Just interested in finding out how many of you trade the market.
NOTE: You can make MORE THAN ONE CHOICE!
Just interested in finding out how many of you trade the market.
NOTE: You can make MORE THAN ONE CHOICE!
Bump! We need more numbers to have accurate statistics
I’ve voted for system+discretionary, technicals.
The system is: when rsi and/or mom hit low figures (rsi below 20-30) then buy, when they hit high (rsi 70-80) then sell. On fast charts (1M, 1S).
And a slower chart for the bigger picture.
But not every move according to the system will yield alot pips, so I ultimately decide if I take the trade or not, which is the discretionary part.
I chose technical with no discretion. The problem with discretionary trading is actually two-fold (well, one is actually a corollary of another):
1c. Human behavior changes, especially when learning. Your decision-making process 2 years down the line may be drastically different but your system may remain the same. If you don’t document the changes in decision-making, you’ll lose out on important data analysis.
“Discretionary trading, based on technicals only”
Because the signals tell me it MIGHT be a good entry. But, I dont let a system tell me to enter blindly. I look at the market and make a guess/ assumption about where the market is likely to be going.
If I can’t form a strong enough opinion about the direction and why the trade might work out I pass.
Just entering on signals without backing up and looking at the bigger picture can get you into trouble. You can end up fighting against a larger trend, strong support and low volume if you are trading in off times.
This has a lot to do with simply having a decent amount of experience.
Truer words never spoken:)
Right now I’m working on developing my own trading style, and I’ve started to target fundamentals as well as technicals on a discretionary basis. I’m extremely indicator averse, the only indicator I allow on my charts is a moving average or two, just to get an extra frame of reference on the charts. At this point I’ve gotten rid of everything else from my charts. Btw, I fairly actively blog on meetpips (see link above), so if anyone wants to see what I’m going through and give me critiques - by all means.
What he said
I have 1 indicator (as well as MAs which I use for S/R not trade signals) which I use just to spot divergences.
Clean charts and price action for the win!
Yes, I’m working on developing my trading methodology and I also use MA’s just for references, not signals. I have zero indicators on my chart. We’re not making steady money yet, but it definitely hasn’t hurt what I’ve been doing so far.
I trade technicals but some discretion is used. I like to keep an eye and if I’m following a system blindly it’ll give me more losses.