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What Would You Do Differently Today for Better Trading Results?

  • #461
  • Apr 10, 2017 6:10am Apr 10, 2017 6:10am
Quoting KeenPips
He that can have patience can have what he will. Benjamin Franklin I believe patience is crucial to success in Forex trading. Do you? KP
Exactly patience and consistency are the foremost requirements to become a successful forex trader in my opinion.
  • #462
  • Apr 14, 2017 6:05am Apr 14, 2017 6:05am
What would you do differently this weekend to improve your trading?

KP
Do your homework, follow the footprints of smart money
  • #463
  • Apr 18, 2017 5:02am Apr 18, 2017 5:02am
Quoting KeenPips
What would you do differently this weekend to improve your trading? KP
During the weekend I decided to trim down my thread feeds to reduce noise and distractions. I realized in the past few weeks that I was not getting value from certain threads, rather I was getting a lot of noise and distractions, and felt the need to retain some sanity and get a good focus.

KP
Do your homework, follow the footprints of smart money
  • #464
  • Apr 22, 2017 11:45am Apr 22, 2017 11:45am
I try to take out time for self education in trading every week, as well as everyday. I think it's useful to find out something new, develop yourself, it encourages improvement of trading skills.
  • #465
  • Edited 9:28am Apr 24, 2017 9:16am | Edited 9:28am
Quoting garry30
I try to take out time for self education in trading every week, as well as everyday. I think it's useful to find out something new, develop yourself, it encourages improvement of trading skills.
Agreed! Continuous learning and improvement is key to success in Forex trading just as it is in any business. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #466
  • Apr 26, 2017 5:13am Apr 26, 2017 5:13am
Here's a video for thoughtful reflection. Let's know what you learn from it that could enhance your trading.

Trade safe and prosper.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #467
  • Apr 28, 2017 4:14am Apr 28, 2017 4:14am
Do you think Forex trading is difficult? Why?

I have always thought Forex trading was difficult until very much recently. Forex trading is very easy; what is difficult is succeeding in Forex trading. And here's why:

It takes a load of hard work and mental effort to plan and prepare for consistent profitability; and much more mental and emotional effort to wait for the right time, price and location. Only very few traders can do this.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #468
  • May 2, 2017 11:46am May 2, 2017 11:46am
How important is staying focused (not being distracted by noises and other 'gurus' opinions, for example), together with being calm, patient and disciplined, central to consistent trading success?
Do your homework, follow the footprints of smart money
  • #469
  • May 4, 2017 4:18am May 4, 2017 4:18am
Quoting KeenPips
How important is staying focused (not being distracted by noises and other 'gurus' opinions, for example), together with being calm, patient and disciplined, central to consistent trading success?
I as a trader have a job.. my job is to execute perfectly my plan.
It is not acceptable to take a loss due to lack of discipline.
It is not acceptable to miss a trade due to lack of discipline.
If you have a profitable system then you need discipline to execute it.
And when we are dealing with money discipline takes a different road.
I found we are bad risk calculator, and when we are dealing with trading we tend to focus on how much profit we can make rather than how much money we can lose.
We like to predict the future especially when dealing with money, we like to think "I am going to make $$$" and we ignore all the risks.
One bad habit I had to change is the following: when I was seeing price starting to move I opened a position (without any signal entry of the system) because my thinking was "no problem, price is moving and it will signal an entry".
You have no idea how many losses I had due to this bad habit. And the problem was that I was unconscious of it.
This bad habit was due to me having fear of losing an opportunity to make money rather than executing the plan.
You see we focus on making money and ignore the rest, while making money is a mere consequence.

So be focused and disciplined is very important.
You have to know what you are doing and also you have to be honest with yourself.
If you are honest with yourself you will find areas where you can improve.

Alex
  • #470
  • May 4, 2017 8:19am May 4, 2017 8:19am
Quoting alexx90
{quote} I as a trader have a job.. my job is to execute perfectly my plan.... One bad habit I had to change is the following: when I was seeing price starting to move I opened a position (without any signal entry of the system) because my thinking was "no problem, price is moving and it will signal an entry". You have no idea how many losses I had due to this bad habit....Alex
I love your candour and your insightful contribution. We all need to improve on our trading discipline and work at long-term, consistent trading success.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #471
  • May 4, 2017 8:27am May 4, 2017 8:27am
Quoting KeenPips
{quote} I love your candour and your insightful contribution. We all need to improve on our trading discipline and work at long-term, consistent trading success. Trade safe and prosper. KP
Imho, any trader who remains undisciplined leaves themselves open to failure.

