Some of my thoughts + Trading System - Page 29
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  1. #281
    Join Date
    Oct 2007
    Posts
    1
    which emas do u use ? for close ?

  2. #282
    Join Date
    Aug 2008
    Posts
    18
    Quote Originally Posted by elang View Post

    For everyone who is just starting out.

    1. You will loose money
    2. You will cry if youíre emotional
    3. You may even reach the verge of suicide
    4. You will have people try to put you down
    5. Depression
    6. You will want to give up
    7. You will want to give up once more
    8. You will want to give up again
    9. You will never give up if you have a goal set, so set it and you will have reason to go on.
    10. You will have good trading days
    11. You will have bad trading days
    12. You will realize that a minimum of 2:1 income to expense ratio may as well be just as important as trading itself
    13. You will try many trading systems
    14. You will most likely develop yours at the end
    15. You will use 100 indicators at some point and most likely use just a few at the end
    16. You will realize that keeping a trading diary and plan. Is the same as your mum telling you to get your sleep: its true, If u do it u will be healthy and if you donít youíll always fall sick
    17. Donít get greedy!
    18. Trade Pips not Money
    19. 10 Pips a day is good
    20. 20 Pips a day is great
    21. 30 Pips a day is awesome
    22. Accept loosing at most 50% of the time and winning the other 50%
    23. Get a life. Exercise, eat, sleep. The better your health the better your trade.
    24. Keep it professional! Take breaks! Wear a suit and a tie if you have to even though youíre going to the next room, but have the right mind set, this is business and you are both the President and the Employee
    25. Donít withdraw all your money from your account, compound what you can and aim to exponentially increase your lots while keeping your Pippage the same.
    26. Patience and understanding is key and it is the difference between a loosing trade and a winning trade.
    27. Educate Yourself. Dumb people loose money and Smart People make it in this trade.
    28. Remind yourself why you do what you do every once in a while.
    29. When you loose a trade have an optimization protocol:
    - Ask yourself why you incurred an expense
    - Understand why you incurred an expense
    - Tell yourself what you need to do to avoid a reoccurrence and remember what you said
    30. Try not to trade news
    31. In most cases if there is something you canít explain with Technical Analysis. Itís normally newsí fault.
    32. Have at least 2 internet connection setup, 1 for back up.
    33. Donít trade when you are tired, drunk, sleepy or emotional
    You are just exactly right. I am going to remember and been obsessed with this forever!

  3. #283
    Join Date
    Nov 2008
    Posts
    177
    Couple things I disagree with. Maybe they've already been discussed but this thread is 30 pages

    18. Trade Pips not Money
    19. 10 Pips a day is good
    20. 20 Pips a day is great
    21. 30 Pips a day is awesome
    10, 20, or 30 pips a day might be good, great, awesome, or none of the above. If you risk 1% on a trade and the appropriate stop loss for that trade is 10 pips, then a 20 pip gain is great -- you just made 2%. If your stop was 30 pips, then a 30 pip win means you made 1%, and one loss would wipe that out.

    Someone might say "I only trade once a week, but it works out because I make 300 pips on that trade" -- well, if their stop loss was 150 pips and they risked 1%, then they only made the same 2% as the guy above who made 20 pips -- and it took all week rather than an hour.

    I think people get too caught up in terms of dollars AND pips. All that matters is the percentage gained vs percentage risked.

    25. Donít withdraw all your money from your account, compound what you can and aim to exponentially increase your lots while keeping your Pippage the same.
    Personally I think you should only keep enough in your trading account to make sure you have a comfortable buffer against any margin calls -- which should never be an issue anyway, with proper MM. You should *have* the money compounding, I just don't think it should all be in a place as relatively unsafe as a forex broker. Have the money set aside -- i.e., don't spend it, and have it there to back up the size of the trades you're making -- just somewhere a little more secure.

  4. #284
    Join Date
    Dec 2008
    Location
    VICTORIA,TX
    Posts
    19

    Default Excellent

    Elang I've Read This Thread Over And Over Again And I Have To Say This Is By Far The Best Thread I've Read. I Think It's Amazing How You've Shared Your Trading Techniques. By Far One Of The Best I've Seen. Its Members Like You That Make Me Feal Like I Should Be Paying For Such Great Information. Thank You

  5. #285
    Join Date
    Nov 2008
    Location
    Pip city. = )
    Posts
    51
    I know exactly what you're talking about Elang.

    This thread is one of those threads that highlight the main core and reason we are all here.

    I'm subscribing to this thread, even if no one has posted anything new, simply because the thoughts and insights you mention are so very critical to the very core of what a successful trader is comprised of. I am one of those who aspire to this and for those of us who truly want to succeed, may success come with our steadfast and unyielding determination to achieve prosperity and success.

    May we all earn the prosperity and success we seek!

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