Styles and Systems
Thanks you for the post.
I dont really think forex has to be rocket sicence. I believe it can be as simple as have a system and stick to it.
I believe that Forex is a lot harder to trade and it is more difficult than rocket science. The majority of us got into Forex because of the promise of easy money. The truth is that you can't predict the market and you can't trade the Forex based on indicators. The truth is that most Forex trainers make money on training i.e. lessons and coaching and not from the market themselves.
I have been trading for 12 years with 6 years in the forex market. I always tell new traders don't trade live until after 2 years of demo.
I always tell new traders don't trade live until after 2 years of demo.
Worth suggestion for newbies.Write this in your mind.
I always tell new traders don't trade live until after 2 years of demo.
I disagree, one year at most I suggest. Then try a micro live account to get the feel.
by the way, only a few brokers offer a micro account, fxopen is one of them.
vengeance and then over-hedge it -- like video game , if you JUST lost 1 of your mothership, then send more air missile and sea missile - while the weapons is your most valuable fixed asset : MISTAKE (I always made that)
that is something that I have to overcome
few golden rule that I follow myself
when the market is quiet, let it be, don't even set OCO to catch the frist breakout - unless you got statistics and good indicator that can't be wrong
hedging can be use -- better near the possible end of the TREND i.e. if you use it in above, you will loss
more entries like martingale alike, I don't believe it myself -- its basic principle , is , WHAT IF I LOSS
certainty is hard (never 50/ 50) but you can trust your own personal statistics, what happen last time, you trade that UNIVERSAL SIGN that you discovered with the indicator, does the indicator tell you what is the perfect price level to enter ?
inhibit your own U-turn thinking or think that you just observe the APEX ZZ point -- usually it is WRONG -- rely on indicator instead rather than your URGE of have some entries
another thing that might lead to success will be
STATISTICS
if your chart is no good, then adopt another person
but they got the mindset and trading style that you might not have
secondly, I am quite keen to develop NO TRADE ZONE
i.e. must exit and no more entry when those sign are seen -- it will be about price leve and timing
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if your thinking is REVERSAL , but on every POLAR apex
think of new trend as LABOR after the pregnancy period -- hard to come out
PUSH PUSH PUSH or PULL PULL it back
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easy bait money, you can't touch other people casino chips
change the settings of your indicator or template - if you find something close enough -- sometimes, I put up some good research screencapture of mine, people ask for it , but behind that, they do not have a clue , how many indicators and template I have filtered out, or how long do I have to arrive those setting and mix of indicator , but recently, I have seen few people (contributor) did better than my own research
when we see we missed a huge 30M candle, we can think of we just MISSED a long fishing line (instead of missed opportunity)
actually, the market is just about determination now, brokers already got less of our money due to those micro-volatility that we have NOT seen in this year
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most demo last for less than 2 month in my broker
first, treat it as real, i.e trade less and less: don't do hedge or small TF
if you can't get demo RIGHT for 2 to 3 demo (as trade pattern change every 2 to 3 month) -- don't do it for real
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one way to trade much less is >>
HAPPY with no entries esp during U-turn == quite hard though as holding nothing let you have the UN-necessary URGE
you may try to do research into INDICATOR that show NO TRADE time zone and NO TRADE price range -- but hard to come by, so it is almost by chance that you can find something [ usually this indicator involve price level that is unfavorable to you ] again, if you got some other indicator to tell you the Universal sign, will you follow this override indicator for NO TRADE zone - the dilemma is in your STYLE
I disagree, one year at most I suggest. Then try a micro live account to get the feel.
I agree, live trading is a totally different game than demo trading. Most people (including myself) experience success on demo accounts because there is no emotion involved. Then when they start trading live accounts it all goes out the window with real money on the line. It is much harder to maintain objectivity when real money is at stake.
I disagree, one year at most I suggest. Then try a micro live account to get the feel.
I agree with witsnpips. Two years of demo trading won't do any good. You have to start trading live with micro accounts and that will be the best practice yet.
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Ive noticed over the last few years there are many members that post a system an ask for help in developing it. Generally they get plenty of help even more then they need.
I have also seen when someone post a system to try to help others trade and others start trying to add to it when the author didnt ask for help.
It makes it all even more confusing. I dont really think forex has to be rocket sicence. I believe it can be as simple as have a system and stick to it.
Ive heard from the start there are going to be loses, the key is to limit them.
dont hang on to loses and take your profits. Its never bad to take a profit. Its not about what you could have made but what you did make.
I wonder sometimes if the folks with systems that worked for them and then the seem to disapear is because they get tired of others trying to change there system. I is very hard to continue consentrating on a system while someone is telling you they cant make it work.
We cant believe it can be simple and try to add more and more to stop the loses when it might be better to accept a few loses and move on.
I believe it is better to take a system and improve your trading the system then it is to take a system and try improve the system. All manual system have a certian amount of discreation in them. Learn to trade the system.
Confidence, Control, Discipline, and Money Management are just a few of the needed qualities to exicute a system with success.
Any time you feel anger, fear, or vengence. go get a ice cream cone (or a DQ butterfinger Blizzzard) and cool down. Do not trade in this state.
You can read the entire TSD forum or pay to learn to trade, but if you dont control your emotions you most likely will not be successful.
God Bless and Happy Trails