HAMA PAD - A Simple Trading Approach - page 168
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Today
I took this trade today and wanted to share the chart along with my logic for taking that trade.
EJ is a noble man.
EJ thank you for your continuous help and coaching. Enjoy your trip
Adam Hewison, a professional trader, has inspired me [yes, and copied some of his stuff, like this article.
] in developing some of the trading tools and methods I use in trading. Although, we have differing approach as he is completely a position trader, we have common goal and focus - high probability trade setup to produce consistent profits. The following article on "Winning Attitude" is part of his presentation titled "The Secrets of Professional Floor Traders". I hope you will find this useful. HAMA Traders Lounge is truly beyond indicators and systems.
ENJOY!
fxcruiser
Everyone wants to be a winner; at least, they think so. Unfortunately, most are not willing to perform the tasks necessary to become a consistent winner.
Winners generally achieve success by being focused on a goal. Being focused allows winners to remain committed to the tasks at hand. Most winners perform a lot of hard work; including a willingness to deal with sometimes mundane duties. Most of all, winners perform with an "I am responsible for both my failures and successes" attitude.
So, where does the would-be trader start to become a success? By focusing on the tasks at hand. Most of all, treat trading as a business. And, as in any business, money management is critical.
Money management, next to trend, is probably the aspect of trading most overlooked by smaller investors. Man, by nature, is an optimistic creature and the amateur trader often acts instinctively. Unfortunately, this instinct or optimism is often the undoing of the smaller trader.
When a person enters a trade, he does so with the hope it will be a winner. When the position goes against him, he keeps thinking (or hoping) "it will come back." He knows he should have a stop in place, but hope keeps telling him to stay just a little longer since everybody knows "you always get stopped out the day the market turns." Eventually, hope turns into frustration, desperation and, finally, panic, prompting the trader to issue a GMO (get me out) order.
If the trader hasn't learned his lesson by this point, he develops the "I have to get it back" syndrome. He generally rushes into another poorly planned trade, throwing good money after bad.
Winners show several different characteristics. They enter the market knowing they can be wrong and, in fact, are wrong as often as they are right. They have learned markets don't run on hope. They understand markets tell them when they are right or wrong. When a trade is losing money and getting worse, the market is telling them to get out. A bad trade is like a dead fish: The longer you keep it, the worse it smells.
When a trade is making money, the market is telling them they are right and to let the position ride. Winners don't add to, or "average", losing positions. They dump the trade and go looking for a new opportunity. Successful investors may add to the winning trades. When ahead, they press their advantage while remembering that at any time the market can turn on them and prove them wrong.
The Commodity Futures Trading Commission has asked us to also advise you that trading futures and options is not without risk. While there is opportunity for incredible wealth building, there is also the risk of losing even more than you invested. Of course, that's not unlike most other businesses. But informed traders are the best traders! Opinions expressed by Market Spotlight authors are not those of INO.comVery Good Points
Thanks EJ as a new trader it is and has been the hardest thing to overcome. I am still working on it. Case in point today I went short on GJ, I thought it was a great trade but it turned against me and ran up. I could have gotten out when I saw this start for a small loss and gotten back in at a much better price. Lucky for me this time the price came back becuase I had a good spot but it threw me off my game and I got out at just above break even and missed the big drop after. I need to work on this!!
HS
That was maybe the hardest thing for me to overcome.
I remember the very early days of my trading when I lost many pips because I closed an eventually good trade at a loss.
Hopefully, we learn as we grow
I don't post much as TSD has really gone downhill. I digress:
I, too, am learning to "cut losses short and let winners ride". Honestly, it's never really been that difficult for me to do this. I am having more of a challenge pulling the trigger when I do get a signal and being patient until I get one. I have improved greatly not because of the any particular system. It was because E.J., along w/ a couple other important folks from here (Homestudy, Mpower) and abroad (my OTHER FX mentor), have taken a sincere interest in aiding me in conquering not only my trading by life in general. He's went above and beyond a signal provider or t.v. infomercial company. You've become a friend and for that I thank you, bro. You're buildin up some good karma for your next life, dude. It's more like family business when we're all in the room bouncing ideas back and forth, comparing trades, giving each other advice. Work but having fun doing it. No other group in which I'd like to join.
Can't wait til we all get together on a beach (though I think Homestudy might try to pull out the Speedo....
so be prepared). Till then.....Hip Hip HAMA, Hip Hip HAMA, Hip Hip HAMA!!!!!!
I took this trade today and wanted to share the chart along with my logic for taking that trade.
EJ is a noble man.
EJ thank you for your continuous help and coaching. Enjoy your tripNice trade mate...
This is your trade set-up (yellow ring) on 1M w 5M mtf with ZCrest indy's. It's getting very close to the bone...I'm sure you know what I mean.
Cooking with gas...
I have improved greatly not because of the any particular system. It was because E.J., along w/ a couple other important folks from here (Homestudy, Mpower) and abroad (my OTHER FX mentor), have taken a sincere interest in aiding me in conquering not only my trading by life in general. He's went above and beyond a signal provider or t.v. infomercial company. You've become a friend and for that I thank you, bro. You're buildin up some good karma for your next life, dude. It's more like family business when we're all in the room bouncing ideas back and forth, comparing trades, giving each other advice. Work but having fun doing it. No other group in which I'd like to join. Can't wait til we all get together on a beach (though I think Homestudy might try to pull out the Speedo....
Exactly my thoughts AKA, I am glad that I have met good people like you and all the HAMA people. I still have a lot to learn in terms not only of analysis, but discipline as I am a somewhat a reckless trader....
Nice trade mate...
This is your trade set-up (yellow ring) on 1M w 5M mtf with ZCrest indy's. It's getting very close to the bone...I'm sure you know what I mean.
Cooking with gas...A picture says a 1000 words if you take a good look
Thanks, mate. Keep in touch!!!
Nice trade mate...
This is your trade set-up (yellow ring) on 1M w 5M mtf with ZCrest indy's. It's getting very close to the bone...I'm sure you know what I mean.
Cooking with gas...Hi Gramski, I wonder if MTF QQE would be a public indicator or is it part of HAMA indis ?
If public, could you share it here ? thanks Dan.
Hello Fxcruiser
Can you send my your actualy Templates and Indicators from your Tradesystem? I,m very interest from your Tradesystem.Here is my Webadress, Bertholdriediger@web.de
Best regards from Germany