[B]Just my 10 cents:
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Always remember that the strategic combination of technicals and fundamentals would offer the best trading results overall.
When I started doing a weekly scan and analysis of the pairs on my watch list some months back, I was primarily focused on my main bias from the standpoint of a short-term swing trader. However, this has led to me waiting too long to enter trades or missing out on very good opportunities because I discountenanced other scenarios. Much recently, I have learnt to create scenarios for long and short trades for each pair that meet the criteria I set. That is, to state under what conditions I may go long or short on each pair. This has been highly beneficial to my trading. What about you, is there anything you learnt recently that you would like to share with fellow traders?
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[B]Just my 10 cents:[/B]
Do you pride yourself on trading primarily by technicals? You need the fuel of fundamentals to power your overall technical outlook for consistent profitability.
Trade safe.
Very good point of view, objective thinking, it deserves attention.
Thanks, M8. Green pips to you.
One of the pastimes of many a trader, my humble self included, is visiting the system threads of trading forums. Why? In search of the ‘Holy Grail.’ But after a few years of searching, I have found that there is no ‘Holy Grail’ anywhere. And if you are not well focused and careful enough, you will get befuddled, and perhaps vanquished, by the variegated systems out there. It is important to learn very early in one’s trading career one or two functional systems and try them out over a long period of time to see which of them is more efficient and could offer consistent profitability. Dump systems hopping! Trade safe.
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I look for efficient ways to do my weekly scan and analysis to reduce the time I put in. One of the things I learnt and chose to do after two weeks of review is to rationalize the pairs I watch and also to streamline the weekly scanning process. After the review, I chose to drop two pairs from my watch list for this week and I was able to reduce my weekly scanning process from seven steps to five. Would you like to share what you learnt recently that could help you trade better? Share it here! Trade safe.
all I have to do is to be more patient!! That would resolve most of my problems…
I’m with you on this. Long-term success in this business requires painstaking waiting and patience. Green pips to you. Trade safe.
Periodic review of your trades, trading strategies and techniques would lead to better trading results. During the week, I did a thorough review of my trading system and decided to streamline the technical items I use in order to obtain better market tracking and analysis. What about you? When last did you do any review regarding your trading? What did you learn from such a review? Trade safe.
I agree with you. I review every one of my trades and I often go back over the last few to determine how I would have done it differently and whether I stuck to my rules. Also looking at levels to make sure I had them in the right places. If people want to take trading seriously then auditing yourself is a critical process that cannot be ignored.
If I may ask, what did you change to improve your analysis?
Good points and rather apt. As I do a weekly scanning and analysis of the pairs on my watch list, I need to have specific criteria that help facilitate my trading based on my trading techniques; those criteria were re-evaluated and streamlined. Also, I adopted one specific EMA on my 4-H time frame, my set-up timeframe, and ensure that it is aligned with the weekly and daily trend direction. I was using three EMAs initially which had little bearing to the effective synergy and trading analysis I needed for my short-term swing trading style, only for the fact that they were popular. But I now know better. Trade safe.
[B]Just my 10 cents:[/B]
Don’t use too many technical indicators or technical indicators that don’t perform complementary roles. Use a few (for me a max of 3) complementary technical indicators as part of a few significant confluence factors to track, stalk and trap the market/price action.
'The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.’ Jack Schwager , Author of Market Wizards
Do you subscribe to the above principle?
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To be honest, I don’t know. I work hard both when I prepapre and when I do trade. Maybe I just don’t have enough experience yet.
I like your candour. The hard work, for me, is the preparation I do when not trading - primarily on Sundays - when I do the weekly scan and analysis of the pairs on my watch list. The process takes about 4-5 hours and at the end of it I have a very clear idea of the few pairs (2-4) I should attempt to trade and in the most probable direction, levels, and zones; and also the techniques I should adopt. During the rest of the week, I just watch the market a few times a day and track the price action to see whether the pairs are already at my zones/levels and whether the signals are in line with my biases or I need to update my biases. Trade safe
I rarely trade on Mondays. In fact, I prefer to watch the market on Monday and see how my analyses for the week are shaping up. What is your take-away from yesterday’s trading? Did you notice or learn anything of any significance? Share it here! Trade safe.
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Mostly just the fact that it was Labor Day, so not a trading day (even if some markets were technically open).
Did you notice or learn anything significant in your trading yesterday? Trade safe.
‘Give me six hours to chop down a tree and I will spend the first four sharpening the axe.’ – Abraham Lincoln
A fantastic principle to apply to Forex trading. Do you agree?