KP
Do your homework, follow the footprints of smart money
  • #472
  • May 7, 2017 3:56pm May 7, 2017 3:56pm
Quoting KeenPips
{quote} Imho, any trader who remains undisciplined leaves themselves open to failure. KP
Here are some of the things I do to maintain trading discipline: Improve on my market analysis, identify levels/zones to trade from, develop key rules for trade entry/setup and wait for the market to come to my levels/zones.

What about you, what steps do you take to develop or improve trading discipline?

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #473
  • May 11, 2017 6:34am May 11, 2017 6:34am
Quoting KeenPips
{quote} Here are some of the things I do to maintain trading discipline: Improve on my market analysis...
What are you doing to improve and get better at market analysis? Share it with other forum members.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #474
  • May 11, 2017 6:49am May 11, 2017 6:49am
I'd give myself the two strategies I'm using, and say "learn these two and you are good to go!"

And also say "don't try to do trading as it is a normal 8 hour job, wake up in the morning, look for something to trade, and either if you find something or not, close it down the afternoon, and try again next morning. Instead try to get in the flow of the market, monitor it constantly, and only start to really focus on it, when it reveals the opportunity to trade!"
Price and volume reveals everything. The market moves on supply and demand.
  • #475
  • May 11, 2017 7:11am May 11, 2017 7:11am
Quoting Darastonius
I'd give myself the two strategies I'm using, and say "learn these two and you are good to go!" And also say "don't try to do trading as it is a normal 8 hour job, wake up in the morning, look for something to trade, and either if you find something or not, close it down the afternoon, and try again next morning. Instead try to get in the flow of the market, monitor it constantly, and only start to really focus on it, when it reveals the opportunity to trade!"
Good points! Here's talking about trading discipline and focus. Also mastering your own system and strategies rather than system-jumping.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #476
  • May 12, 2017 4:40am May 12, 2017 4:40am
Demo accounts have their place in trading success. For success in live accounts, demo accounts should be used for developing and mastering one or two functional trading systems/strategies and learning solid risk and capital management. What have you being doing to master one or two trading systems/strategies rather system-jumping?


KP
Do your homework, follow the footprints of smart money
  • #477
  • May 15, 2017 12:27am May 15, 2017 12:27am
Quoting ValentinoFx.
I should never trade when I'm emotionally unstable - meaning if i'm under stress, or I just had a fight, or generally in bad mood. Because my emotions overshadow the logic and clear thinking resulting in bad trading habits and losses.
Yes, that is correct. I totally agree with you Sir. When you will trade, you must see to it that you are emotionally prepared. I remember the day when I was emotionally unstable too.. I traded with that condition and i encountered loss that I had loss 50% of my capital and I felt so sad and stop trading for quite some time.. I have learned that in trading, we must be physically and mentally prepared and see to it that we are in good condition for better trading and earning success..
Sweet Princess, ForexMart
  • #478
  • May 15, 2017 3:08am May 15, 2017 3:08am
Quoting SweetPrinces
{quote} Yes, that is correct. I totally agree with you Sir. When you will trade, you must see to it that you are emotionally prepared. I remember the day when I was emotionally unstable too.. I traded with that condition and i encountered loss that I had loss 50% of my capital and I felt so sad and stop trading for quite some time.. I have learned that in trading, we must be physically and mentally prepared and see to it that we are in good condition for better trading and earning success..
I like your candour. Yes, we all have to be mentally, emotionally and physically vital to trade well. To fellow traders, what did you learn last week that could help you trade better this week?

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #479
  • May 16, 2017 11:36am May 16, 2017 11:36am
Do you consider predetermined turning zones/areas from which to enter trade? Which time frame do you use to determine such zones?

Trade safe and prosper.

KP


Quoting KeenPips
{quote} Here are some of the things I do to maintain trading discipline: ....identify levels/zones to trade from....
Do your homework, follow the footprints of smart money
  • #480
  • May 17, 2017 8:25am May 17, 2017 8:25am
As a short-term swing trader, I use mainly the weekly time frame to determine my S/R or turning zones; and because my setup time frame is the H4 time frame, I get minor or contemporaneous S/R zones from the H4 time frame.

Trade safe and prosper.

KP


Quoting KeenPips
Do you consider predetermined turning zones/areas from which to enter trade? Which time frame do you use to determine such zones?... {quote}
Do your homework, follow the footprints of smart money
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