Another thing I learned today is that I really should have more confidence in my own analysis. Sometimes I seem to be lacking it and it only causes me trouble.
I like your candor. Mastering one’s system and approach to trading is fundamental to confident trading. Often, we get conflicting info from the community of traders - many of whom trade differently from us, e.g. different time frames, different trading styles etc - but trading based on your chart and your analysis, particularly using a top-down approach will facilitate confident trading. Trade safe.
How important is patience and self-discipline to trading success? Have you learnt anything recently about patience or self-discipline that you found could enhance your success as a trader? Is there anything you learnt this week that could help you trade better next week?
Did you learn anything last week that could help you trade better this week?
Interesting opinions from all of you, always trying to keep an open mind.
Thanks. Keeping an open mind helps us to learn on a continuous basis, which is fundamental to consistent trading success.
Do you have a profitable trading edge over the market? Can you describe it in one sentence? How has your trading approach changed since building a trading edge? In general, what have you learned recently that is helping you to trade better?
Talking about a profitable trading edge over the market, this is mine in a layman’s language: Mastery of patiently waiting for the market to meet my trading conditions and be trapped. What about you? What is your profitable trading edge over the market?
That may be a simple statement but it involves a lot. What about you? What is your profitable trading edge over the market?
How important is pre-week planning and preparation to trading success? Did you learn anything recently in that regard that could help you trade differently? Share it here with fellow forum members.
When scanning through charts, look for good price action setups. Dont look from a money making perspective.
Discipline. If you miss your trade let it go and wait for the next opportunity.
Dont hesitate and miss a great opportunity because of fear.
Agreed, trading discipline is key. Also, once the market meets the trader’s criteria for a profitable set up, he/she should pull the trigger and let the stop loss have his/her back. Traders should not let fear paralyze their trading. Fear comes from poor preparation, lack of confidence in your trading system/strategy, lack of readiness to suffer some losses and inappropriate trading lot/position, among others. Trade safe.
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- focus on the sunday work. Spend hours working in my trading plans before monday morning
- do exactly what I’ve written in my trading plan
- don’t trade if I feel bad
- don’t hesitate to put a trade if my plan says so
- don’t increase my risk putting several trades without decreasing the risk per trade
- don’t do “what if” trades (like “I will put long, what if this go up?” when there is nothing telling me it is going up)
Specially the sunday work is the most important part for me.
I wouldn’t stay up watching the market until 4 am, because trading while you’re as sleepy as I am now is a bad, bad idea.
Very good trading principles. In particular, I totally agree that the planning and preparation work you do on Sunday is the most important. Just follow this up with a mid-week update. Trade safe, trade well.
Good point, bro…No trading when you are not agile or vital!
After a bit of a drawdown I finally realized what was meant by use a strategy that fits your personality. I was trading a system for really large reward to risk that a forex “guru” used online (with a few tweaks) and it just didn’t work for me. I switched to a system where the primary focus was on risk management and it’s helped to keep my emotions in check because now I have stops with room to cut losers early and ways to maximize gains when I’m in the green.
Always withdraw 50% of the profit when it reach $1,000 otherwise it will go back to the market (from last month experience).
to not trade when youre on vacations. the fact of beeing outside of your everyday routine with observing the movements and no constant internet access is tempting to trade fast and see things that dont exist.
the fact that youre trading and worried about losses is aswell ruining your vacation.
Agreed. For example, proper pre-trade analysis is key to trading success. But how much of this can you do while on vacation?