I need a forex mentor :) or any advice on how 2 become a more disciplined trader

I have a good understanding of trading. Just need a bit of guidance on chart set ups, time frames, indicators etc. Theres a whole load of jargon out there. Just wondering if anyone fancied keeping it simple and showing me a few pointers on becoming a more disciplined trader ? better physcological control ?

More disclipine? Make your rules, make your plan.

Not sticking to it is unacceptable. Or maybe you just need a good spanking LOL. :eek:

HAHA very funny. I need some trading ideas, i got a few. But need more lol

Thanks

So you say you understand trading. What do you understand?

There are many types of traders out there so you need to put some details out so if a mentor comes along and agrees with your style, they can help more

I understand the concept of forex trading, i understand what each indicator means, i can read charts, paterns etc. Its the set ups and physcology that i would like a bit of guidance on…

What time frame are you trading off?

Are you a scalper, medium, long term?

Are you a discretionary or systems trader?

What do you understand about the concept of forex trading?

What do you know about indicators? (an important question this one, please explain in detail)

Trading IMO and I’m sure many successful others will tell you is all about psych so get you head sorted. Read books such:

Trading to Win: The Psychology of Mastering the Markets - Ari Kiev

Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude - Mark Douglas

Self-Discipline in 10 Days: How to Go from Thinking to Doing - Theodore Bryant

Awaken the Giant Within : How to Take Immediate Control of Your Mental, Emotional, Physical and Financial Destiny! - Anthony Robbins

or get his audio books

these are just a few materials that helped me along the way but seriously do your own research

Check out the thread "This is for all you wanna be full-time traders"
in the newbie island section. That’s my mentor somewhat!

Disicipline will come over time and that is something nobody can really help you with.if you have found a way you like to trade and make money with it you will get a grip on your fear and greed overtime.As long as you don’t take irresponsible risk like 5% Or more you’ll be just fine.

Cheers for that mate. Your right. I took a few harsh lessons that have made me re assess my reasons for trading and how i trade. I was being stupid with stops, over sizing, leverage, adding to losing to positions… all of this without following a strategy.

Now i am following my strategy strictly and it is working, and its putting my mind at ease lol.

I still have problems with holding onto wining trades, none of my signals to exit the trade have happened yet i will cash in… i guess thats fear also. At least i have learnt to cut losers asap.

honestly speaking, you don’t need to be a super expert on all the indicators. choose few that you like, test them out using past prices, see if they work for you, abide by them during trading, and don’t forget to put stop loss ~2-5% of your entire capital. don’t be disappointed when you lose money, when the time comes when you look at the amount of loss you made in a day and you start to do impulsive trading, then chill off, go and do other stuff. trading is something that is built on every day.

i’m not an expert, but these are my views of a normal, small profit raking trader.

As somebody mentioned here, it depends on your style. Whether you are a more riskier person? - Or, are you considering committing full time or part time? -These are questions you want to ask yourself.

2nd, don’t get attached to the other people’s ideas. Some will say that 10% ROI (Return on Investment) per month is completely crazy and unachievable, some claim to score 100% ROI per month! -It’s some sort of paradox. I would say be realist. See what’s possible out there, and devise a plan.

Example plan:

Committed hours per day: [B]6[/B]
Initial Investment: [B]$ 5 000[/B]
ROI Target within a year: [B]25%[/B]
ROI Target within a month: [B]2.1 % [/B]
Maximum Risk % per trade: [B]1%[/B]
Minimum Win/Loss ratio allowance per trade: [B] 1:1[/B]
.
.
.Etc etc.

Make sure you have all of those things below:

  1. Detailed Log of Trades you execute (Fully detailed of why you executed that trade with exact Entry, S/L, T/P etc)
  2. Printed Weekly News Report for each currency separately
  3. Printed Manual of Candlestick Patterns
  4. Printed Manual of Chart Patterns
  5. Printed Manual of Harmonic Patterns
  6. Sticky Pad Pan Board for your quick info notes
  7. White board with multiple colored markers
    8*. TV: CNBC or Bloomberg (Optional, you can find them online if you don’t have TV).

