I would suggest looking at Adam Grimes work; free trading class on- line and/or his book. Also yourtradingcoach.com has lot's of free info or you can purchase his course.
Rest assured Note None of us are any better - or worse Never take trading personally - it simply business What other people think - screw em And absolutely none of us were born a trader - we worked our asses off to get here - just as you will have to work your ass off Good news - you have good traders here to keep you on the right path / share their thoughts ================================== Also - you'll get many different ways of looking at trading - some may even contradict No one way is right for every one - we each have created our own way - as you must create your own way So..., take every thing you get - then.., create your way out of all of it ========= Countless ways to trade successfully - we simply must find (create) our own unique one RN
Thank you note, I'm glad I could be of help for you. Again, I want to stress out that your entry ideas and the SL settings are very good. I do this almost the same way. So you did learn the most important part already! What you should concentrate on now are the "soft factors". - Check out the higher timeframes (D1, H1, M15, M5) - where's the trend, s/r, patterns? What is likely to happen? The one thing that helps me most is to play through different scenarios before I trade (is there a reason for the price to rise, fall - why, how would it look like in the charts). And then REACT to the plan. Limit orders are a great way to do that. And take your profits! I feel you want to let your trades run. That is good, but for that you MUST enter the trade very early in the direction of the trend. Everything other (like the two trades I gave you feedback on) should have a pre-planned target. - How much time do you have for trading? When can you trade? Can you use a tablet for trading at work? IF only three hours a day, is daytrading really a good idea? Must it be EUR/USD for daytrading? It is tough and 1 pip spread is not a little, either. Personally, I'm a lot more succesful at swing trading US stocks. There are hundreds of approaches towards trading and if you fail at daytrading EUR/USD don't give up and try out something other instead! Choose the one you like best and follow it. And please don't take other people's comments so seriously! If it is of help for you, take it as a good advice, if not, forget it.
Close to everyone here are curve fitters. They emulate nothing but the random numbers they arbitrarily take on. So they will fail. When I interact with the clueless, I use their context. You would be quite clueless to assume I am with them. I am just showing them the light in a way they can potentially grasp. The markets are about supply and demand. There's no place for random number generation.
"An edge is nothing more than an indication of a higher probability of one thing happening over another." - Mark Douglas I've studied, and traded from, intraday (1-min, 5-min, 60-min) charts for almost 7 years. I've studied, and traded from, daily charts for almost 7 years. I've also studied similar charts from time periods before I ever traded (1990's, early 2000's). For traders looking to extract profits from short term price swings on individual instruments that don't experience time decay (stocks, certain ETFs, futures), I have never seen the underlying principles of technical price action change. The patterns illustrated in the link below have been signaling better-than-average odds of significant* price swings on every daily and intraday chart I've seen from the 1990's until now: http://www.daytradingcoach.com/daytrading-technicalanalysis-course.htm Not everyone has the same edge. Institutional traders/investors have to invest/hedge large amounts of capital. As a result, their actions cause significant* price swings and leave certain footprints that an astute retail trader can identify and profit from if proper risk management is implemented. The biggest edge of all is your work ethic and mindset. If you invest in the many hours necessary to develop a trade entry/trade management plan for any of these positive expectancy patterns and have the mindset to trade your plan consistently, you have an edge that's highly unlikely to disappear. * The definition of "significant" with regard to price swings is a personal one based on where you choose to enter a position and where you place your stop loss. On any given time-based chart, I consider a price swing significant if price moves at least twice as far from entry as a stop loss placed just outside the swing high/low of a successful price turn. The study of hundreds of appearances of a pattern is necessary to determine the ideal way to enter at the best possible price relative to the level of confirmation the price action provides.
EJ, I'm not saying that you don't have something valuable to contribute, but rather that the way you approach interaction with other people on here negates most things that you say, as the only thing they grasp is that you are being a disruptive disrespectful troll. So your posts end up being a waste of time for both them and you = lose/lose. Once a smart person realizes their methods are not working, they will change to a method that does work, very similar to how all successful speculators operate wouldn't you agree. Having said the preceeding, in general I agree with your post as this has been my experience as well, but I recognize that everyone is entitled to make their own journey and find their own truths, perhaps their approach will work for them, who really knows? Cheers John
Feeling like singing song today... It will go up ....nope...It will go down ..nope..It will go up ..nope..It will go down ..nope...where will you go yo...no one ever knows yo...It will go up ..nope..It will go down ..nope...there was a news yo..i thought it will move so...but again..repeat with me..it will go up..nope..it will go down..nope... Not leaving this bastard market...i know when will it move its asss...last time trying bud...either you or me...just giving you holiday break...
Successful trading is like a puzzle. Having an edge as a discretionary trader (a trader not using automation) implies that the edge is just one piece puzzle piece in the overall puzzle (sometimes refer to as trading plan). My point is that successful trading involves much more than just a profitable trade strategy because a trade strategy is just one piece of the puzzle. Thus, if you don't have the other pieces of the puzzle...you will fail in using that profitable trade strategy. Lots of trade journals here at ET are proof of the above because they involve traders using a strategy that's been backtested, simulated traded and the results are positive. The problem is that something goes wrong when the trader than traverses into the live real money trading...it doesn't work. This should be a light bulb moment for the trader that "something is missing" in live real money trading that wasn't a key variable in backtested or simulated environment. You need to determine what those other important (maybe critical) components are in your trading plan so that your strategy has a chance to work in live real money trading. Most traders either ignore the obvious or not able to manage those other key variables (pieces of the puzzle) and they then join the group of traders that fail. Common pieces of the puzzle for most discretionary traders: discipline, proper trading instruments, proper home (office) trading environment, stress management, money management, position size management, proper equipment and so on. Everybody is different. Thus, variables that's sabotaging one trader will have no impact on a different trader. My point is this...if you have poor trading while using a good trading method...the problem is you...not the method. Therefore, spend your time fixing you and leave the method alone. Yet, if yo know for sure you have a method with no edge and you still don't have those other pieces of the puzzle...you're doomed. P.S. Profitable trading involves so much more than just a trade strategy.