Emotion Free Trading - page 3
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I believe this is a good thread. Your head gets in the way more than anything else in trading. For new traders stick to one hour windows, less noise and less noise means less stress. Entering on a 5m window and watching every pip will drive you insane.
Somebody posted a site and I stick my headphones on and listen when I am trading. Helped me maybe could help you. BTW, not my site.
Forex Music - Trade forex with Cllasical Music
Have fun.
hi
simple way is make your entry point and put your SL and TP just let it go ..don't watch your monitor until price hit your SL and TP
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Forex Indicators Collection
Try this, open 3 windows. 1 hr, 30m and 5m. Put only a stochastic w/ 5/3/3 settings. See how the moves are made when all three time frames are in sync.
Great material on self-control. Hope to see more updates - this is very useful not only for beginners but experienced traders as well.
My head hurts trying to understand xx3xx ramblings.
Anyways- beside my usual intent to flame.
I don't personally agree with many points of this thread made by various authors, but I will agree with the main intent of this thread.
Trading needs to be emotion free, and regardless of what anyone says this can be achieved in a variety of ways that are productive. You can trade emotion free and be an idiot (probably like xx3xx) and fail miserably.
The idea that's most important behind emotion free trading is understanding how to own your trade beyond that nagging conscious screaming to protect your money.
I've always hated the saying "let your profits run" but the sad part is, it's the way I've personally made most of my trades successful. Understanding the trend, your analysis, and your own rules is the only way you'll trade successfully. Sure, its common sense, but doing it is of course a whole different manner. Doing it involves controlling your emotions, and let's me frank here. We get a bit *****y when we lose money.
The bottom line- emotions aren't effective in trading.
Shoot for the moon
I've always hated the saying "let your profits run" but the sad part is, it's the way I've personally made most of my trades successful.
Too true. I see so many systems, on this forum and others, where the authors have designed the systems on 5m T/F and then set a TP of 10 pips. 10 pips?! But if you look at their SL it will be the same 10 pips, or more. Negative Risk/Reward on the trade. The trader is just making this harder than it needs to be.
Wouldn't it make more sense to have a sensible SL, on a sensible T/F ( 1 hour or daily perhaps) and then shoot for the moon on TP? Of course, not every trade will be profitable, and some will be breakeven. But some will be truly fantastic. I'm talking thousands of pips here, while risking a hundred or so.
Positive expectations, positive outcome.
Naturally, to trade this way requires a little bit of capital ( say, more than $100? hehe) and it requires you to trade in small lot sizes. But it can be done.
This will probably be taken as a joke, but I have a tool that will help just about anyone relax while trading :