List all of your possible systems and strategies.
Sample:

[B]Strategy Name:[/B] X Y Z
[B]Strategy Nature:[/B] Mechanical, Fundamental, Pattern etc
[B]Time Frame: [/B]H4
[B]Indicators:[/B] X Y Z
[B]Entry:[/B] I enter here if this and that happens
[B]S/L:[/B] I enter x -amount of pips based on this and that
[B]T/P: [/B]I target x -amount of pips according to this information
[B]Emergency Exit:[/B] -I exit a/all trade(s) if this happens
[B]Trailing Stop:[/B] - Put a trail if you achieve x-% of the planned target
… etc etc. you get the point.

Make sure you know what’s going on the geopolitical and geoeconomical area. Read reports, subscribe to different site who provide free daily forex reports.

Make list of commodities vs. currency correlations:

Sample:

XAU(GOLD) [B]UP[/B] - AUD/USD [B]UP[/B]
CRUDE OIL [B]UP[/B] - USD/CAD [B]DOWN[/B]
XAU[B]UP[/B] - XAG [B]UP[/B]
.
.
.
… research and make your own list.

I don’t know what else to say.

If you have any particular question feel free to ask.

If you want to be a disciplined trader it helps alot to have a trading plan to follow that makes money, if it makes money you’d follow it and if you don’t follow the plan you lose money. You can also follow any trading plan regardless of profit to train yourself to be disciplined. You also might want to research money management that helps alot in the long run.

Before making a trade, ask yourself this question - " Will I be happy with this trade, win or lose " ? If the answer is no, then don’t take it.

You say that you understand it all, and can read charts. My question to you is - Are you making or losing money ", demo account or real? If you are losing money, then sorry, but you obviously cannot read charts. Forget about the concept of trading, and what each indicator does, because that is nonsense. Concentrate on understanding exactly how you are going to translate knowledge of your charts into an income. It’s not about understanding what each indicator does, it’s about how each indicator that you use works in relation to price action. Too many people think they understand how to trade, but can’t work out why they are unable to make any money at it. Truth is, they don’t, otherwise they would. Ask yourself again, do you truly understand your charts? Do you always know when to Buy and when to Sell, and most importantly, when to stay out, because if you don’t, then you need to, every time, it is the only way you will make money trading. Hope that helps.

go to the proact traders site and take the time to really look at it…if your serious about trading and can dedicate yourself to a true learning experience…i have been using there software…charts and just start there one year mentorship program and in the scheme of things i am a newbie

this week i got over 3000 pips from the aud/usd nzd/usd and the gbp/usd not i am still trading micros so i did not get rich…made $800 in 3 days risking 3.5% on 10,000 account but only utulizing 3,000 of it on lots…traded up to 70micros at a time…hit 87% win rate…and i am new to learning the way they trade

there method is powerful and its worth the money they charge…it takes time to learn it and its alot to take in at first…but if you serious…they have 10 day demo for free…try it…if you do …i am telling you i just changed your life…all the crap out here is set-up to take your money…these guys are the real deal my fellow trader…do yourself a favor…listen to a stranger and take the chance to change your trading forever…my results are posted on fx book…under my screen name if you want proof of my trading…

just trying to help

there motto is no trader left behind

All trading is discretionary. No one forces anyone to trade any particular style, quantity, system or timeframe. So any method you chose to trade is by your own discretion.

Your method of trading must be compatible with YOU and you alone.

Use protective stops with all of your positions. A stop should never be hit if a trade is correct
from the outset.

Trust your own analysis for all of your trades and block out all the noise.
Talking heads know a lot less about the actual game than traders do. I have never met a financial reporter who makes a larger annual salary than any seasoned market trader…….ever.

The only mentor you need in trading is someone who is successful and willing to share his or her methods.

But what you state in the beginning that you know how to trade. So trade. If its discipline, enter a trade clearly defined, and then sit on your hands until clearly defined tp reached.

Also would recommend to read trading in the zone.

Cheers,
-P