #325
  • Oct 30, 2016 12:43pm Oct 30, 2016 12:43pm
Patience is a key virtue in this business. Last week I selected three pairs I found amenable to my trading strategies and techniques. However, as I normally use much of Monday to observe price action and validate my biases, I noticed on Tuesday the behaviour of the GBPAUD and decided to wait and map out the trapping boundary to trade it. Rather than trading all the three pairs I had in mind, I focused largely on milking as much pips from the GBPAUD as possible. You may say, waiting and focus can be critical to successful trading. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #326
  • Oct 30, 2016 1:11pm Oct 30, 2016 1:11pm
I'm a bit scared of GBP/anything lately from all the absurd volatility from news events. Does it bother you much? Have you reduced size, or increased stop distance or anything or are you trading your typical way?
big money makes big moves and then hides during small money chasing.
  • #327
  • Oct 30, 2016 1:14pm Oct 30, 2016 1:14pm
Quoting corrman
I'm a bit scared of GBP/anything lately from all the absurd volatility from news events. Does it bother you much? Have you reduced size, or increased stop distance or anything or are you trading your typical way?
I can understand your fear mate. But I trade a pair, any pair, that meets my trading criteria following a thorough scan and analysis. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #328
  • Oct 31, 2016 10:26am Oct 31, 2016 10:26am
You would naturally want to throw in the towel after a loss, but patience and persistence have a magical and positive effect that would keep you going. So I want to cultivate patience and never to make important trading decisions hastily when I'm in my worst moods.
  • #329
  • Oct 31, 2016 10:40am Oct 31, 2016 10:40am
Quoting RussellBrown
You would naturally want to throw in the towel after a loss, but patience and persistence have a magical and positive effect that would keep you going. So I want to cultivate patience and never to make important trading decisions hastily when I'm in my worst moods.
Good decision. However, never think of throwing in the towel after a loss. Trading, for meaningful success, requires taking a long-term view of your trading business. Never seeing it as a short-term, quick fix thing. Losses will come but managing the losses and keeping them to a bearable/affordable level as you build your skill and experience, ensuring you have enough fund in your trading account to trade tomorrow, will lead to much-desired results. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #330
  • Nov 1, 2016 12:02pm Nov 1, 2016 12:02pm
Thinking of advising beginners?....

Keep learning, practice one or two trading systems and master one very well, then stick with that one and make it efficiently profitable for you over a long period of trading; stay humble as you gain in experience and become a better trader. Never get carried away by any significant profit and never throw in the towel when you hit a loss but manage your trading capital to ensure that you are there to trade the next day. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #331
  • Nov 6, 2016 3:04pm Nov 6, 2016 3:04pm
Nuggets

‘The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.’ Jack Schwager – Author of Market Wizards
Do your homework, follow the footprints of smart money
  • #332
  • Nov 8, 2016 6:39am Nov 8, 2016 6:39am
Trying to detach myself from my negative emotions. Otherwise it would affect the way I place my trades.
  • #333
  • Nov 8, 2016 7:07am Nov 8, 2016 7:07am
Quoting PeterFXlover
Trying to detach myself from my negative emotions. Otherwise it would affect the way I place my trades.
Good point. Having specific and clear set of trading rules - which you adhere to - will go a long way in this. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #334
  • Nov 9, 2016 6:19am Nov 9, 2016 6:19am
Quoting KeenPips
{quote} Good point. Having specific and clear set of trading rules - which you adhere to - will go a long way in this. Trade safe. KP
Very good advice.
Thank you
Let Market Tell You
  • #335
  • Nov 9, 2016 8:59am Nov 9, 2016 8:59am
Any trading lesson learnt from the US Presidential election?

KP
Do your homework, follow the footprints of smart money
  • #337
  • Nov 10, 2016 11:32am Nov 10, 2016 11:32am
Quoting KeenPips
Any trading lesson learnt from the US Presidential election? KP
One lesson for me, really a confirmation of one of my trading principles - be your own man/woman and master your system.

KP
Do your homework, follow the footprints of smart money
  • #338
  • Nov 11, 2016 12:58am Nov 11, 2016 12:58am
Quoting KeenPips
Any trading lesson learnt from the US Presidential election? KP
dont trade if you havnt any idea of next possible move
little bit of sense, little bit of luck
Ktr Return This Month: na
  • #339
  • Nov 11, 2016 2:19am Nov 11, 2016 2:19am
Quoting Tpak
{quote} dont trade if you havnt any idea of next possible move
A sound top-down technical analysis and a focus on the major market direction would enhance your confidence in the next probable price action.

KP
Do your homework, follow the footprints of smart money
  • #340
  • Nov 13, 2016 11:41am Nov 13, 2016 11:41am
One of the key lessons I learnt recently is the importance of trading cognizant of the difference between market trend (particularly primary/major one) and market mode. While this may not be important for traders using very low time frames and picking a few pips, it is significant for my swing trading strategy. As I tend to leave my positions for a few days and use HTFs in market analysis and set-ups, it is imperative that I apply the knowledge of market trend and market mode in my market analysis, trade set ups and timing of trade entry. What about you, have you learnt anything recently that could make a difference to your trading?

KP
Do your homework, follow the footprints of smart money
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